Accident insurance is the supplemental plan designed to provide you with the one-time, lump-sum amount for your use if you are unlucky enough to have an accident. You can use it along with your health insurance. However, it is not a replacement option for regular health insurance.
What Is the Need for Accident Insurance?
Accidents happen and that too without any alerts or notifications!
No matter how hard we try, sometimes, things don’t happen the way we want. They don’t essentially involve you driving your car or riding your bike, they can happen in other forms too. You may fall while hanging curtains. You may slip in the bathroom or on the stairs. If you are suffering from a certain health condition or getting fragile due to age, you are even at greater risk of such accidents.
By saying these things, we are not trying to scare you; we are just stating the adverse possibilities for which you should always be prepared.
Having Health Insurance Does Not Mean Your All Accident-Related Expenses Are Covered.
You may already have dental or medical insurance but they might not be enough if you were involved in an accident. Even the best health insurance plan may not provide full coverage for multiple expenses that you will incur right from staying in the hospital to undergoing medical treatments, buying medications, and taking leaves from the job to attend appointments and get the much-needed rest. All of this is in addition to everyday expenses, such as booking a taxi, ordering food, making some changes to your house to accommodate the physical disability that might happen after the accident and so on.
Fortunately, when you are involved in an accident and have accident insurance, a fixed amount of money (as mentioned in the policy) is provided to you even before you get the medical bills. It provides guaranteed coverage regardless of your preexisting health conditions. And the coverage is portable which means the plan is valid even if you change your job, as long as you meet the criteria.
Usually, the money is provided in the form of a check with your name instead of your healthcare provider within 10 days after you file the claim.
And Yes, Don’t Forget Your Kids (if you have any). Kids also need accident insurance as they are more prone to sports-related injuries.
What to do If I Am Involved in a Road Accident in the UAE?
An accident could be your fault or the fault of other driver(s). Whatever the reason behind it, the situation could be very stressful and overwhelming. Sometimes, in panic, people don’t do things that protect their interests. If you ever encounter a road accident in the UAE, take the following measures:
- Don’t leave the scene unless it is appropriate.
- Warn other drivers to prevent further accidents by setting up a hazard triangle or keeping hazard lights on. Move away from fast lanes to a safe place nearby when possible.
- Dial 999 to contact the UAE police as early as possible. You will need a police report to file a claim with your accident insurance company if you have sustained injuries. Besides, if your vehicle got damaged during the accident, you will need a police report to file an auto insurance claim too.
- When the police arrive, provide details of what happened as best you can. In case you are not sure, inform this to the police. Take photographs of the scene, injuries you sustained, and the damage your vehicle suffered if you can or ask someone you know to do it.
- Notify your insurance provider at the earliest.
How Can I Sign up for an Accident Insurance Policy?
- You can ask your employer if they offer accident insurance as part of their benefits package.
- You may also ask your spouse’s employer/benefits administrator about which insurance plans are available.
- You can contact a reputable insurance broker who can help you find the best accident insurance plan available.
We, New Age Insurance Brokers LLC, are the leading company based in the UAE, representing more than 25 local and international insurance companies. We work closely with our clients to learn their needs, preferences, health, and lifestyle to help them determine which type of insurance plan is best for them, know which insurance plans could be redundant and if they need another insurance plan for better coverage and special circumstances.
In case you have any queries about accident insurance or other insurance policies, please feel free to contact us. We strive for your better financial stability in uncertain times.
Accidents, as the name suggests, are inherently unpredictable. They can happen anytime and anywhere – whether you are at home, at work, or even on vacation. A small slip in the house, accidental tripping on a staircase, injuring yourself while playing football, or a road accident can have long term implications for you and your family. As per the facts released by WHO, approximately 1.35 million people die each year as a result of road accidents. Far more are injured. These injuries can be temporary or permanent.
Accidents leading to disability, death, or long-term illness can make you and your family emotionally and financially weak. So, while one cannot predict an accident, one can definitely be prepared for the same. Personal accident cover can soften the financial impact of such an unfortunate event. Let’s see how.
What is Personal accident insurance/cover?
Personal accident insurance is a policy that offers financial compensation or reimburses the medical cost in case of total/partial disability or death caused by accidents. In case you meet with an accident and get disabled or lose your life, the policy will ensure financial stability for you and your family, respectively.
Major areas that are covered under Personal accident insurance are:
- Death after the accident- It’s an unfortunate but bitter truth. You might lose your life after a severe accident. In such a case, the nominee in your policy will get accidental death compensation. So, you should always add the name of the nominee while applying for the personal accident cover.
- Total disability- An injury or condition may result in total disability, preventing you from performing any work at all. It is a severely debilitating situation whereby you are not only losing your ability to work and thereby earn income but also requires major medical expenses and increases your cost of living expenses as many adjustments need to be made in the house to allow you to live comfortably. In such circumstances, a personal accident cover can not only cover medical expenses but also provide monthly payout to compensate for the loss of income and additional expenses.
- Partial Disability- Partial disability, while not that severe, can still result in one’s reduced ability to perform all physical functions. Reduced physical functions can impact one’s ability to earn and might also require some minor accommodations to be made to allow one to work and live at fuller capacities. As in total disability, personal accident policies can payout for both medical and non-medical expenses, related to the partial disability.
Depending on the kind of personal accident policy, in some cases, the insurance companies pay for the transportation expenses that were incurred by your family to reach the hospital. Also, the policy covers hospital costs, including ambulance costs, funeral expenses, and pays for your vehicle alteration.
What should you consider before taking the personal accident cover?
• Assess the coverage of the policy to ensure that you are extensively protected after the accident – both for medical expenses and loss of income and/or increased expenses.
• Track the record of claim settlement of the insurance company to know about its quality and reliability.
• Apply for the policy that offers coverage abroad so that you are secured even outside your home country.
• Learn about the claim procedure so that it’s quick and hassle-free at times of emergency.
Amid physical trauma and increasing medical expenses after an accident, a personal accident insurance policy provides peace of mind. We at New Age Insurance Brokers can work with you and your families to provide the right kind of cover.