What is Accident Protection?
Accident Protection insurance provides compensation if you suffer an injury or tragically death, due to an accident.
Accidents happen, and it’s a sobering thought to consider that there could come a time where you cannot work due to an accident.
If this happens, then you’re going to want to have the funding to cover your bills, and not be fraught with worry about your finances when you should be focused on recovery.
How much Accident Protection cover do I need?
How much cover you will require depends on your own personal circumstances and the risk of accidents in your work or personal life.
Some of the questions we look at when deciding the level of cover you require would be:
- What job do you do- is there a high risk for a serious accident (e.g. roofer, farmer etc.) we need to protect?
- Do you regularly play sports (e.g. football, rugby, martial arts etc.) that have a high risk of broken bones or ligament tears?
- What other insurances do you have in place (if employed) to protect you against accidents?
- Do you regularly undertake any hazardous activities (e.g. DIY, cycling etc.) that could cause an accident?
Once you have understood the risks that you encounter you can start to decide exactly how much cover you need.
It’s up to you if you want to protect yourself against accidents, however the above questions are a good starting point to establish if there are any significant risks to cover.
How much does Accident Protection cost?
Accident protection is one of the only products that we deal with that can be taken out on a fixed price, regardless of your medical history.
Every insurer has a different price and this will vary dependent on the level of cover and added extras you choose.
We can look at Aviva’s Accident Protection Insurance for an example of how much it will cover you.
Below is a screen shot taken from their site, this confirms cover can start from as little as £2.09 a month, but we must stress this will be their basic level of cover.
We can’t guarantee, without a full financial review that Aviva are the right insurer for your needs, but it provides us with an understanding of the Accident Insurance markets starting point for pricing.
Accident protection insurance is usually available to anyone as with many insurers there is no underwriting (assessment of existing health conditions, smoking status etc.) required as it is only covering accidents.
The same applies if you’re a smoker, as premiums will not be impacted or options excluded.
Will insurers pay my Accident Protection claim?
When it comes to making a claim following an accident, you want the peace of mind that it is going to be a straight-forward process.
MetLife’s MultiProtect product is one of the leading accident insurance policies in the UK and below are the statistics from their 2018 claims.
- 96% customer satisfaction rating when it comes to making a claim.
- 11,428 claims worth £8.6 million paid in the last 12 months.
- 91% of all accident protection insurance claims are approved.
- 24% of customers have made more than one successful claim.
Hooray Health & Protection will only recommend insurers with a claims acceptance rate of over 90%.
If looking to take out a policy elsewhere or through a comparison website, this is a main factor to take into account.
When it comes to claim stage you want an insurer who will pay the claim with no fuss, and no last-minute exclusions.
What terms and conditions should I look out for?
Accident protection will usually have a number of restrictions or exclusions which you need to consider before taking out a policy.
We will review three of the key exclusions added into accident protection which most of our clients wouldn’t have expected:
Alcohol related injuries: If alcohol was a significant factor in the injury then insurers can and will reserve the right to decline the policy.
In 2017 more then 1.1 million admissions to A&E were alcohol related, so this is an exclusion that must be highlighted.
Stress Fractures and Broken Nose: Standard fractures are covered, but unfortunately stress fractures excluded as are a fatigue-induced fracture caused by repeated stress over time.
Make sure you’re protecting your nose when playing sports, as broken noses are excluded as don’t usually require treatment.
Actual or attempted suicide or self inflicted injury: Any self-inflicted injury or death will be excluded from the policy.
We will continue to lobby against this with insurance companies, as we aware it is covered under group schemes, but for now is an exclusion we need to be aware of.
Anytime you are considering taking Accident Protection, ensure you speak to a protection expert about the options available to you.
Some insurers specialise in sports cover etc., which can provide other benefits that may not be obvious when choosing the right policy for your needs.
Why use Hooray Health and Protection for Accident Protection?
We know the Accident Insurance market like the back of our hand and will take you through the process, discussing with you your needs, before ascertaining which cover is going to be right for you.
Every insurer has their own niche specialities, so when choosing your policy, it is best to review the whole of the market instead of choosing the cheapest from a comparison website.
Hooray Health & Protection won’t charge you anything for a review as we are paid by the insurers directly, so it wont cost you any extra.