Every year, thousands of people are killed in road accidents in Thailand. In fact, the country’s roads are some of the deadliest in Southeast Asia, and among the worst in the world. According to the World Health Organisation, about 20,000 people die in road accidents each year – that’s about 56 deaths every day. While the Thai government has introduced a variety of measures to try and reduce the number of casualties on the roads, they have so far been unsuccessful. If they want to save lives, they need to establish a systematic and comprehensive database of road accident information. This will allow them to accurately identify the causes of accidents and put effective road safety measures in place. Only then can they hope to reduce the number of people killed on our roads each year.
With this in mind, it’s no wonder that personal accident insurance is such a popular product here. But what exactly is personal accident insurance? And do you need it? Read on to find out.
What is personal accident insurance?
Personal accident insurance is a type of insurance that provides financial protection in the event of an accidental injury. This can include death, disability, or medical expenses. It can also provide income replacement if you are unable to work due to your injuries.
Why do you need personal accident insurance?
If you live in Thailand, personal accident insurance is an essential piece of your financial safety net. This is because most Thai hospitals are private and they can have a number aspects that your policy may not cover, like having a shared room if you stay overnight. As many hospitals only have private rooms which can cause issues.
Additionally, if you’re unable to work due to your injuries, personal accident insurance can provide you with an income replacement so that you can meet your financial obligations. This is especially important if you’re the breadwinner of your family.
How much does personal accident insurance cost?
The cost of personal accident insurance will vary depending on a number of factors, such as your age, occupation, and the amount of coverage you require. However, as a general rule of thumb, expect to pay around 2-3% of your annual income for a comprehensive policy. However it is recommended to shop around and define the amount of cover you need.
How to choose the right personal accident insurance policy?
When choosing a personal accident insurance policy, it’s important to make sure that it meets your needs. Here are some things to consider
- The amount of coverage you need: This will depend on your income and financial obligations. Make sure to choose a policy that provides adequate protection.
- The type of coverage: There are two main types of personal accident insurance coverage – medical expenses and income replacement. Make sure to choose a policy that provides both types of coverage.
- The deductible: This is the amount you will have to pay out of pocket before the insurance company starts to pay. Choose a policy with a deductible that you can afford.
- The exclusions: Every insurance policy has exclusions, so make sure to read the fine print carefully. Some common exclusions in personal accident insurance policies include pre-existing medical conditions, dangerous activities, and suicide.
Accident insurance is a necessary purchase for anyone living in Thailand. It provides coverage for medical expenses, income replacement, and other costs associated with accidental injury. When choosing an accident insurance policy, it’s important to make sure that the policy meets your needs. Make sure to read the exclusions carefully before purchasing a policy.