Most insurance policies do not cover this risk. It was therefore based on the paradox that property is often better insured than people that insurance companies introduced the Accident cover. Here's everything you need to know about personal accident cover.
Life insurance guarantee: definition
More often than not, after an accident in everyday life, liability is not established. Victims often injure themselves, and it is with this in mind that personal accident insurance policies come into play. The holder of a GAV multi-risk policy is therefore compensated, whatever the accident and before any attempt is made to establish liability.
The main feature of an accident cover policy is that it covers both the economic and moral damage that can result from an accident, in the same way as death insurance. An accident can have lasting consequences for family life, and these can sometimes be catastrophic: cosmetic or psychological damage, social repercussions, etc.
What risks are covered by personal accident insurance?
To avoid confusion over the definition of an accident in everyday life, most insurance plans that include cover for accidents in everyday life cover several categories of accident.
Firstly, there are domestic accidents proper, which constitute the first and most important form of cover. These most often include falls, drowning, choking, cuts, mutilations, etc. For example, a hand scalded while preparing a meal is covered by GAV, as is a finger accidentally severed while gardening.
Then there are accidents that occur during leisure activities or travel. A fall by your child while travelling, walking in the fields or at a football match is often covered.
Some insurance policies also include cover for natural disasters, assaults and terrorist attacks. This is a useful precaution, as it would be very hard to understand why your car or house should be protected against these risks when bodily injury is not.
Finally, the last category of risk concerns medical accidents. Poorly-adapted medical treatment or badly-executed surgery can have disastrous consequences for a person's physical and mental well-being. What's more, the damages and interest awarded by the courts are not enough to compensate for the harm done. Accident cover for this type of incident would make it easier to deal with the tragedy.
Who is covered by personal accident insurance?
Although it is possible for each contract to be largely personalised, insurers often offer two types of package depending on the number of people to be covered. There is the individual plan, which covers only the person signing the policy against all the related risks mentioned above. The family plan covers the whole household, especially the children. It should be noted that the premiums are of course higher for this second option.
What losses are taken into account?
In a personal accident policy, the trigger for compensation is always linked to physical injury. The medical report must show that the incident resulted in a permanent disability of 30% or more. Note, however, that this is the minimum threshold set by the label. However, other contracts may provide for a lower threshold of 10 or 5%, and even from the first percentage point.
Once this condition has been met, the insurer is obliged to take a very broad view of the loss. It will have to take account of cosmetic or pleasure-related loss, especially if the injury results in an inability to carry out an activity or sexual impotence.
If the accident results in death, the other beneficiaries of the policy will also be compensated for their economic and moral losses.
What are the advantages of personal accident cover?
The great advantage of personal accident cover is undoubtedly that it provides compensation rather than a lump sum. The insurer assesses and compensates according to the extent and seriousness of the damage suffered. If the person responsible for the accident is a third party, the insurer will compensate that person and will then be reimbursed by the person responsible. It should be noted that GAV compensation is offered fairly quickly, at the latest within 5 months of the date on which the victim's condition is stabilised.
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To find the best deal on accident cover, ask for a quote on our site and don't hesitate to use a cover comparator. In an environment where there is a plethora of insurance products on offer, it can be difficult to find a policy that meets all your needs. To do this, you need to take into account both your expectations and your budget. Individual cover is more than enough if you have no dependent children.
Life Accident Guarantee (GAV)
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