Yes, PAI does have exclusions. It will not cover accidents that occur due to illegal activities such as street racing, driving under the influence of alcohol or drugs, or intentionally self-inflicted injuries. Additionally, it doesn't cover complications from pregnancy or eyewear damage unless caused by a traffic collision. In cases where the driver breaches the rental agreement or fails to return the vehicle on time, the insurance may also become void. It's important to understand these exclusions before purchasing.