The 5 Best Personal Accident Insurance of 2020

Financial protection against unexpected injuries

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Every year, there are 40 million visits to the emergency room (ER) related to injuries, according to the Centers for Disease Control and Prevention. And just one visit to the ER can cost anywhere between $533 and $3,000. That's one of the main reasons people get personal accident insurance—to help cover the cost of medical bills. 

Accident insurance is also known as supplemental insurance and is not tied to any medical insurance plan. If you buy coverage and experience an accident covered by your plan, also known as a covered claim, your insurer will pay money directly to you. We researched over 25 insurance companies to find the best personal accident insurance policies based on plan options, pricing, coverage amounts, and more. 

The 5 Best Personal Accident Insurance of 2020

Combined Insurance Company of America: Best Overall

Combined Insurance

Combined Insurance

Combined Insurance Company of America is a clear choice for best overall for its long history and for providing insurance policies across all 50 states—the only insurer on this list with nationwide coverage.

Pros
  • Founded in 1922

  • Online quotes available

  • AM Best rating of A+ Superior for financial strength

  • No medical history required

  • Coverage begins immediately

Cons
  • You need to contact an agent to purchase an accident insurance policy

Providing insurance for individuals and businesses across the nation, Combined Insurance Company of America was founded in 1922 in Chicago, Illinois. The company offers personal accident insurance under its Accident Protector policy. You can easily request a quote on their website by selecting the type of coverage you need, providing your state of residence, and confirming that you are between the ages of 18 and 64 years old.

Combined offers four different types of coverage: individual, family, individual and children, and individual and spouse. If you're someone who likes to get a quote directly from a real person, you can also speak with one of their insurance agents directly through the company's national hotline. 

With the company's individual policy coverage, you can expect to receive a payment of up to $800 for a qualified hospital admission, $200 per day for hospital stays, up to $100 for an ER visit from an accident, and up to $100,000 for accidental loss of life. Based on an online quote received for an individual between the ages of 18 and 64 living in California, an estimated monthly premium for an individual policy costs $15.17 ($182 per year).

The policy is valid 24/7 and will provide coverage whether an accident occurs at work or during your free time. Benefits will be paid directly to you or your beneficiary, not to a medical facility, such as a hospital. The company also offers a combined accident and sickness plan with even more coverage options related to both illness and accidents.

American International Group, Inc.: Best for Price

American International Group, Inc.

 American International Group, Inc.

American International Group, Inc., also known as AIG, is our top pick for affordable options because, among the companies highlighted in this list, it offers the lowest monthly premiums.

Pros
  • Online quotes available

  • Different types of coverage and plans that fit your budget

  • No medical exam required

  • AM Best rating of A for financial strength

Cons
  • Coverage not available in all 50 states

  • Does not cover accidental death and dismemberment (AD&D)

Established in 1919, AIG is a global insurance company that provides services across the country and in over 80 countries and has an AM Best rating of A for financial strength. 

You can request a quote online on their website by simply filling out your date of birth and the state where you live, then select an individual plan or a family plan. AIG offers three different levels of coverage: basic, standard, and enhanced. The company's basic plan is the most affordable, with a monthly premium that starts at $5.18 for an individual. The standard starts at $14.54 per month, and the enhanced, which is the most comprehensive and expensive, starts at $20.57 per month. 

These prices are based on a quote received online and include additional non-insurance services, such as health resources through a web-based program, expert medical consultation, online medical records, and secure email. You can opt out of these features to reduce the cost of your monthly premium. It's worth noting that AIG's accident insurance does not cover accidental death and dismemberment (AD&D).

Some of the highlights of the company's basic individual plan for a covered claim include: 

  • $500 for emergency transportation, per day 
  • $500 for emergency treatment, per day
  • $250 for in-hospital stay, per day

If you decide to go with the enhanced plan, you will get the following benefits:

  • $1,000 for emergency transportation, per day 
  • $1,000 for emergency treatment, per day
  • $250 for in-hospital stay, per day

You can apply for a policy online or by calling the company's national hotline. You can cancel your policy at any time and if you cancel within 30 days of signing up a full refund will be issued.

Liberty Mutual Insurance Company: Best for Claims Support

Liberty Mutual Insurance

 Liberty Mutual Insurance

Liberty Mutual Insurance Company will assign you a dedicated representative when you file a claim to ensure you have a fast and smooth process. This individual contact will actively update you on the status of your claim at every step of the process.

Pros
  • Covers emergency dental procedures

  • No medical questions asked

  • Includes AD&D benefits

  • Provides a designated representative to help with the claims process

Cons
  • Coverage not available in all 50 states

With an A rating from AM Best, Liberty Mutual Insurance Company was established in 1912 and provides insurance services across the U.S. and throughout over 38 countries. The company offers three different types of accident coverage and plans: basic, plus, and premium, and these flexible plans can be adjusted based on your needs.  

To request a quote online, visit their website, select your state of residence, and enter your sex and date of birth, then answer a question about your current accident policy status (if any). Based on a quote received for an individual plan, customers can receive up to $7,500 for an accident—such as up to $500 for an eye injury or $5,000 for a burn—or up to $50,000 for AD&D, at a cost of only $9.94 per month, with the option to add extra emergency services for an additional cost. 

Rates and coverage will vary depending on the state you live in. You can apply for an insurance policy online or by speaking directly with one of the sales agents available through the company's national hotline. We like that they don't leave you waiting to find out about a claim and instead assign a representative to your case until the claim is completed.

The Guardian Life Insurance of America: Best for Customer Service

Guardian Life

 Guardian Life

We chose The Guardian Life Insurance of America for best customer service because of their website's live chat support, available from 9:00 a.m. to 9:00 p.m. ET. Within 11 seconds, a representative from the insurance provider is ready to help answer all your questions regarding plans, coverage, and more.

Pros
  • A++ Superior rating from AM Best

  • Live chat support

  • Insurance coverage can be purchased online without speaking to an agent

  • No waiting period and no deductible

Cons
  • Coverage not available in all 50 states

The Guardian Life Insurance of America was founded in 1860. Today, they serve more than 20 million people across the nation and offer support for customers online with live chat (with team members available within 11 seconds) or through the company's national phone line, raising the bar for customer service.

To request a quote online, select the state you live in, provide details about who you're seeking coverage for (yourself, a partner, children, etc.), and select your age range. 

The company offers two plan options. The Guardian Accident Protection Plus Silver comes at a monthly premium of $14.95, which offers $250 per day for hospital stays, $1,000 for emergency air transportation, and up to $25,000 for AD&D. The second option, Guardian Accident Protection Plus Gold, has a monthly premium of $20.98 and offers $300 for hospital stays, $1,400 for emergency air transportation, up to $50,000 for AD&D. Customers have the choice of buying a policy online, without having to speak to an agent, or purchasing a policy over the phone with a helpful representative.

Buddy Technology, Inc.: Best for On-Demand Coverage

Buddy Technology, Inc

 Buddy Technology, Inc

While most plans provide coverage on an annual basis, the accidental insurance provided by Buddy Technology, Inc., is unique. You can simply buy a personal insurance policy when you need it and for the precise period of time you need it for, whether that's a day, a week, a month, or a year. This feature makes Buddy Technology best for on-demand coverage in our review.

Pros
  • Policies are underwritten by StarNet Insurance Company, which has an AM Best rating of A+ for financial strength

  • Live chat support available

  • Instant online quotes available

  • Policies can be purchased within three minutes

Cons
  • Does not provide coverage for accidents that occur while at work

  • Coverage not available in all 50 states

In 2011 a group of friends who love outdoor activities came together to found Buddy Technology, Inc., a company that offers on-demand insurance, providing instant and global coverage with no deductibles. Based in Richmond, Virginia, the company's insurance policies are underwritten by StarNet Insurance Company, which has an A+ Superior AM Best rating.  

Customers are able to both request a quote and purchase a policy directly on Buddy's website by simply selecting the state you live in, providing information about who you're seeking coverage for, and selecting the length of the coverage and the dates you will need the coverage for. You can also share details about the activities you'll be participating in—such as climbing or free diving (this is optional and will not affect the price of your policy).

In a sample online quote we received, Buddy's policies range in price from $9.01 for coverage for one day, $18.72 for coverage for one week, $51.05 for coverage for one month, and $46.81 a month for one year.

Some of the policy highlights include payments of up to $500 for an ER visit, $75 per physical therapy visit for up to 10 visits, and $250 to $5,000 for ambulance transportation (ground and air, respectively). If you purchase a policy that provides coverage for 10 days or more and you are not satisfied, you can cancel within 10 days of signing up and get a full refund. The company offers customer service over the phone, via email, and over the website's live chat.

What Is Personal Accident Insurance?

Personal accident insurance is a supplemental type of coverage that you can buy on top of your existing health insurance. It offers financial support that gets paid directly to you in case you suffer an accident that is covered by your policy. Some accident insurance policies include Accidental Death and Dismemberment (AD&D) coverage or you can purchase this separately.

What Is Covered by Personal Accident Insurance?

Under an accident insurance policy, you are generally covered for any accident you may experience during your daily life activities, sometimes these include injuries suffered at work, but not in all cases. These policies provide a monetary benefit paid directly to you and can be used as you wish, i.e., to pay medical bills, rent, or child care—you are in charge of how to spend your money. Keep in mind that benefits will not be paid if you suffer an injury while under the influence of any drugs, as a result of self-harm, resulting from any sickness or disease not related to an accident, and other limitations. Make sure to read the fine print to see what is and is not covered by your insurance policy.   

Is Personal Accident Insurance Necessary?

Deciding whether to purchase personal accident insurance is completely an individual choice and depends on the other types of insurance coverage you may have. If you already have life and disability insurance, this policy could be redundant. However, if you only have health insurance, this could cover a gap in your insurance coverage and help you pay any high-cost deductibles. It is important to note that accident insurance does not offer enough coverage to be exempt from the Affordable Care Act

What Are the Expected Costs of Personal Accident Insurance?

The cost of personal accident insurance is relatively low compared to health insurance and other types of coverage. You may be able to find monthly premiums as low as $5.18 or as high as $51.05, depending on the company and type of coverage. These costs may vary based on your state, medical condition, type of coverage, and number of people covered by the policy.  

How We Chose the Best Personal Accident Insurance

We researched over 25 different companies that offer accident insurance policies and narrowed it down to the top five. To guide the selection process, the criteria these companies were held to include offering coverage in a minimum of 20 states or more, having at least an A rating for financial strength from AM Best, having the option for customers to seek online quotes on their website, providing a variety of plan options, and not requiring medical questions to be answered to purchase a policy. All of these are some of the important factors for people looking for personal accident insurance coverage.

Article Sources

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  1. Centers for Disease Control and Prevention. "Emergency Department Visits." Accessed on August 28, 2020.