Private Accident Insurance in Austria
75% of all accidents happen during spare time or when engaged in sports activities. The Austrian public insurance coverage does not provide any protection against the economic consequences of accidents during spare time.
Only private accident will be specifically adjusted to the needs of the individual and cover all accidents, 24/7 and worldwide. The most important coverage is:
Permanent disability: The amount of compensation will be stated in the insurance policy. It depends on the degree of disability that is established by a physician on the basis of a medical examination after an accident has occurred. The table of compensation rates for damage to, or loss of individual body parts will determine the compensation. For instance, blindness in both eyes will receive compensation of up to 100% of the total insured sum, whereas the loss of a leg up to the knee could result in compensation of up to 70% and the loss of a finger up to 50%.
The goal is to provide protection against the economic consequences of an accident. A disability of 100% will generally lead into unemployment and financial commitments can no longer be met. This is why personal accident insurance should provide a lump sum of 5-6 times the insured’s annual income in case of 100% disability.
In the event of a permanent disablement, the insured party shall receive a predetermined monthly amount for the rest of their life.
In the event of death, the sum insured will be paid to a predetermined beneficiary.
A predetermined sum is remunerated for every day of hospitalization or for every day where the insured party is unable to work.
Private accident policies can cover all costs that arise as a result of an accident. These may include treatment costs, salvage costs, as well as transport costs incurred in order to return you to your home.
|Private accident insurance:||Public accident insurance|
|Covers accidents at work||Yes||Yes|
|Covers accidents during leisure-time||Yes||No|
|Covers accidents that happen while playing sports||Yes||No|
|Coverage for women at home, children, students, pensioners||Yes||No|
|Coverage||Starting at 1% disability||Starting at 20% disability after on the job accidents|
|Maximum insurance sum||Individual, no maximum||Depending on disability|