Personal Accident Insurance
When you work in Germany, you automatically become covered by the German Social Accident Insurance.However, this generous accident insurance provides limited coverage. You get cover for accidents that occur at work and during all your journeys to and from your workplace.
Almost all accidents come with linear benefits (dark blue area in the below-appended diagram) up to a 25% degree of disability. After that, you can choose between progression or linear. Progression means if your degree of disability is higher, you will receive more payment in relation to the base amount you have chosen. The progression table becomes effective at 26% degree of disability and leads up to the highest agreed progression of your base amount, with a degree of disability of 90% or more (see diagram below – €100,000 base amount).
For Example, If You Have €100,000 As The Insured Base Amount With A Maximum Agreed Progression Of 500%,You Would Receive The Following Benefit Payments Depending On The Tariff.
- Loss Of Finger (10%) €10,000
- Loss Of Smell (20%) €20,000
- Loss Of One Eye (60%) €160,000
- Loss Of One Leg Above Knee (75%) €250,000
- Loss Of One Leg Above Knee (75%)
And One Finger (10%) €350,000 - Loss Of Sight In Both Eyes (100%) €500,000
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Personal Accident Insurance– 8 Things to Know
What Does Personal Accident Insurance Cover?
Personal accident insurance (Unfallversicherung) provides coverage for accidents that occur in various settings, such as schools, children’s daycare facilities, and during voluntary work. However, it doesn’t cover all activities, which is why many people opt for private accident insurance to ensure broader protection.
How Does Personal Accident Insurance Offer Financial Protection?
If you’re unable to fully recover after an accident, personal accident insurance offers financial protection. Depending on your chosen tariff, you can receive this protection in various ways. You may opt for a lifetime annuity, which provides regular fixed payments for as long as you live, or a lump-sum payment. Some plans even offer a combination of both.
What Are Common Exclusions in Personal Accident Insurance?
While personal accident insurance provides essential coverage, there are often specific exclusions to be aware of. Most policies will not cover injuries sustained from extreme sports, such as skydiving or rock climbing, unless additional coverage is purchased. Pre-existing medical conditions that contribute to an accident may also not be covered. Additionally, accidents that occur under the influence of alcohol or drugs, or those resulting from intentional self-harm, are typically excluded. Always review the list of exclusions to ensure you fully understand what your policy will and will not cover.
What Are the Benefits of Private Accident Insurance?
Unlike state insurance, private accident insurance provides you with around-the-clock worldwide protection. This means that wherever you are, your policy ensures the costs associated with your disability —such as care, home or vehicle modifications— are covered by the insured sum.
Does Personal Accident Insurance Cover Loss of Earnings?
No, personal accident insurance does not cover loss of earnings. To ensure your income is protected in the event of disability, you’ll need to take out Occupational Disability Insurance, which covers disabilities caused by illness as well as accidents. It’s a better option if you’re looking for more comprehensive coverage beyond accident insurance.
How Is the Extent of Disability Determined?
The extent of disability is determined using an extremities table, which assigns different percentage values to various body parts. These values are used to calculate how much of your physical and mental abilities have been lost. For example, the loss of a finger may be worth 10%, while the loss of both legs above the knee may be worth 75%. These percentages directly impact the payout amount, though they may vary slightly depending on your provider.
How Do You Select the Right Insured Sum?
When choosing your insured sum, consider how much you would need to maintain your quality of life if an accident leaves you disabled. After calculating the amount, explore different insurance models and configure your plan based on the benefits you want in case of an accident. This will help you determine the base sum insured required for your desired coverage.
How To Choose the Right Personal Accident Insurance Provider
When selecting a personal accident insurance provider, it’s important to compare different offers and thoroughly review the terms and conditions of each policy. Look for factors like coverage limits, exclusions and how claims are processed. Some providers may offer additional benefits, such as rehabilitation support or quicker payout processes. Don’t just rely on generic providers: choose an insurance partner that understands the unique needs of expats in Germany. You can arrange a free consultation with our insurance experts here. Moreover, we now have a live chat feature available on every page. If you have any questions, just click to start a conversation, and our team of experts will be happy to assist you shortly!
Many landlords today insist on you having home contents somehow when talking about accident insurance for tenants.
In case you’re renting a furnished apartment, many landlords today insist on you having home contents insurance for tenants. However, it’s important to note that fixtures and fittings that you don’t own but which are attached to the building are usually not covered under home contents insurance for tenants. This is because your landlord or house owner is responsible for them and would cover them under his/her own separate insurance policy.
