October 2, 2023


Association Of Law

Features to Look for Before Buying a Personal Accident Policy

2 min read

In our daily lives, accidents happen at any time and in an unpredictable way. Exposure to risks in your workplace or home requires you to purchase an insurance policy to protect you against hazards. Personal injuries take various forms and may lead to partial or total disability or even death. The risks may include car, workplace, and premises accidents. The policy may also cover post-accident trauma. Below are the significant features to look for before buying a personal accident policy:

Premium Rate to Be Paid

Premium is the amount you periodically pay the insurance company to insure against a particular risk. The premium rate differs from one person to another depending on their occupation, covered benefits, and the general policy terms. The more you pay as a premium, the higher the insurable value to be delivered to you as compensation. Consider purchasing an insurance cover that you can afford and within your financial abilities.

Insurer’s Credibility

A good reputation is a critical tool for every insurance company. When choosing an insurer, evaluate their size, service quality, and how they handle claims. Also, assess whether or not they have the ability to compensate you by reviewing their assets and market share. If the insurer resists paying you, hire a Denver personal injury attorney to represent you after sustaining physical or psychological injuries.

In-Network Services

In-network is whereby different healthcare providers attend to the insured at a low or no cost. The listed network of doctors, specialists, dentists, and hospitals should be efficient and well-equipped to cater to your medical requirements.

Claim Procedures

Compensation should not take long after you have reached out to your insurer. Claim settlement takes a stipulated set of processes from when the accident happens to when the insured is paid. After the mishap, the insured reports to the insured, and the investigations commence. The injury extent is evaluated before payment of the total sum insured. Keep a record of your medical receipts and documents for rapid assessments.

Policy Inclusions and Exclusions

Different personal accident policies cover a given number of accidents to a specified extent. Each approach has a list of what it covers and dismisses after an accident occurs. Please read the policy terms thoroughly before buying it to make sure you are insured against the risk that is likely to occur.

Compensation to the Family Members

Depending on the policy type, your family members may be or may not be compensated after a severe injury or death. If you are the sole breadwinner, purchase a policy that includes your immediate family members as beneficiaries in case of death or total disability. The choice will save you from struggling even after your salary is lowered to the bare minimum.

Buying the best personal accident policy may be difficult since each type deals with different risks. Before purchasing any policy, consider your financial capabilities, risks to be insured, coverage, and policy effectiveness. These factors should align with your compensation needs in case of an unexpected accident.

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