Accident Insurance benefits for Workers and Riders

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Use Accident Insurance for Family Protection

Accident Insurance benefits for Workers and Riders

List of the Best Accident Insurance Companies in the World

 

 

      No matter how careful you are, accidents can happen when you least expect them. A slip on an icy sidewalk, a fall from a ladder or a common sports injury can happen at any time. And beyond the injury, the cost of paying for an accident can be a serious pain. Medical expenses are one of the biggest financial hardships for Americans every year. Accidents are no exception to these expenses: Americans visit the doctor on average 68.2 million times a year to treat injuries. Beyond covering medical expenses, your injury could put you at risk of missing work, which adds to the stress of paying your mortgage, utility bills, and putting food on the table for your family.

 

 

Accident Insurance

      Accident insurance is supplemental to your primary health plan that helps you pay for out-of-pocket medical and non-medical costs from an accident or injury. Accident insurance provides lump-sum cash benefits that are paid directly to you, and not the doctors and hospitals, on an indemnity basis. You can use this cash to cover any expenses related to your accident Рincluding non-medical expenses like childcare, transportation to a therapist, and even rent or groceries. Even if your health plan covers 100% of your accident, your benefits are still payable to you. You decide how best to use the funds Рfor medical expenses like treatment or medication, or to supplement loss of work and other bills.

 

 

What isn’t covered by individual accident insurance?

Some high-risk recreational activities or sports may not be covered by your plan, such as skiing, scuba diving or bungee jumping. Though each accident insurance plan is different, here are some injuries which may not be covered by your plan:

  • Injury from sickness or disease
  • Reckless or dangerous activities
  • Injuries that occur while under the influence of certain drugs or alcohol
  • Suicide or self-inflicted injury
  • Injury incurred while committing a crime
  • Injuries incurred before you bought your accident insurance plan

 

Accidents don’t discriminate – anyone can have one at any time. But there are some Americans who can benefit even more from accident insurance. And if you’re a senior, an active adult, or if you drive a car, that could include you.

 

 

Accident insurance vs. other supplemental health plans

¬†¬†¬†¬†¬† Supplemental plans work well with medical health insurance but can also be used to protect you outside the Open Enrollment Period when you can’t enroll in a major medical health plan. It is important to understand your options in supplemental coverage and how they differ from one another so you can choose the best plan for you.

 

Short term health insurance

Short-term health plans offer temporary coverage when you are unable to enroll in permanent coverage. This coverage can protect you from medical bills that might arise from emergencies or health changes when you are without a major medical plan. You might be eligible for short-term health insurance if you lose your employer-based coverage and you are waiting for coverage to begin with a new employer or you are out of the Open Enrollment Period. Short term health plans do not typically offer the same comprehensive coverage as a long-term medical plan, but they can offer quick enrollment, low premiums, and coverage for unexpected medical expenses. At eHealth, we offer a broad range of short-term health plans to help you get the coverage you need when you need it most.

 

Critical illness insurance

Critical illness insurance is designed to cover you in the event of a covered illness, such as a stroke, heart attack, or cancer diagnosis. Unlike a traditional medical plan that reimburses the hospital or doctor for care you receive; critical illness insurance pays a lump sum to you directly to cover costs that might arise as a result of your condition. Like a short-term health plan, critical illness insurance can be quick to get and you can purchase it at any time of the year. You may choose the level of coverage you want to receive, and specific illnesses, covered may also vary from plan to plan. Our brokers can help you find a critical illness insurance plan that meets your needs and budget best.

 

Fixed indemnity plans

     Indemnity insurance is designed to cover things you might lose during a qualifying event, such as an accident, injury, or serious illness. Like other supplemental plans listed here, payouts from an indemnity plan go directly to you instead of your doctor or hospital. These plans are most effective when they are providing another layer of protection by covering costs not included with your major medical health insurance. Since the money is paid directly to you, you may use the funds for any expenses you may face as a result of your illness or injury. These plans typically feature competitive rates and no deductible. The payment you receive is fixed based on the specific terms of the plan. If you want to learn more about fixed indemnity plans, contact eHealth today.

 

 

Benefits Accident insurance

Personal accident insurance coverage has a number of highly useful benefits. The followings are the benefits of personal accident insurance.

 

1. Offers a Sense of Security

Personal accident insurance surely offers a sense of security for the insured, especially in terms of financial aspects, such as medical bills and the loss of income due to an accident which causes death or permanent disabilities.

 

2. Increases Productivity

When someone’s self, income, family, and even lifestyle is well-covered, it could motivate them to work harder and more enthusiastically. Therefore, the positive effect from working with a sense of security and comfort, which comes from knowing that everything is well-covered, will increase productivity.

 

3. Alleviates Costs

No one can predict or want any risk, especially personal accidents. But if it were to happen, then the expenses incurred are definitely going to be considerably high. Personal accident insurance surely becomes one of the best solutions. Insurance can help alleviate the costs incurred in the event of an accident. Insurance covers medical treatment expenses, disability benefits, and even compensation upon death due to accidents.

 

4. Family Protection

Personal accident which causes death or total permanent disability can surely mean a loss of income for the family. Personal accident insurance covers that lost income. The compensation can be paid monthly or all at once. The insurance can offer a large amount of the sum insured. This way, the income of the family breadwinner remains covered, hence the family is well-protected.

 

5. Assurance for the Future

Personal accident insurance offers coverage and compensation over any risk of accident. Nowadays, personal accident insurance can be combined with life insurance, which also has the element of savings or investment. As a result, it can serve as a preparation for long-term financial needs in the future. This benefit surely creates a more secure and well-planned future.

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Accident insurance is also known as supplemental insurance and is not tied to any medical insurance plan. If you buy coverage and experience an accident covered by your plan, also known as a covered claim, your insurer will pay money directly to you. We researched over 25 insurance companies to find the best personal accident insurance policies based on plan options, pricing, coverage amounts, and more. 

 

 

Best Personal Accident Insurance

Combined Insurance Company of America

Combined Insurance Company of America is a clear choice for best overall for its long history and for providing insurance policies across all 50 states‚ÄĒthe only insurer on this list with nationwide coverage.

Pros
  • Founded in 1922

  • Online quotes available

  • AM Best¬†rating of A+ Superior for financial strength

  • Coverage begins immediately

Cons
  • You need to contact an agent to purchase an accident insurance policy

Providing insurance for individuals and businesses across the nation, Combined Insurance Company of America was founded in 1922 in Chicago, Illinois. The company offers personal accident insurance under its Accident Protector policy. You can easily request a quote on their website by selecting the type of coverage you need, providing your state of residence, and confirming that you are between the ages of 18 and 64 years old.

Combined offers four different types of coverage: individual, family, individual and children, and individual and spouse. If you’re someone who likes to get a quote directly from a real person, you can also speak with one of their insurance agents directly through the company’s national hotline.¬†

With the company’s individual policy coverage, you can expect to receive a payment of up to $800 for a qualified hospital admission, $200 per day for hospital stays, up to $100 for an ER visit from an accident, and up to $100,000 for accidental loss of life. Based on an online quote received for an individual between the ages of 18 and 64 living in California, an estimated monthly premium for an individual policy costs $15.17 ($182 per year).

The policy is valid 24/7 and will provide coverage whether an accident occurs at work or during your free time. Benefits will be paid directly to you or your beneficiary, not to a medical facility, such as a hospital. The company also offers a combined accident and sickness plan with even more coverage options related to both illness and accidents.

 

 

American International Group, Inc., also known as AIG, is our top pick for affordable options because, among the companies highlighted in this list, it offers the lowest monthly premiums.

Pros
  • Online quotes available

  • Different types of coverage and plans that fit your budget

  • No medical exam required

  • AM Best rating of A for financial strength

Cons
  • Coverage not available in all 50 states

  • Does not cover accidental death and dismemberment (AD&D)

Established in 1919, AIG is a global insurance company that provides services across the country and in over 80 countries and has an AM Best rating of A for financial strength.2 

You can request a quote online on their website by simply filling out your date of birth and the state where you live, then select an individual plan or a family plan. AIG offers three different levels of coverage: basic, standard, and enhanced. The company’s basic plan is the most affordable, with a monthly¬†premium¬†that starts at $5.21 for an individual. The standard starts at $14.54 per month, and the enhanced, which is the most comprehensive and expensive, starts at $20.57 per month.¬†However, it’s important to note these prices may vary depending on where you live.

These prices are based on a quote received online and include additional non-insurance services, such as health resources through a web-based program, expert medical consultation, online medical records, and secure email. You can opt out of these features to reduce the cost of your monthly premium. It’s worth noting that AIG’s accident insurance does not cover¬†accidental death¬†and dismemberment (AD&D).

Some of the highlights of the company’s basic individual plan for a covered claim include:¬†

  • $500 for emergency transportation, per day¬†
  • $500 for emergency treatment, per day
  • $250 for in-hospital stay, per day

If you decide to go with the standard or the enhanced plan, you will get the following benefits:

  • $1,000 for emergency transportation, per day¬†
  • $1,000 for emergency treatment, per day
  • $250 for in-hospital stay, per day

However, as noted above, these benefits can vary by state. You can apply for a policy online or by calling the company’s national hotline. You can cancel your policy at any time, and if you cancel within 30 days of signing up, a full refund will be issued.

 

 

Liberty Mutual Insurance Company will assign you a dedicated representative when you file a claim to ensure you have a fast and smooth process. This individual contact will actively update you on the status of your claim at every step of the process.

Pros
  • Covers emergency dental procedures

  • No medical questions asked

  • Includes AD&D benefits

  • Provides a designated representative to help with the claims process

Cons
  • Coverage not available in all 50 states

With an A rating from AM Best, Liberty Mutual Insurance Company was established in 1912 and provides insurance services across the U.S. and throughout over 29 countries and economies around the world.3 The company offers three different types of accident coverage and plans: basic, plus, and premium, and these flexible plans can be adjusted based on your needs.  

To request a quote online, visit their website, select your state of residence, and enter your sex and date of birth, then answer a question about your current accident policy status (if any). Based on a quote received for an individual plan, customers can receive up to $7,500 for an accident‚ÄĒsuch as up to $500 for an eye injury or $5,000 for a burn‚ÄĒor up to $50,000 for AD&D, at a cost of only $9.94 per month, with the option to add extra emergency services for an additional cost.¬†

Rates and coverage will vary depending on the state you live in and your sex. You can apply for an insurance policy online or by speaking directly with one of the sales agents available through the company’s national hotline. We like that they don’t leave you waiting to find out about a claim and instead assign a representative to your case until the claim is completed.

 

 

We chose The Guardian Life Insurance of America for best customer service because of their website’s live chat support, available from 9:00 a.m. to 9:00 p.m. ET. Within 11 seconds, a representative from the insurance provider is ready to help answer all your questions regarding plans, coverage, and more.

Pros
  • A++ Superior rating from AM Best

  • Live chat support

  • Insurance coverage can be purchased online without speaking to an agent

  • No waiting period and no deductible

Cons
  • Coverage not available in all 50 states

The Guardian Life Insurance of America was founded in 1860. Today, they serve more than 29 million people across the nation and offer support for customers online with live chat (with team members available within 11 seconds) or through the company’s national phone line, raising the bar for customer service.

To request a quote online, enter your zip code, provide details about who you’re seeking coverage for (yourself, a partner, children, etc.), and select your age range.¬†

The company offers two plan options. The Guardian Accident Protection Plus Silver comes at a monthly premium of $14.31, which offers $250 per day for hospital stays, $1,000 for emergency air transportation, and up to $25,000 for AD&D. The second option, Guardian Accident Protection Plus Gold, has a monthly premium of $20.98 and offers $300 for hospital stays, $1,400 for emergency air transportation, up to $50,000 for AD&D. Customers have the choice of buying a policy online, without having to speak to an agent, or purchasing a policy over the phone with a helpful representative.

 

 

While most plans provide coverage on an annual basis, the accident insurance provided by Buddy Technology, Inc., is unique. You can simply buy a personal insurance policy when you need it and for the precise period of time you need it for, whether that’s a day, a week, a month, or a year. This feature makes Buddy Technology best for on-demand coverage in our review.

Pros
  • Policies are underwritten by StarNet Insurance Company, which has an AM Best rating of A+ for financial strength

  • Live chat support available

  • Instant online quotes available

  • Policies can be purchased within 90 seconds

Cons
  • Does not provide coverage for accidents that occur while at work

  • Coverage not available in all 50 states

In 2017 a group of friends who love outdoor activities came together to found Buddy Technology, Inc., a company that offers on-demand insurance, providing instant and global coverage with no deductibles. Based in Richmond, Virginia, the company’s insurance policies are underwritten by StarNet Insurance Company, which has an A+ Superior AM Best rating for financial strength.4¬†¬†

Customers are able to both request a quote and purchase a policy directly on Buddy’s website by simply selecting the state you live in, providing information about who you’re seeking coverage for, and selecting the length of the coverage and the dates you will need the coverage for. You can also share details about the activities you’ll be participating in‚ÄĒsuch as climbing or free diving (this is optional and will not affect the price of your policy).

In a sample online quote we received, Buddy’s policies range in price from $9.91 for coverage for one day, $20.59 for coverage for one week, $56.15 for coverage for one month, and $51.49 a month for one year.

Some of the policy highlights include payments of up to $500 for an ER visit, $75 per physical therapy visit for up to 10 visits, and $250 to $5,000 for ambulance transportation (ground and air, respectively). If you purchase a policy that provides coverage for 10 days or more and you are not satisfied, you can cancel within 10 days of signing up and get a full refund. The company offers customer service over the phone, via email, and over the website’s live chat.

Best Personal Accident Insurance:

Best Overall: Combined Insurance Company of America

Best for Price: American International Group, Inc.

Best for Claims Support: Liberty Mutual Insurance Company

Best for Customer Service: The Guardian Life Insurance of America

Best for On-Demand Coverage: Buddy Technology, Inc.

 

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