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Things To Consider Before Buying Personal Accident Cover

Published On Apr 07, 2021

This article mentions a list of things to consider before buying a personal accident cover. It begins with an introduction of a personal accident cover and why it is important and then mentions the most significant points about it in detail.

A personal accident cover is a financial insurance against any injuries, disability or health hazards suffered by an individual due to an accident. While it is fairly easy to understand what it means in a line, it is important to get into the nitty gritties of this financial product before rushing to invest or buy one, to ensure that you get optimum coverage at an affordable rate. Read on to know more about the things that you should consider while buying a personal accident cover for yourself. 

Things To Consider Before Buying Personal Accident Cover

Things To Consider Before Buying Personal Accident Cover 

The following are a list of things that you should consider before buying a personal accident cover, such as  -

  • Sum Assured

The sum assured is one of the first things that you should consider before buying a personal accident cover. The personal accident cover that you buy should correspond to your income and financial requirements. People often buy a policy that comes with a lower sum assured for want of paying a lower premium amount, but in reality it often leads to the payment of a greater amount of money from your end for low coverage. Therefore, it should be wise to select a higher sum assured for complete coverage during times of a health or financial emergency. 

  • Exclusions

Contrary to the popular notion that the entire medical expenses will be paid by a personal accident cover, there are certain exceptions where not everything will be reimbursed by the car insurance provider. You must be aware about the events that are excluded from policy coverage. For example, if the accident was caused due to an occupational hazard it is unlikely that the insurance provider will offer coverage for that. Hence, you must pay particular attention to such exclusions. 

  • Premium Amount

You must consider the premium amount before buying a personal accident cover. You should make sure that the premium amount is affordable and within your budget while offering maximum coverage. Lower premiums often have restricted services and you must take cognizance of this aspect before buying  policy just because it comes at a lower rate of premium. 

  • Claim Settlement Ratio (CSR)

The claims settlement ratio (CSR) of an insurance company reflects the number of claims that have been successfully settled by them. Therefore, insurance providers that have a higher percentage or ratio of  CSR can be trusted more easily in terms of having your claim amount reimbursed quickly without any hassles. It would be a wise decision to go for a company that has a considerably high rate of CSR to ensure a speedy recourse to financial support during times of emergency. 

  • Add On Cover

Personal accident covers come with several add on coverage options such as fracture coverages, accidental hospitalization charges and ambulance allowances. Sometimes these can be purchased at the payment of a nominal expense and strengthen the cover that you have  already had. Therefore, the possibility of having add ons should be considered by you before buying a personal accidental cover for yourself. 

Take Away

These are some of the most important things that you must be aware of before buying a personal insurance cover. Whether buying it as a standalone policy or as a part of a car insurance policy, these aspects must not be considered adequate before buying the same. It will ensure that you get the maximum benefits at a rate financially affordable by you. 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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