Unfortunately, no one is safe from an accident. But to mitigate the severity of its financial consequences, insurance is possible. Accident insurance is relevant especially if you are going on a trip and take your children with you. Of course, there is accident insurance for ordinary life. But it is on a trip that the risk of meeting a fate from fate is not very pleasant. This is why some people choose at least insurance for a child.
On the other hand, as with all insurance policies, you must first deal with the conditions so as not to pay for the policy in vain. Let’s try to figure out whether you need to do accident insurance and what it gives.
What is accident insurance?
Accident insurance is designed to alleviate financial losses in case of damage to health and life from unforeseen dangers. If we talk about travel, then to travel insurance (travel insurance), it is bought as an additional option in the form of separate insurance with its own insurance amount. That is, visits to the doctor and the hospital in the hospital are paid on the basis of tour insurance and its insurance amount, and accident insurance implies an additional cash payment in case of any injury. And then you can spend this money wherever you want.
However, you need to know an important nuance when buying accident insurance – most often not the entire sum insured is paid, but a percentage that depends on the type of injury. The maximum amount of payments (100% of the sum insured) will be only in case of the death of the insured (the heirs or the beneficiary specified in the contract will receive it). Therefore, do not think that if you are insured for $1000, then with a broken arm you will receive all of them. No, a percentage will be paid depending on the severity of the injury, for example, for a leg/arm injury, they can pay only 10–20% of the sum insured, that is, only $100-200 from $1000.
By the way, when you buy a ticket for a train or plane, then along with it you are often sold accident insurance. This is voluntary insurance and it is not always refused, because the price is low and many simply do not pay attention. With this insurance, you can get payments if suddenly an accident takes place. Luggage insurance can be sold in exactly the same way. Sometimes they are sold together, sometimes separately. Actually, if both of these insurances are already included as options in your main travel insurance for the whole trip that you bought through the same company, then you definitely have no reason to pay for them again.
Do I need accident insurance?
Travel accident insurance, although it may come in handy, not everyone is willing to pay for it. This is an additional option, and not a mandatory one, so the decision will be yours only. Whether you want to play it safe again and pay money for it or not, you need a separate payment of money or it’s enough to cover medical expenses for the traveler’s usual medical insurance.
Some people buy such insurance so that the family receives financial assistance in case of loss of a breadwinner or loss of his working capacity. But this insurance product is not yet very popular in our country, because not everyone will be ready to bear the additional financial costs. But you need to remember that in the case of travel, the risks increase.
What to consider when choosing insurance?
- Insurance companies usually consider an accident an event that occurs SUDDENLY and entail serious injury, illness, temporary disability, disability or death. Injuries considered an insurance event can be received in an accident, from a criminal attack, a fall from a height. It can also be domestic injuries (for example, a burn with boiling water).
- As a rule, insured events are also situations leading to the death of the insured or the assignment of disability to him within one year after the end of the insurance. All these terms are in the contract.
- If you decide to add yourself the option of insurance against accidents, the most important thing to know is this. An injury should be in the paytable. If it is not, then insurance does not cover this injury. Therefore, it is important to familiarize yourself with the table, asking it to provide you explicitly, and in case of injury, keep in mind that the payment may depend on the wording of the diagnosis in your documents. In controversial cases, the insurance will interpret the doctor’s opinion in their favor, so it is best that it most closely matches the column in your insurance payment table.
- Most standard programs do not cover accidents caused by the consequences of existing diseases (chronic diseases). Some insurance limit the amount of the insurance amount, age, health status of the insured, etc.
- The size of the sum insured for accident insurance is set at your request. The larger the amount of insurance payment insurance will provide you with, the higher the payment for it will be. Therefore, it is important to maintain a balance so that insurance costs are not unreasonably high, but the insurance payout is also not too small.
- You can insure yourself and a family member: parent, wife, and child. If you buy travel insurance for several people at once (family) and add the accident insurance option, then this option applies to everyone. To use this option for one, for example, a child, you will need to issue him a separate policy with this option, and for the rest of the policies without an option. Since the option increases the cost of insurance, this way you can save.
When accident insurance does not work
If you are going to be insured, you need to understand that the contract contains a list of situations that will not be considered insurance cases:
- An event that occurred outside the territory and insurance period specified by the policy.
- Accidents that cannot be considered unforeseen are not taken into account. For example, due to mental disorders in the insured, hypertension, chronic epilepsy, etc. The consequences of infectious diseases, strokes and heart attacks can also be included in the list of exceptions to insurance cases.
- Almost all insurance companies do not consider harm to their health during force majeure circumstances – military operations, civil unrest, strikes, etc.
- Often injuries during sports, including mountaineering and diving, are not taken into account. For those who are going to go in for sports, there are separate, more expensive insurance programs.
- If the insured was in a state of an alcoholic, narcotic or toxic substance at the time of the injury if the insured was injured by committing criminal acts, in the event of death as a result of suicide or injuries sustained when attempting suicide, if the insured was intentionally injured in his health.
Insurance cost, insurance amount and amount of payments
I would not buy separate accident insurance, since it does not replace medical travel insurance, in fact, on the basis of which medical assistance will be provided. Therefore, it is better to take accident insurance in the form of an additional option to the main insurance. In this case, your travel insurance just gets a little expensive. You yourself can compare how the inclusions of various additional options in the accident insurance online quote.
The insurance amount is determined by the policyholder, that is, by you. If you choose insurance online, it allows you to choose whether you want to insure yourself for the duration of the trip or for the duration of the flight. In the screenshot above you can see how it looks. You can choose an insurance amount from $1,000 to $10,000. On some insurance sites, you can choose a larger amount. It is from the sum insured that the cost of insurance will depend and from this amount the payment in case of an accident will be calculated.
Accident insurance benefits are proportional to the damage to the health of the insured. The more severe the injury and its consequences for health, the greater will be the insurance indemnity, which is paid either in a certain amount prescribed in the contract or taking into account the period of disability. During hospitalization of the insured, payments from the insurance are calculated in accordance with the contract, first, when being treated, this is one rate, if the duration of treatment in a medical institution is longer than prescribed in the contract, then this is a different rate, higher.
In the second group of disability, you can get about 75% of the sum insured, in the third group – 50%, only 10–20% can pay for an injury to your legs/arms. The “temporary disability” payment is usually 0.2–0.3% of the sum insured for each day of disability, but the payment period is usually limited to 60-100 days, and insurance in such cases often use a temporary deductible of 10 to 30 days, this the period is not taken into account when calculating the insurance payment. For burns of 1-2 degrees, the tariff maybe 0.3% of the total insurance amount. For damage to the face, neck, ears, the tariff is 0.5%.
Here is an example of figures from the sites of online insurance companies to make it clearer. If you insure a person for a period of 3 months in the amount of $200,000, then the cost of insurance will be $570. In the case of, say, a fracture, based on the payment table, the company pays $20,000 – 10% of the sum insured. Let’s have another example. When you purchase an annual insurance policy (in the case of frequent trips) for 1 million dollars, its cost will be $7000. Suppose, upon the occurrence of an insured event, the insured spent 5 days in intensive care, 14 days in a hospital and 30 days in outpatient treatment. The insurance amount paid by the insurance company is $58,000.
The sequence of actions in the event of an accident
The first thing to do after an accident is to call the assistance (what assistance is) and find out which hospital you need to go to. If this is impossible (for example, unconscious), then the ambulance will decide where to carry it. Medical assistance will be provided to you as part of travel insurance. As soon as the opportunity arises, you need to contact the assistant and solve questions about staying in the current hospital, they will immediately pay for treatment or they will have to pay on their own, and then receive a refund.
After you have resolved all the treatment questions, you can already think about the payment in connection with the accident. You should inform the insurance (not assistance) about this and write a statement. The deadlines for submitting the application and the list of documents required to receive the insurance payment is indicated in the insurance contract and in the insurance rules attached to it.
Usually, the need to pay should be reported no later than 30 days after returning to their homeland. Even if you cannot meet the deadline for submitting a written application, you must definitely contact the company representative by telephone, notify him of what happened and consult what is the best way to proceed. For reliability, it is better to immediately record the name of the company representative with whom you spoke, the date and time of your call to the insurance.
The application must be accompanied by official documents confirming that an accident has occurred with the insured person. The company representative, in turn, must register your application and inform you of its registration number, which will be useful in the future to simplify interaction with the insurance company. With this number, you can find out the status of consideration of your application and tell the insurance company additional information about your insured event.
The insurance company usually considers the application for payment within 1-2 months, calculates the amount of the insurance payment and pays it to the client if they have been presented with all the necessary documents and there are no circumstances refuting the occurrence of the insured event.
Documents required receiving payment
To receive compensation from the insurance, it is very important immediately after the accident to properly draw up and collect all the necessary documents, in addition to passports and the insurance policy itself. A list of documents can and should be requested from the insurance. Usually, it will be something like that:
- Accident Act, an official document confirming the circumstances of the accident. With signatures, if possible, of all witnesses and responsible persons (original)
- A certificate from a doctor or honey. the institution that conducted the initial examination and provided first aid. The certificate must indicate the medical certificate and diagnosis
- During treatment – a certificate from an official medical institution where the diagnosis and treatment time should be confirmed
- Prescriptions for medicines and receipts from pharmacies
- When establishing disability, you must provide a copy of the medical history and extracts from the outpatient and medical cards, as well as documents confirming the relationship between the accident and the assignment of a disability group
If the insurance payment is made upon the death of the insured person, you will additionally need:
- The original or notarized copy of the death certificate of the insured
- Identity document of the beneficiary (heir)
- Notarized copy of the certificate of inheritance
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