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Nobody knows for sure what life will bring. You may just be going about your day, only to find yourself later on a hospital gurney being wheeled to the emergency room because you tripped and fell on something.
Tons of accidents happen every day. When accidents happen, they can be quite jarring and overwhelming – not to mention expensive.
Luckily, there’s something you can do to mitigate that particular issue: get an accident insurance plan. By securing a reliable insurance policy, you’ll have peace of mind knowing that your accident won’t cause you any more grief than what you’re already experiencing.
What Is Accident Insurance?
According to a study published last 2019, the average hospital costs of fatal and non-fatal injuries in the US are about $6,880 and $6,620.
Of course, these numbers vary wildly depending on injury type and location, and categorized estimates made by researchers place the range from thousands to tens of thousands of dollars.
Accidental injuries are a part of our daily lives—that much is true.
However, when accidents are serious enough, not only do we have to deal with the physical injury itself, but we’re also burdened with staggering medical costs.
Thankfully, accident insurance policies are here to the rescue.
Just like other forms of insurance, an accident insurance plan will cover specific financial costs of being admitted to the hospital. This includes emergency room and treatment, in-patient procedures, medical transportation, exams, and more.
With accident indemnity insurance, you won’t have to deal with any financial issues that may arise from your accident.
The best part is that every insurance provider around sells accident insurance. You can even get it as a standalone policy or as a bundle with other forms of health insurance. Practically speaking, accident insurance comes better as an add-on to other forms of health insurance. Your premiums will likely be lower than if you took a separate standalone policy.
Who Needs Accident Insurance?
It’s impossible to predict accidents, but if you’re old enough, you probably know someone whose life was completely changed because of one. If something like that happens to you, you don’t want to be caught unprepared.
That’s why everyone is recommended to get accident insurance, no matter who you are or what industry you’re in.
Nonetheless, accident insurance is an absolute necessity for people under the following circumstances:
- Main income earners in the family
- Individuals with dependents
- Individuals who lack adequate healthcare coverage
What Does Accident Insurance Cover?
Like other forms of insurance, accident insurance has specific coverages. The exact list varies depending on what policy you’re getting and from which provider.
Here are some of the situations that are typically covered under accident insurance:
- Loss of a limb
- Broken limb
- Bone fractures
- Accidental death
Keep in mind that accident insurance doesn’t usually cover injuries that stem from negligence or natural disasters.
Plus, there are certain activities that are considered exceptions because they’re too risky, such as caving, spelunking, and scuba-diving. If you decide to participate in those activities and something happens to you, your provider may label it as partial negligence and limit your payout amount or outright deny your claim.
Additionally, it’s important to note that accident insurance plans usually pay the policyholder or beneficiary directly, unlike medical insurance plans that pay the medical provider.
Due to this, accident insurance is more useful when combined with other forms of healthcare. It can cover expenses not included in healthcare costs, such as copayments and deductibles.
It can also cover other expenses outside medical expenses, such as utility bills, rent, mortgage, and other daily expenses while you’re injured.
Common Types of Accident Insurance
There are multiple types of accident insurance, each with specific benefits based on inherent risks.
Here are a few examples.
- Car accident insurance. This type of insurance covers the cost of medical expenses for drivers and other people should an accident occur.
- Travel accident insurance. Before traveling, tourists are advised to get travel accident insurance, particularly if they’re leaving the country. This is to cover the financial costs if they get into an accident outside their home country.
- Death and dismemberment. This type of accident insurance is one of the most popular generalized forms of insurance that protects the holder from accident injuries or death.
Accident insurance is also typically customizable. Interested policyholders can change the specifics of their benefits to reflect the risks of their personal circumstances.
For example, telephone linemen have a riskier job, so they’re going to want higher limits and bigger coverages than an office worker. Providers can also adjust the premium rates to reflect these risks.
Getting Accident Insurance with Magnum Insurance
Accidents can happen to anyone, and when they do occur, it only makes sense to be financially prepared. Getting an accident insurance policy is the best way to do so.
If you have a good accident insurance plan, you won’t have to suffer financial ruin if you get into an accident. Thus, you need to look for a good provider that will give you the correct type of benefits that suit your situation and finances.
In that case, Magnum Insurance is the best insurance agency for you.
Our services are tailor-fitted to suit our clients in every way possible so that you can get the most benefits out of your hard-earned dollars. Sounds good? Call us now!
Magnum Insurance makes Accident Insurance easy
Insurance should be easy, and with Magnum Insurance, it is. Get your online insurance done at your convenience now!
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Manage your policy. File and track a claim. Do it all with a few taps on your smartphone.
No one likes to file or manage a claim. That’s why we make the process easy with online forms and dedicated agents.
Get a free Accident Insurance quote today
Get the Medical insurance you need with Magnum Insurance. Talk to an agent today by giving us a call or visiting one of our offices located across Illinois and Indiana.
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