Financial Thoughts
Real Life Experience Of Riders
This article is to display the experiences of riders that come from different walks of lives. Their experience with accidents, financial liability incurred and even the giving assurance towards their loved ones.
With that, this article will also highlight of having a personal accident plan and how you can be better prepared when any mishaps were to happen to you by having one.
Case Study 1: Assurance for parents and learning from father’s experience
Azri, had reservations initially when deciding on whether he should start riding a motorcycle. He knew the advantages of it and definitely the convenience of it was the biggest factor.
On the other hand, his father who has been riding for several decades has not had the smoothest of riding experience.
In his 26 years of being alive, his father had already bought 5 motorcycles. He had to change to a new motorcycle every single time he was involved in an accident.
That proved to be a financially consuming thing that occurred. Approximately an amount of $50,000 had been accumulated due to accidents and the procurement of new motorcycles.
BEFORE ACCIDENT (Father’s Motorcycle)
AFTER ACCIDENT (Father’s Motorcycle)
Learning from the experience of his father, Azri knew that he needs to be more careful when he starts riding.
Having personal accident insurance was one way that he will avoid any financial difficulties in an event of an accident. Claiming for any outpatient treatments or even receiving cash daily were some of the reasons why he deemed it is useful and mandatory to have one.
Owning a motorcycle will take up extra expenses. But it will cost even more if you and the motorcycle were to “suffer” upon an accident.
As a whole, one must always think that you can always replace a motorcycle, but nothing can replace a human being.
READ ALSO: Important Insurance For Food Delivery Riders
GET YOUR COVERAGE HERE
Case Study 2: “It cost me a month of salary for the medical expenses”
It is not only the cuts and bruises that will hurt you in an accident. The medical treatment that you require will also hurt you (financially).
For Afnan, a technician, experienced it first hand the pinch of how expensive medical treatment is.
He was riding on a road one fine day and without warning, a car entered his lane and he had to react quickly. He pulled the brakes and fortunately he did not hit the car.
However, due to the sudden movement, he skidded and fell. He and his bike skidded for a few meters before coming to a stop.
He suffered a few cuts on his elbow and knees. His shoulder, however, was hurting and had to go for an MRI. Results showed that he suffered a hairline fracture. He did not go to work for two weeks and went through several medical appointments.
In all, he incurred about $1,600 worth of medical treatment. Which was equal to a month’s of salary back then.
To his luck, he had a personal accident plan and he was able to claim the cost of the medical treatments.
On the other hand, his bike also suffered some “injuries”. He had cuffed up about $300 worth of repairs.
Even though the injuries still affected his work till this day; he is still relieved that he was still able to claim most of the cost.
READ ALSO: Mishaps That May Happen To You If You Are A Food Delivery Rider
GET YOUR COVERAGE HERE
Case Study 3: “I was not able to work for a week”
On a fine weekday afternoon, Ilyas was on the way to make his consecutive delivery when he fell off his motorcycle and subsequently injuring himself. It was due to a car that was exiting a condominium and fail to see Ilyas riding from the right side.
Unfortunately, due to the negligence of the car driver, Ilyas had to perform an emergency brake and loss control of the bike. Although the incident happened in a few seconds, the events that happened right after that felt like a long time.
After the fall, the ambulance came and brought him to the hospital. His motorcycle, on the other hand, was brought to the Police compound.
Ilyas suffered some cuts and bruises. He had to wear an arm sling to support his arm. Fortunately, he was not hospitalized and overall, he did not suffer any severe injuries.
His motorcycle, however, was still in the police compound. It took about a few days for him to collect his own vehicle. That certainly affected his ability to work.
In terms of legal matters, it was a longer route to settlement. The case could not be settled privately hence the traffic police had to step in.
A lawyer was then engaged to help settle this matter. Total of about $200 was paid to the lawyer and it took about a week to settle the majority of the settlement.
And with that, as a result of not working for a week, that equals about $1,000 of income loss.
As a whole, the accident affected on Ilyas’ finances. Nonetheless, he was quite relieved that he was covered by insurance.
With insurance, not only you recover from the injuries, but you can also recover from the financial damage as well.
GET YOUR COVERAGE HERE
Personal Accident of Motor Insurance against a Standalone Personal Accident Insurance
Before going any further, let’s clarify the difference between motor insurance and personal accident insurance.
Motor insurance is compulsory and minimum coverage of Third-party should be sufficient so that you will not get into trouble. Some riders even have Comprehensive Motor insurance. That will consist of Fire, Theft, Third-Party and Personal Accident plan.
To a certain extent, the Personal Accident coverage in a Motor Insurance plan and the coverage in a Personal Accident plan is similar.
However, Personal Accident coverage in Motor Insurance will only cover you when you are involved in an accident while riding your vehicle. The latter, however, will insure you in any type of accident. Do not have to be specifically for any accidental event or situation.
In other words, you can say that you are protected 24 hours a day. Not only you are covered when you are on the road, but you are also covered anywhere else.
GET YOUR COVERAGE HERE
Rather be safe than sorry.
The possibility of an accident happening on the road does exist. And the repercussions of it are something that no one wants to go through.
Maybe we do not have a shield to protect us from the collision. And we cannot look into the future as well so that we can warn ourselves of the danger that is coming our way.
But, having a Personal Accident plan is the next best thing you can do. It will help you in getting back on your feet after getting knock on the ground.
Well, that’s the end of this article. Do share it if you think this is beneficial to your friends and family.
GET YOUR COVERAGE HERE
Disclaimer:
I am a financial adviser but I am not your financial adviser. Therefore, what is posted on this website, are my opinions and NOT to be taken as financial advice. Information provided might be relevant at this period of time but may be irrelevant due to alterations to rules, regulations or policies. The information provided is true to the best of my knowledge, but there maybe omissions, errors or mistakes.
