If an accident leaves you with permanent health damage, accident insurance protects you from the financial consequences. However, this coverage only pays out in certain cases, so it needs to be viewed more as a supplement to disability insurance. In the interview with the cost check expert, we clarify, among other things, the costs of accident insurance and what you should look for when taking out such coverage.
What is a private accident insurance?
Cost check: If you suffer permanent physical or mental impairments as a result of an accident, or if this event even leads to death, the accident insurance will cover the financial consequences. Depending on the contract, this also pays if the effects are not permanent. The insurance coverage is valid around the clock and worldwide.
However, statistically speaking, few accidents happen to private individuals. Therefore, before signing the contract, you should carefully consider whether the statutory accident insurance in combination with an occupational disability insurance is not sufficient.
With which contributions must I count?
Cost check: How high the cost of accident insurance depends on the following factors:
- Professional activity
- Scope and amount of benefits
- Contract period
- Personal risk factors such as a hobby with a high risk of accidents
- Number of persons to be insured
You can get good basic protection for as little as about EUR 6 a month. If you would like to receive additional benefits, the contribution amount can rise to around EUR 20 per month.
The risk groups
Since occupation and hobbies have an impact on the frequency of accidents, insured persons are divided into two risk groups when calculating premiums. In the danger group A are included the commercial and many academic professions. You belong to hazard group B if you have an occupation with high physical stress and/or high risk of injury. For children up to the age of 18. When you reach the age of 18, there is your own danger group K.
Note: Not every policy can cover dangerous hobby sports such as skydiving. Therefore, be sure to check which recreational activities the policy covers before signing the contract.
What benefits should be included in the policy?
Cost check: The most important benefit of your accident insurance is the financial compensation you receive if you remain disabled as a result of an accident. Calculate the amount so high that this is sufficient in case of emergency. Since minor impairments are far more common than total disability, the insurance should pay out for as little as one percent of damage. If you do not have occupational disability insurance, you must bear in mind that the sum paid out must last until the end of your life. A disability benefit of several hundred thousand EUR is then highly recommended.
If possible, agree on a progression of between 225 and 350 percent. This ensures that you receive a multiple of the sum insured in the event of a severe disability.
The limb tax determines how high the financial compensation is in the event of loss of function of a body part. This should be chosen sufficiently high and also agreed with progression.
Additional benefits should be included in the contract according to individual requirements. In detail, these would be:
- Daily hospital allowance
- Daily sickness benefit
- Convalescence allowance
- Salvage costs
- Transportation costs
- Cosmetic operations
- Transitional benefits
- Spa and rehabilitation services
- Death benefit
If you would like to protect your dependents beyond the term life insurance in the event of your death, you should agree on a death benefit that is not too low. This is also important if the insured person does not die, because the insurance company can pay an advance after the accident. This is limited to the premium that was agreed as the death benefit.
If you have a pre-existing condition that is partly responsible for the health consequences of an accident, the insurance company may reduce benefits. This is the case, for example, if you have a pre-damaged tendon that ruptures as a result of an accident after several ligament strains or if an existing diabetes worsens the healing process. Good tariffs only reduce the benefit if the illness has contributed to the impairment by at least 50 percent. You should pay attention to the following when concluding a contract.
In principle, companies consider an external event to be an accident. If possible, agree that the insurance cover will also apply if the injury was caused by your own movement or physical exertion. Only then are you covered if you twist your ankle while jogging and tear your Achilles tendon, or if you dislocate a vertebra while doing heavy lifting at home.
Some providers also compensate if an accident was caused by a disturbance of consciousness. In addition to microsleep and fainting, this also includes epileptic seizures, a heart attack or stroke. Some tariffs even pay out if the accident occurred under the influence of medication or alcohol. However, almost always promille limits apply and the influence of illegal drugs is excluded in principle.
Unfortunately, the physical consequences of tick bites are becoming more frequent. Therefore, the insurance coverage should include infections after insect bites and diseases.
Many companies contribute to the costs of necessary rescue operations, for example after an accident in an alpine environment.
If the appearance of the victim is impaired after an accident, the expenses for cosmetic surgery are also covered.
In many policies, there is a time limit of 15 months within which a health impairment must be reported. In some tariffs this period is extended to 18 months, which is highly recommended.
What is meant by limb tax?
Cost check: This contract detail might be one of the most important ones. It determines how much money you receive in case of loss of function of a body part. For each limb, the insurance determines what degree of impairment it represents, you can no longer use it or even lose it in an accident.
If several body parts remain impaired, the degrees of identity are added together. However, the values only apply in the case of complete functional incapacity. In the event of a partial impairment, you will only receive the amount agreed in the schedule of limbs on a pro rata basis.
Pay attention to the highest possible limb index. Damage to internal organs should also be insured and listed individually.
What is the difference between statutory and private accident insurance??
Cost check: We have summarized the most important differences in the following table:
| Pays out in the event of any accident that results in the insured person suffering permanent health impairments. | Accidents on the way to and from school, kindergarten or the workplace |
| One-time payment in the contractually agreed amount. Depending on the contract, a monthly accident pension can also be paid. | You receive financial means for necessary rehabilitation measures, in case of need for care as well as support services to be able to participate in working life again. |
| The policyholder and all persons included in the contract are covered. | Insured are pupils, students, employees and voluntarily insured self-employed persons. |
Statutory accident insurance offers valuable support, but only takes effect if the accident:
- in kindergarten or school,
- at the place of training,
- at the workplace,
- or on the way there or on the way home
Not covered, on the other hand, are accidents that happen in the household or during leisure time. Even if you make a small detour on your way to work, the statutory accident insurance no longer covers you.
Statutory accident insurance also primarily covers necessary treatment costs and rehabilitation measures. In addition, employees receive wage replacement benefits instead of sick pay in the event of prolonged illness caused by an accident. However, it does not pay if, for example, you have to convert your house to make it suitable for disabled persons after the accident.
The benefits of the private accident insurance are paid out in one amount and you can use them as you see fit.
Is accident insurance also worthwhile for children?
Cost check: Since the statutory accident insurance for children only applies if the accident occurs at school or kindergarten or on the direct way there, a children's accident insurance can make a lot of sense. It additionally protects the offspring at home and during leisure time, for example when playing sports. In many policies, children under the age of 10 are also covered for poisoning that causes permanent damage.
If an accident occurs, this can have enormous financial consequences, especially for children. The accident insurance then pays, for example, for the reconstruction of the home or the education at a special school. Since the premiums for children's accident insurance are between 4 and 19 EUR per month, it is well worth considering this type of coverage for your children.
Do seniors still need accident insurance?
Cost check: Seniors have no legal accident protection. The accident insurance for seniors in the event of an accident for support services such as a home help, a caregiver or the "meals on wheels" pays, this insurance is also for seniors as a useful addition. Depending on the contract, you will be covered for injuries that are excluded for younger people. This includes, for example, a femoral neck fracture.
The premiums for this amount to 10 to 45 EUR, depending on the scope of the contract and the insured benefits. Due to the wide range of contributions, you should seek detailed advice before signing a new contract.
How to cancel accident insurance?
Cost check: As a rule, you can cancel the accident insurance annually. Please note here the notice period of three months. If the provider increases the premium, you have a special right of termination.