Decision Aid: How Do I Get Personal Accident Insurance?

Taking out accident insurance is a complex matter. We explain which choices you can make and what you need to bear in mind


5 minute read


Schedule of compensation, progression, daily allowance, accident pension – you have surely already noticed that taking out accident insurance is a complex matter. To make the process as simple and transparent as possible, we explain which choices you can make and what you need to bear in mind.

Take out accident insurance – We explain every step

It's great you decided to get accident insurance. Now it's time to get down to the details! You have to make six decisions in total. But don't worry! We'll tell you what to consider and give you a recommendation.

Decision 1: Should I choose the basic module or the premium extension?

The first question you need to ask yourself is the basic tariff. It is important to us that you only pay for the insurance cover you actually need. That's why we offer different optional extensions for almost all our products. For accident insurance, you can choose between a basic module and a premium extension.

Even the basic module is based on a schedule of compensation that already exceeds the standard of the German Insurance Association (GDV). With the premium extension you benefit from an even better schedule of compensation. If you lose your hand, for example, the GDV states that you have a disability degree of 55%. With the extended schedule of compensation in the basic module, your degree of disability would be 70%; in the premium extension it would be 75%. This may not sound like much at first, but depending on the base sum and progression (see below), it can amount to many thousands of euros. In addition, the premium extension includes more body parts.

As a premium customer, you also have the right to more benefits. For example, we pay for domestic help, subsidise your therapy costs up to an amount of 600 euros. We also pay additional expenses up to a total of 10,000 euros if you have to modify your apartment or your car to make it accessible. In comparison, the basic module covers up to 5,000 euros. And if you have an accident abroad, the premium extension gives you twice the daily hospital allowance (if you have chosen a daily hospital allowance) and your return transport is paid up to a total of 50,000 euros.

Especially for families and couples, the premium extension offers numerous advantages. For example, if you opt for an accident pension, this will be transferred to your partner and or child in the event of death. Your surviving relatives will receive 70% of the agreed accident pension over a period of three years. As a premium customer, we also pay for childcare if you have a child under 14 to look after. And if your child is insured and is in hospital after an accident and you want to spend the night with them (known as ‘rooming-in’), we subsidise the costs at the rate of the agreed daily hospital allowance. In addition, we cover speech therapy or psychological therapy after an accident for children up to a sum of 1,500 euros.

Decision 2: How high do I set the base sum?

The base sum is the basis for calculating the amount you receive in the event of disability. The higher the base sum, the more you will receive. When you sign the contract, you must determine the amount of the base sum.

So what is the appropriate base sum for you? You can use the following rule of thumb as a guide for your decision: The base amount should be at least three or four times your gross annual income - and we always recommend at least 100.000 euros. Some experts even recommend six times. Let's assume you are a designer and have a gross annual income of around 30,000 euros. Then a base sum of 100,000 to 120,000 euros would be recommendable. If this is not an option, you should consider choosing a higher progression (see next decision).

Decision 3: Which progression should I choose?

You’re probably asking: What do you mean by progression? Progression means a dynamic increase in disability benefits. The higher the chosen progression, the greater the sum paid out in the event of disability. If you want to know exactly what progression is, see here. You can choose between three options: a progressive disability scale of 225%, 300% or 500%. Please be aware: The higher the chosen scale of progression, the more expensive the monthly insurance premium.

Let's assume you have a degree of disability of 100% and a base sum of 100,000 euros. In a tariff without progression, you would simply receive the full base sum as a lump-sum payout. At Getsafe, we only offer you tariffs with progression. With a progressive disability scale of 225%, the disability benefit increases by 225%; with a progressive disability scale of 500%, it increases by 500%. So in our example, you would receive 225% percent of the base sum, i.e. 225,000 euros.

If you like trying risky stunts on your snowboard or finding tricky mountain biking trails, a higher progression is a good idea for you. Also people who do manual or physical work or work with chemical substances or heavy machines should possibly choose a higher progression. For children and adolescents under 18 years of age, experts recommend a progression of 225%.

Decision 4: Should I choose a daily hospital allowance

After an accident, you might need medical treatment in hospital, and later possibly rehab. Depending on the severity of the injuries, the healing process can take quite a while. If you have agreed on a daily hospital allowance, you will receive financial support from your accident insurer for up to three years. The daily rate is between 10 and 50 euros and can be freely chosen. We recommend that you agree on a daily hospital allowance of 20 euros.

Please note: The daily hospital allowance will also be paid by your accident insurer if the accident does not result in invalidity. To apply for your daily hospital allowance, simply submit the hospital bills and any discharge reports.

Decision 5: Should I choose an accident pension? How do I determine the amount?

Another additional benefit that you can arrange when you take out a policy is an accident pension. The accident pension is paid to you as a regular monthly amount if your degree of disability exceeds 50%. This is in addition to the one-off disability benefit.

Our recommendation: An accident pension is particularly useful for children, as they are not entitled to statutory cover and may not be able to work after an accident. For working people, an additional accident pension can also be useful. However, occupational disability insurance would often be the better option.

Decision 6: Does a death benefit make sense?

In very few cases, an accident could be fatal. For the surviving relatives this above all means a very painful farewell. If you have chosen a death benefit, your surviving relatives at least do not have to worry about how to shoulder the costs of the funeral. You can decide the amount of this benefit yourself. We recommend a sum of 10,000 to 15,000 euros.

Author: Lydia