Private accident insurance makes sense? Alternatives clearly explained

Clearly explained

When private accident insurance makes sense

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

An accident and suddenly you can no longer work – a horror 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 occupational disabilities result from an illness and very rarely from an accident. But for some people, private accident insurance can definitely make sense.

If you are thinking about taking out accident insurance privately, you should remember that most people are already covered for many cases through statutory accident insurance. This is insurance that your employer takes out. This means you are well insured if something happens to you on the way to or from work.

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

Conversely, private accident insurance can make sense for the self-employed or people without employment. Accident insurance can also provide good protection for people who cannot take out occupational disability insurance.

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

If you can take out occupational disability insurance, this is preferable to private accident insurance. It not only covers occupational 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. This means your partner can continue to be financially supported if you have a fatal accident. This insurance also applies if you die as a result of an illness. Daily sickness benefit insurance kicks in if you suffer a loss of earnings, for example due to a longer hospital stay.

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