Understanding Accident Insurance: Is Private or Statutory Coverage Right for You?

Which accident insurance makes sense when and what alternatives are there to private and statutory accident insurance?

An accident and suddenly you can no longer work – a nightmare scenario for which there is a solution: private accident insurance. However, this is often relatively expensive and does not cover all accidents. It is also important to remember that most disability results from illness, very rarely from an accident. But for some people, private accident insurance can make sense.

If you are thinking about taking out accident insurance privately, you should consider that most people are already covered for many cases by statutory accident insurance. This is an insurance that your employer takes out. This gives you good insurance if something happens to you on the way to or from work.

You are also protected during work or at work-related events. If you are employed, you already have good protection from your employer’s statutory accident insurance. The same applies to pupils and students. They are insured against accidents through the school or university.

Conversely, private accident insurance can be useful for the self-employed or people without a job. Accident insurance can also provide good protection for people who cannot take out disability insurance.

Even if you have a very high-risk hobby, it may be advisable to insure yourself against accidents. However, you should keep in mind that the insurance in such a case can be quite expensive.

If you can take out disability insurance, this is preferable to private accident insurance. It not only covers disability caused by an accident, but also if it occurs due to illness – which is much more common.

Term life insurance protects your family in the event of your death. In this way, your partner can continue to be provided for financially if you should have a fatal accident. This insurance also applies if you die as a result of an illness. Daily sickness allowance insurance kicks in when you suffer a loss of earnings, for example due to a lengthy hospital stay.

Private accident insurance can be useful for certain groups of people. Nevertheless, it is advisable to look at alternatives and carefully examine which insurance best suits your own life situation.