You can get injured in an accident at any time, and it always seems to happen at an inconvenient time. You may have an insurance policy that will cover the cost of your medical care, but you will not receive any compensation for the time you are out of work. If you become disabled, you may have an insurance policy that will compensate you for lost income due to your inability to work. Unfortunately, this insurance doesn’t compensate you if you are still able to work with a disability.
Accident insurance is designed to cover gaps in your insurance coverage for injuries. If you are injured in an accident, your accident policy will pay a lump sum of money that you can use to pay your expenses. An accident policy generally covers all types of injuries, but individual insurance companies may vary in the type of coverage they provide.
Insurance companies categorize injuries by risk level to determine the type of coverage they will offer and how much compensation they will provide. Some categories include broken bones, concussions, lacerations, burns, and eye injuries. The type and severity of your injury will determine how much you will receive in compensation. For example, you will receive less compensation for a laceration than you will receive for being in a coma or losing one or more limbs.
You can add additional coverage options to your accident insurance for an additional cost to your monthly premium. Coverage options may include hospital stays, ambulance rides, and emergency care. These options can increase your compensation, increase the number of claims you can make, and extend the amount of time you can make a claim.
Accident insurance is relatively inexpensive compared to other types of insurance. You are eligible to obtain an accident policy once you turn 18, but you become ineligible for an accident policy once you turn 70 or 75 depending on the insurance company. Your dependents are also eligible for an accident policy until they are in their 20s. Talk to your insurance agent to see if an accident insurance policy is right for you.