Having personal accident insurance in Thailand is absolutely essential. While you will find that most of these policies are pretty similar, there are a few differences between them that are worth noting.
Having any insurance at all in Thailand is highly recommended, and any delay in processing them can mean big trouble. So how long does the insurance usually take to settle out?
The actual time frame varies greatly. Depending on who you talk to, it can take up to six months to receive compensation. This can be very difficult for anyone that has just suffered an accident, and particularly if the accident was serious enough to claim medical expenses and land and vehicle damage as well.
When this time comes, the accident insurance company will be looking to get you back on your feet quickly. In some cases, this can be easier said than done, as some people have to sell their property or stop working for a period of time while they are receiving the payout. This can be extremely difficult and could affect the person’s ability to continue working altogether.
Applying For Personal Accident Insurance
Personal accident insurance in Thailand doesn’t just happen. You’ll often have to apply for it before you’re fully covered. If your insurance company is able to find that your accident warrants your claim, then you should be fine. The only real catch is that getting accident compensation in Thailand is rarely cheap. This is simply because Thailand is an incredibly dangerous place to be, with road accidents increasing every year. Therefore, any company that wants to offer their clients accident cover will have to charge a high premium to do so.
Check out the different personal accident insurance Thailand is offering if you’re thinking of taking out one. You may want to find a broker that specialises in the field. With the right broker, you should be able to quickly receive a quote. It’s always wise to compare different companies in Thailand before committing to anything, as you could easily save yourself some money by choosing a policy that is cheaper. There are two main types of personal accident insurance – medical payment and damage payment.
What Is Damage Payment?
Damage payment is made by the offending party, with the personal accident insurance company covering the rest. However, they may agree to cover the cost of accident compensation if you’re under the age of 25. Other personal accident insurance policies will require you to pay a deductible before they’ll make a contribution. For example, if you injured yourself at work and then had to take time off work due to your injury, you’d have to pay a deductible before the insurance company would payout.
Personal accident insurance in Thailand is meant to give you some protection when you’re hurt in the course of someone else’s negligence. However, this doesn’t mean that it has to be overly expensive! You can find reasonably priced personal accident insurance in Thailand that still offers you plenty of benefits. Just make sure you do your research, read through the policy thoroughly and make sure you understand what it covers.