They can change your life in a split second…accidents cause emotional and financial trauma. But you can offset their financial repercussions with insurance.

The word ‘accident’ holds extremely negative connotations. Seldom does one ponder on the word without experiencing a sinking feeling in the pit of one’s stomach. While most people use the word ‘accident’ to describe a mishap on the road, the word actually defines any sudden, unfortunate and unexpected occurrence that may cause grief.

For purposes of discussion, however, let us restrict ourselves to defining an accident in terms of a mishap on the road. Most people who use the roads tell themselves that being careful pays – and it certainly does. However, one cannot be too careful at all times: a split second lapse in concentration can lead to a serious calamity. Besides, one cannot account for the mistakes of another person. What can be done if another driver is careless behind the wheel and ends up causing an accident to you and to himself? Or a jaywalker suddenly appears across the street, busily conversing on the phone and oblivious to your incoming vehicle?

Not only does an accident mangle your car, it also has the potential to cause you severe (sometimes fatal) injuries. The repercussions of an accident are never confined only to the car, even the car’s occupants are at great risk.

While the physical injury and emotional trauma of an accident cannot be avoided altogether, one can certainly reduce the financial effects of the incident by taking accident insurance.

Why take accident insurance…

…It is always better to be safe than sorry. No accident announces itself; it just occurs unexpectedly.

…The costs associated with an accident are massive. One may require hospitalisation, surgery, prolonged physiotherapy and daily medication to get better – and all of these cost a lot of money. Then there are those that suffer partial or complete immobility after the accident, or such serious phenomena as complicated fractures, burns, temporary paralysis or even coma. Treating these ailments can take a toll on one’s finances, but accident insurance can help pay these expenses.

…The best accident insurance plans protect the policy holder against the medical costs of the accident, while safeguarding his loved ones from the financial effects of a sudden loss of income. It can pay a corpus that helps the family pay for household expenses, children’s education, etc.

…In the unfortunate event of the policy holder’s demise in an accident, the policy may also pay for ambulance, on-ground transportation of the body and even the funeral arrangements.

Above all, insurance policies ensures peace of mind for you and your loved ones every time you take the wheel.

Featured Image Credits: Blair Fraser via Unsplash

Posted by The Indian Economist