Accident insurance: closing the legal gap in coverage

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Around nine million accidents happen in Germany every year, a good two-thirds of them during leisure time. In these cases, the statutory accident insurance does not cover you. For whom private coverage can make sense, and what to look for when taking out coverage.

A fall in the household or while hiking – that happens quickly. The health and financial consequences of such an accident can be serious and long-lasting. If, for example, you are dependent on help in the household, need special therapies or even have to modify your car and/or house to make it suitable for the disabled, you will usually have to bear the costs yourself. If the accident victim can no longer work or can only work to a limited extent, there is also the threat of massive loss of income. Statutory accident insurance only covers accidents at work or in the home office or at school, as well as on the way there and back. Private accident insurance closes this gap.

Private coverage

If you play a lot of sports, travel or are otherwise very active in your free time, you can consider taking out private accident insurance. It covers the additional capital requirements arising from accident-related disability with a one-time benefit – and this worldwide, both in leisure, sports or road traffic. The prerequisite for disability benefits is a "permanent impairment of physical or mental capacity". This is the case if the consequences persist for more than three years and no improvement is expected. The amount of compensation depends on the sum insured and the degree of disability incurred. The insurance pays a percentage of the agreed sum insured. The so-called limb tax is widespread in this context. It determines how much money one receives in case of loss of function of a certain body part.

Extensive range of benefits

Depending on individual needs, further benefit modules can be added. For example, there is a daily hospital allowance for the duration of a hospital stay after an accident. The death benefit serves to protect surviving dependents after an accident. In addition, the payment of a monthly accident pension can be agreed upon in some cases.

This is what you should pay attention to when taking out a policy

Mountain sports enthusiasts in particular are advised to make sure that costs for search, rescue or recovery operations are insured and that cosmetic operations caused by accidents are covered.

The amount of the sum insured depends on age and income. People under the age of 30 should roughly cover six times their gross annual income, people up to the age of 50 about five times, and people over 50 four times.

Questions about the state of health must be answered completely and truthfully, otherwise the insurance coverage is endangered in case of emergency. In the case of poor health, tariffs without health questions offer a certain, usually not so comprehensive protection.

The tariff level and premium are based on the risk to be insured (profession, hobbies, etc.).). Dangerous hobbies may be excluded from the insurance benefit. Such questions should be clarified in advance with the insurance company. Important: Always obtain written confirmation.

If an illness is partly responsible for the health consequences of an accident, the insurance can reduce the benefit. Some tariffs waive the participation requirement. This can be helpful for people with pre-existing conditions.

A policy may make sense for the following individuals:

  • Self-employed persons and persons without a profession such as housewives or househusbands. They cannot count on statutory protection.
  • Employed persons who do not have occupational disability insurance, for example because of pre-existing conditions, are unprotected in the event of an accident.
  • People with a very high risk of accidents, such as recreational athletes. Footballers, skiers and tennis players are particularly likely to be injured.
  • After retirement, seniors are no longer covered by statutory accident insurance.
  • Children usually recover more quickly from accidents and rarely suffer permanent damage. However, if the offspring cannot go to work or can only do so to a limited extent due to an accident, compensation is necessary for this as well. Accident insurance for children is relatively inexpensive. However, children's disability insurance is often more sensible. In contrast to children's accident insurance, it also pays in the event of disability due to illness – and in the event of an accident. However, it is also more expensive.

Want to learn more about private accident insurance? Your savings bank will advise you on which protection best suits you, your family and your life. Your consultant will make you an individual offer.