All You Need To Know About Accident Insurance
Dealing with the aftermath of an accident can be so traumatizing. You can minimize the pressure by purchasing an accident insurance policy that will cover for the out-of-pocket costs you may incur immediately after an accident such as medical exams, hospital stays, treatment, lodging needs, and transportation. Getting the most reliable accident policy that suits you and your family’s needs can be overwhelming because these policies are quite complex.
Conditions and exclusions
You should pay attention to the conditions and exclusions of the contract before signing any contract. For example, it’s vital to note that you ought to accurately provide the insurer with a full disclosure of information lest the contract be considered void. On the other hand, the exclusions act as a clarification of the specific coverage granted by the accident policy.
What does it cover?
The policy will compensate the policy holder or the family members of the policy holder when the policy holder faces an accident. Most accident policies, however, don’t cover natural deaths, policy, holder’s negligence, and natural disasters. Therefore, reading and understanding the wordings stated in the exclusions section carefully is very crucial.
Types of available insurance policies
There are several plans in the market with a wide variety of variants. Even with a health insurance policy, when you purchase an accident coverage, you can rest assured that all the costs will be catered for fully. The accident insurance policies function more based on indemnity insurance. Meaning, the lump sum payments that will be made depend on the extent of the loss after the accident, and they can be made in case of:
Permanent Total Disability
Permanent Partial Disability
Under the Temporary Total Disability clause, the policy holder can also receive allowances on a weekly basis. Besides covering the additional costs after the accident, the policy can also compensate the policy holder for loss of income following the accident.