Accident Insurance: The Best Providers Compared

Accident Insurance: The Best Providers Compared

What is private accident insurance?

Accident Insurance Comparison - Take out a favorable policy nowIf health is impaired as a result of an accident, then the person affected experiences financial protection through accident insurance. Our musculoskeletal system in particular can quickly be permanently injured by an accident, which can even necessitate structural changes to the home. It happens that rehabilitation measures that would really help the affected person are not covered by the health insurance for cost reasons. This is where private accident insurance comes in. In contrast to statutory accident insurance, private accident insurance also covers accidents that occur during leisure time or at home, for example. In the event of disability, private accident insurance pays either a one-time fixed amount in an agreed amount or, if applicable, a lifelong pension. If the insured dies as a result of an accident, arrangements can be made so that the above-mentioned lines benefit the surviving dependents. This variant also makes accident insurance useful.

The amount of benefits you receive from private accident insurance in the event of an accident depends firstly on the degree of disability and secondly on the amount of the sum insured. The insurance policy specifies, among other things, whether the injured person will receive a one-time payment or a monthly pension. You should pay attention to the following differences:

  1. In the case of pension payments, a degree of disability of more than 50 percent is usually assumed.
  2. The degree of disability is also the measure of the percentage of the sum insured that is paid out in the case of an agreed one-time payment. This means that you will receive a benefit from private accident insurance even if the degree of disability is relatively low (example: sawed-off little finger).

Many insurance companies also offer additional, supplementary benefits such as:

  • Death benefit
  • Daily hospital allowance
  • convalescence benefit
  • Immediate benefit in case of severe injury
  • Transitional benefit
  • Benefit for cosmetic surgery

Does accident insurance make sense at all?

The circumstances under which private accident insurance makes sense have already been mentioned above. However, there are a number of misunderstandings in connection with private accident insurance, which we would like to clear up at this point with a few examples. Many people believe that if the cruciate ligament tears while playing soccer or if a fall from a bicycle leads to a broken wrist, they are well protected by private accident insurance. Not quite, because private accident insurance only pays benefits if it can be proven that the accident caused permanent physical damage. A one hundred percent healed broken leg after a black ice accident is not an issue for private accident insurance.

The insurance industry defines permanent disability as health damage that is expected to last longer than 36 months. Accident is the second condition that must be met. In the insurance industry, an accident is only understood to be an event that suddenly affects the body from the outside. If you trip over your own feet, the insurance company does not consider this to be an accident.

We are repeatedly asked these two questions:

  • Does private accident insurance make sense?
  • Do we need accident insurance?

Of course, there is no one-size-fits-all answer to this question. Every person is exposed to very different hazardous situations due to his or her individual lifestyle. That a hobby pilot is more likely to need private accident insurance than an allotment gardener is probably plausible to everyone. The single roofer is probably better served by occupational disability insurance, which kicks in whenever the job can no longer be performed for at least six months, regardless of the cause. In fact, under certain circumstances, occupational disability insurance provides more comprehensive protection than private accident insurance.

According to statistics from the analysis firm Morgen & Morgen, you are about nine times more likely to be unable to perform your job because of an illness than an accident, which could also cause this situation. The Federal Statistical Office has shown that only two percent of severe disabilities are the result of accidents, while the vast majority are the result of illness.

Every private accident insurance policy can be designed very individually and tailored to the insured person. This is important and right, because one person is primarily concerned with a possible sports accident, while another wants to insure his or her family. Although children and young people are legally insured against accidents when they go to kindergarten, school or university, as soon as they deviate only a short distance from the direct route, for example to a restaurant on a parallel street, they are not covered by the statutory accident insurance. In this respect, private accident insurance makes sense for children, because they generally do not yet have disability insurance. But there are even more people for whom private accident insurance makes sense:

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