Accident Insurance: types and coverage

The truth is that having an accident is something that happens more frequently than it seems. There are studies that estimate that around 5% of Spaniards have an accident every year. And if we add the accidents , the accidents and accidents with personal injuries that occur inside the houses, the incidences are hundreds of thousands annually.

The risk of suffering an accident , be it minor, serious or even fatal, has a significant counterweight in accident insurance, which provides coverage to the injured and their families in these difficult times.

Accident insurance: definition and coverage

Accident insurance is defined as the policy by which the insurer guarantees the insured an indemnity or benefit in the event of an accident, be it a traffic, labor, domestic accident or in any other circumstance contemplated in the contract.

This insurance covers accidental death or accidental death paying the insured capital. But it also offers coverage to the injured and those who suffer any personal damage as a result of the claim, including disability for the insured .

In fact, most accident insurance contracts provide protection for people who have been unlucky enough to injure themselves and be temporarily unable to work. In these cases, the insurer makes the healthcare you need available to you and compensates you if you suffer a temporary or permanent disability.

There is also insurance that covers the income that you lose while you are recovering from the damages. And policies that can take care of commitments that you cannot afford due to the accident, such as paying a loan.

In the professional field, company accident insurance is very common. Moreover, in many cases these insurances are mandatory and employers must hire them to protect workers in the event of an accident at work.

It is a type of insurance that you can take out as an independent policy or as a complement to other insurance blog. There are accident policies with specific coverage for groups and professionals, but they are also contracted as coverage included in auto insurance or life insurance.

What accidents do these insurances cover

Insurance covers accidents, but what accidents are actually covered? Is all bodily damage resulting from an accident covered by the policy? Well, it must be specified.

In the field of insurance, an accident is a bodily injury that originates from a violent, sudden, external cause beyond the intention of the insured , resulting in injury, disability or death.

According to this definition, a claim of this type is always an unexpected and involuntary event, which can cause personal damage of various degrees, regardless of the economic repercussions or expenses that may be generated as a result of the event.

If the personal injury is caused by oneself, either voluntarily or by reckless behavior or contrary to traffic regulations, we may have an accident. But probably our insurance will not include it within the coverage of the policy.

What Accident Insurance Does Not Cover

As we have seen, there are accidents and accidents that insurance will not cover. Among the exclusions of accident insurance, those accidents in which it is proven that they have been intentionally caused by the insured stand out.

You have to be serious about this, because the Insurance Contract Law, in its article 102 , establishes that the insurer is not obliged to fulfill the contract if it is discovered that you have caused the accident intentionally. If it is also found that there is an attempt at fraud in this behavior, the consequences may be more serious.

Other situations not covered by accident insurance are injuries resulting from a demonstration or strike or an armed conflict. In addition, among the exclusions of the policy, situations such as that the insurance has expired, that the coverage is suspended due to non-payment or that the accident has occurred prior to the payment of the premium are usually listed. In these cases the insurer will not cover the loss either.

Accident Insurance Coverages

Accident insurance covers the insured person for personal injuries that may be suffered as a result of an accident, either in the field of their private life or while carrying out their professional activity. The conditions of the policy specify the guarantees included in the contract, since not all accident insurance offers the same protection.

However, the risks covered by accident insurance are, basically, these:

  • Death by accident
  • Permanent and absolute disability
  • Medical assistance and healthcare expenses as a result of an accident
  • Compensation to cover the financial consequences of the loss

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