That’s it, you have decided to take out insurance, or guarantee, of accidents of life to strengthen your health coverage and that of your family. Only, you do not know which one to choose, and of course you want the best! Selection criteria, price, subscription, termination… We help you to see more clearly. We will see that the best GAV insurance is not necessarily the cheapest because of the many conditions of application.
How to choose the best GAV insurance?
Several criteria must be taken into account when choosing the best life accident guarantee insurance (GAV). But before embarking on your research, we advise you first to make an inventory of the insurance contracts you already have. Indeed, some contracts may contain the same guarantees as those included in the IVG, such as:
- your long-term care insurance;
- options from your health insurance.
In addition, there is no “best” GAV insurance unanimously designated since the contract must be adapted to the needs of the insured. However, consider only contracts bearing the GAV label developed by the FFSA. This label allows you to be sure that the contract meets the minimum requirements in terms of guarantee and performance of services.
We advise you to give preference to indemnity contracts rather than lump sums. You may also hear about indemnity guarantees on “common law”, this is the indemnity contract. Indeed, compensation benefits are more advantageous for the insured because they are based on the damage suffered, and not on an amount predefined in advance by the insurer, as can do lump-sum benefits.
The lump sum system often compensates you less since it does not take into account all the damages (moral, aesthetic, practical, etc.).
Conditions for triggering guarantees
We advise you to exclude contracts for which triggering guarantees requires an action threshold greater than 10%. Now, many insurers set this intervention threshold at 5%, which is much more interesting. Contracts with high PPI rates are therefore of little use for common accidents.
With a low rate, you will be more compensated for milder disabilities, even if the insurance premium is a little more expensive.
Disability is measured by the rate of AIPP (Impairment of Physical and Mental Integrity), once your condition after the accident is consolidated (that is to say that the sequelae you have of the accident no longer move). It is also referred to as PPI (Permanent Partial Disability) rates. To give you an idea, the PPI rate of 5% corresponds to the loss of a finger, a rate of 30% to the amputation of an arm.
This is the maximum amount that can be paid when compensating for the life accident insurance guarantee. It is very often set at 1 million euros per victim, paid either as an annuity (as and when) or as a lump sum (in one go). Some insurers raise this ceiling to 2 million, so the insurance premium increases accordingly. Others have no caps, but it is much rarer.
Disclaimer of Warranties
Depending on the insurer, you may have more or less exclusions of coverage in your life accident insurance contract. Here are some examples:
- dangerous sports (mountaineering, skydiving, scuba diving, martial arts…);
- medical error;
- accidents resulting from biomedical experiments;
- Accidents resulting from active participation in betting, brawls…
Read carefully the exclusions of your contract before taking out a life accident insurance guarantee!
Be aware that GAV insurance never covers the following risks: road accidents, accidents at work and illnesses.
How to take out the best GAV insurance?
To take out an IVG contract, we invite you to compare offers in order to find the best insurance. Once the contract has been chosen, get in touch with the insurer:
- by telephone;
- in an agency;
- directly on our site via the comparator.
We also invite you to look at the GAV formula(s) offered by your home, auto, provident insurer … It can enhance your loyalty and make you benefit from an even more advantageous offer. Most insurers reward the fact that you take out several policies with them, but some do not give this gift. So check with your insurance company.
Also pay close attention to the definitions given in your contract: this will avoid any misunderstanding as to what the insurer means behind the term “accident” for example.
Finally, take the time to read the exclusions of guarantees, which must be stated very clearly in the contract, as well as the intervention threshold, an essential criterion for such coverage.
In addition to these criteria for evaluating the insurance premium, there are more traditional criteria, which are found in most insurance contracts, namely: the age of the insured, the formula chosen, the choice of optional coverage, etc. We remind you that it is up to you to judge the conditions and guarantees essential in your situation!
Insurers try to stand out on the intervention threshold they set, the age of subscription, their formulas, but also the assistance component. Axa, Generali, Gmf, Mma, Swisslife, Gan, Malakoff-Médéric… All offer very different life accident insurance contracts, hence the importance of comparing offers!
How do I change my GAV insurance?
Cancelling your GAV insurance contract because you no longer wish to be covered or to change insurer, is quite possible and has even been simplified in recent years. Thus, you can terminate your contract:
- on the expiry date, corresponding to the anniversary date of your contract. However, this date is not always the subscription date (for example, mutual societies set the anniversary date of their contracts to 1 March) for administrative management reasons. So check the deadline specified in your contract! To terminate your coverage, you must send your insurer a cancellation letter by registered mail or dematerialized means, 1 to 2 months before the expiry date.
The Chatel law requires insurers to notify you of the approaching deadline between 3 months and 15 days before the cancellation deadline. In principle, you will receive this notice by post. You will therefore be less likely to miss the boat and have to pay your insurance one more year!
- Outside the deadline: if your personal, professional or marital situation changes, you can terminate your contract without waiting for the expiry date. The reasons, defined by the Insurance Code, are: cessation of activity, retirement, moving… You have 3 months to declare the event to your insurer, the termination of the life accident insurance will generally take effect 1 month after receipt of your letter.
- Increasing your insurance premium without valid justification may be grounds for termination on your part. Here too, notify your insurer of your wish to terminate your contract by registered mail, preferably with acknowledgment of receipt. Attention, some insurers provide a minimum amount of increase below which this reason for termination is not valid, which will find this information in the general conditions;
- your insurer cancels one of your insurance contracts taken out with him: you can also cancel your GAV insurance.