Personal accident insurance covers compensate for the cost that incurs when a person gets injured, disabled, or dies during an accident. The nominee in the policy receives the accidental death compensation in case of a mishap. Personal accident insurance clauses depend on the insurance company you have opted for. However, some of the clauses are common in all insurance companies.
The clauses may be confusing to understand at first; however, you can ask your insurance company’s representative to walk you through them, so that you get a clarity on the terms and conditions. Here are some of the common myths about personal accident insurance.
Claims for personal accident insurance take many years
Personal accident insurance claims do not take many years. The claim process depends on the complexity of the case and not on any other controllable factor. However, it is best advised to file the claim as soon as possible.
Personal accident insurance is expensive
The premium against personal accident insurance differs from insurer to insurer. Many insurance company’s offer it as a standalone or include in the comprehensive health insurance plan. However, the premiums are affordable.
Personal accident insurance is avoidable
One must not avoid purchasing a personal accident insurance plan. It offers coverage against any bodily injury, permanent/partial disability or death in case of an accident, enabling access to quality healthcare. The insurance policy supports your family financially at the time of medical emergency.
Thereby, it is extremely crucial to thoroughly learn about your insurance and the benefits it offers, and the aspects it covers.
Insurance will cover all the costs of your injuries.
Even though injuries from car accidents are common, the costs are covered based on the severity of the accident and several other factors determined by the company.
Companies certainly provide a cover; however, it would be in ratios or percentages. You would have to pay for the cost of your insurance partly, from your pockets as well.
Therefore, before purchasing insurance, it is your primary duty to check for the company’s covers. Read the fine prints of terms and conditions carefully.
Minor injuries do not require claims
Minor injuries also require hospital visits; they hinder your work and personal life even though the impact may not be as great as the one in a major accident.
Minor injuries also require payments for hospital visits and medicines; therefore, you can claim your personal accident insurance for the compensation. Be it a minor or major accident; you are the victim of someone’s negligence and ignorance towards road safety. Therefore, claiming minor injuries is the right thing to do.
You can easily avoid the common myths if the clauses of the personal accident insurance are thoroughly read. Even health insurance clauses should be read thoroughly as some people may confuse the benefits of the two.
Myths are completely avoidable through education and awareness; thus, one should educate themselves on the various aspects of personal accident insurance and generate awareness amongst their folks and families.