Today's world is fast-paced and unpredictable. Risks and unforeseen events are our constant companions, which is why it is so important to be covered for all eventualities. Even if we don't wish it on you, an accident can drastically change your life from one moment to the next, both health-wise and financially. Accident insurance is there to protect you financially in such situations. It is designed to provide you with financial support in difficult life situations. But how useful is this type of insurance really? Find out in this article, along with everything else you need to know about accident insurance!
Benefits and costs at a glance
No matter how carefully you go about your everyday life, you are unfortunately not protected against the risk of an accident. Imagine being hit by a car in your free time. Or perhaps you have a high-risk hobby such as horse riding or skiing? An accident can injure you so badly that you are permanently restricted. In the worst case scenario, the consequences of an accident can even lead to you becoming unable to work and losing part of your income as a result. Statutory accident insurance only covers accidents that happen in connection with your work. Private accident insurance, on the other hand, also offers you valuable support for accidents in your free time. It covers the financial burdens that can arise from an accident. In the event of a claim, it pays you a certain amount of money that you can use as you wish. This sum of money depends on the agreed insurance benefit and the limb tax. For example, you could use the money to maintain your standard of living or have your home converted to make it barrier-free.
The exact benefits depend on the insurer and the tariff you choose. As a rule, however, the following benefits are included in the insurance cover:
- Disability benefits: If you are permanently unable to work due to an accident, you will receive a one-off sum of money. This is the so-called disability benefit
- Accident pension: Some insurance companies pay you a regular pension, the accident pension, in the event of a claim. However, this is only paid, if at all, from a degree of disability of 50 percent
- Death benefits: Nobody likes to think about their own death. Nevertheless, it is reassuring to know that your loved ones will receive financial support even in the worst-case scenario. Most accident insurance policies offer death benefits, so you don't have to worry about your family's financial security
Many insurers also cover rescue costs, daily hospital benefits and accident-related cosmetic surgery.
The premium costs for accident insurance also vary depending on the provider and the scope of benefits. If you have a risk-free occupation, you can find insurance cover for as little as 105 euros. For high-risk professions, the premium costs are around 170 euros.
Advantages and disadvantages of private accident insurance
Receiving money after you've had an accident sounds really good at first. Accident insurance actually offers a number of advantages:
- Financial security: As already explained, accident insurance offers you financial security in the event of an accident. It provides an additional source of income if you become unable to work as a result of the accident and your income is reduced or even lost completely
- Permanent cover: whether you are injured on vacation, fall down the stairs at night or fall off a horse in your free time, private accident insurance protects you in many different situations and at any time of day or night
- Less extensive health check: In contrast to the health check for occupational disability insurance, the check for accident insurance is less extensive. This means you only have to answer limited questions about your state of health and medical history
- Affordable premiums: The premium costs for accident insurance are generally quite low. However, the exact premiums depend on your life situation
As you can see, accident insurance offers you comprehensive protection in the event of an emergency, depending on the sum insured and limb tax.
But despite the many advantages, there are also some disadvantages to this insurance:
- Exact definition: Accident insurance only pays out if you have suffered an accident. For the exact definition to apply, an external force must have acted on you. In the case of a car accident, the force obviously acts on you from the outside. However, if you have a heart attack as a result of the accident, for example, this does not count as an accident and is therefore not covered by every accident insurance policy. In addition, the accident must have been involuntary. Health impairments resulting from self-harm or attempted suicide are not covered and the insurance will not pay out
- Permanent impairment: You will only receive accident insurance benefits if there is permanent damage to your health. For this to be the case, the impairment must be expected to last for at least three years. An improvement should not be expected. The expert opinion on your state of health is drawn up by your doctor or an independent expert from your insurance company
- Physical damage: Most accident insurance policies only pay the sum insured for physical impairments. Mental illnesses are generally not insured. This means that psychological consequential damage caused by the accident is only included in the insurance cover to a limited extent, if at all
The decision to take out accident insurance should therefore be carefully considered. Such insurance is particularly useful for people who are not covered by occupational disability insurance. This pays out regardless of the cause of the impairment. In addition, benefits are paid if you are expected to be unable to work in your current profession for at least six months. However, the premium costs are significantly higher and the health check is more extensive. So if you already have pre-existing conditions or work in a high-risk profession, accident insurance is a sensible alternative to occupational disability insurance.
What you should look out for when choosing accident insurance
You should pay attention to the following points when choosing a rate:
- Circumstances: Your insurance policy should reflect your individual circumstances. Make sure that your hobbies are not excluded from the insurance cover
- Limb tax: Your insurance rate should be based on a good limb tax. This determines how much money you will receive if a certain part of your body is impaired
- Sum insured: The amount of the disability benefit should be based on your income. If you are 30 years old, the benefit should correspond to six times your gross annual income, for 40-year-olds five times your gross annual income and for 50-year-olds four times your gross annual income
- Illnesses: As already explained, many accident insurance policies exclude illnesses from cover. So make sure that your tariff covers all possibilities. This also includes psychological consequential damage
- Infections: A good tariff also covers insect bites and associated infections. Then, for example, Lyme disease transmitted by a tick bite is also covered
Benefits that do not necessarily have to be included in accident insurance include:
- Premium refund: With these tariffs, you get your paid-in premiums back from the insurance company if you don't have an accident. Although this sounds good, it is usually accompanied by significantly higher premiums and is therefore not worthwhile
- Daily hospital benefit: Separate daily sickness benefit insurance is suitable if you are afraid of losing your salary for a longer period of time
- Accident pension: Rates that include an accident pension are generally much more expensive. A high lump-sum payment makes more sense
Find out whether accident insurance makes sense for you
Accident insurance undoubtedly offers important financial protection in the event of an accident. It protects you against the financial burdens that can arise from accidents. The benefits include a one-off payment or even an accident pension if you are so severely impaired that you are unable to work. However, bear in mind that accident insurance, as the name suggests, really only pays out in the event of an accident. Illnesses and psychological consequential damage are usually excluded from the insurance cover. Despite the low premium costs, you should therefore first find out whether you can take out occupational disability insurance. Regardless of the cause, it offers you a monthly pension for as little as six months of occupational disability. However, if you are unable to take out occupational disability insurance, accident insurance is a sensible alternative. Let our experts advise you on accident insurance now.
