If you've decided to purchase accident insurance, you should clearly define what is your insurable interest and only then choose an insurance company. It must be financially stable and reliable. Explore its position in the rankings, pay attention to the level of payments. Ask for the company's portfolio, the distribution of insurance types should be even. It is important to know the working experience of the insurer on the market. Find out whether this insurance company is present in regions: you never know where an accident can happen. It is also advisable to get acquainted with the proposals of several insurance companies and compare them.
So you have decided on the company. Now your main task is to carefully examine the contract and insurance rules. You should clearly understand what are the conditions to avoid misunderstandings after the insured event has happened. Don't be afraid to ask questions if something is unclear for you. Learn your rights and responsibilities during the insurance contract validity period and after the termination. Pay particular attention to exclusions from coverage. Explore the reasons for refusal to pay: they must be justified and clearly stated. You may also want to know that the insurers have adopted a table of payments for injuries and damages, where the percentage of payouts is based on the degree of disability. Make sure that your contract includes all set of risks (death, all three degrees of disability, temporary disability).
One more serious issue when applying for insurance - the amount of insurance, it affects the amount of insurance reimbursement. Here, your request must match your financial capabilities, because the higher is the sum, the higher is the premium consequently.
You should also pay attention to the franchise. This is the part of the total content, which is not covered by the insurer. That is, when an insured event happens, the insured person is partially responsible for the costs and should pay them from his own funds. Essentially, all insurance companies have the rule: the lower the deductible, the higher the tariff. Therefore, by signing an agreement with the franchise you can reduce the cost of the policy.
Here are some more points that influence the cost of insurance. Find out whether the specific risks are included into the tariff offered to you: sports, recreation, tourism, etc. If so, the price of the policy will be a way higher. However, if this risk is not taken to consideration, then, when you play football and you get injured, the insurer is likely to refuse to pay. In addition to this, the rate is calculated according to the main activity/occupation of the person, because the risk of accident depends a lot on its nature. For example, the insurance rates for the crane operator will be higher than those of the worker.
Pay attention to the area, period and timing of the contract. Policy can be valid all over the world or may be limited by the one or several countries. It is very important to take into account the time constraints - you can be offered round-the-clock insurance protection, protection for the time of your official duties, while being on the journey, etc.
You also need to understand according to which order and within what time the company will pay compensation. The amount of compensation and terms of payment depend largely on how you perform the obligations prescribed in the contract. With the lack of due performance (untimely notification, granting an incomplete set of documents, etc.) the insurer has the right to reduce the amount of compensation or even refuse to pay.
Thus, signing an accident insurance contract, read the document very carefully to be aware of every nuance!