Accident Insurance Claims: Key Tips and Processing Time
Learn about accident insurance claims, processing time, and what to watch for to ensure a smooth payout process.
Those aged 20 to 40 are in the prime of their lives, from fresh graduates in their 20s just entering the workforce; to those in their 30s taking on more responsibilities at work, starting families; to those nearing their career peak at 40, with possibly greater family responsibilities. Regardless of the stage, a critical illness insurance policy can build a protective net for yourself and your family. Even if you unfortunately face a serious illness, you won’t have to worry about financial issues and can focus on treatment and rehabilitation.
During this prime period, financial burdens gradually increase. Heavy living expenses, parents’ household needs, student loan repayments, housing rents, or mortgage loans can leave everyone breathless. Even with frugal living, protection cannot be skimped on. Term critical illness insurance products, which have no savings component and relatively low premiums, are ideal for those in their prime working years. This time, the Bowtie team will compare the premiums for term critical illness insurance offered by Bowtie and two other insurance companies for individuals aged 20/30/40, for reference!
Why Do You Need Accident Insurance?
An accident refers to an event or incident that occurs under unforeseen circumstances, typically defined as a sudden, unplanned, unpredictable event that does not follow normal patterns . In the insurance industry, an accident usually means personal injury or property loss caused by a sudden event or incident . We cannot completely avoid accidents, and when they happen, they may result in physical injuries, ranging from sprains or fractures to the need for hospitalization or surgery.
Therefore, purchasing Accident Insurance can help transfer accident risks, providing you with certain protection and peace of mind.
Accident Insurance Compensation Methods
Accident insurance typically falls into two categories: “Accident Death and Dismemberment Compensation” and “Accident Medical Compensation” .
1. “Accident Death and Dismemberment Compensation”: This covers the insured in the event of permanent disability or death due to an accident, with the insurance company providing a lump-sum payment to support the insured’s livelihood if their ability to work is affected.
2. “Accident Medical Compensation” reimburses actual medical expenses incurred due to an accident on a reimbursement basis, including outpatient services (such as registered Western medicine, physiotherapy, chiropractic, or bone-setting), as well as inpatient and surgical coverage. Touch Wood Protector In addition to outpatient and inpatient coverage, it also includes coverage for MRI, CT, PET Scan, and psychiatric treatment*.
What Documents Are Needed for Claiming Accident Insurance?
- *If you need to make a Claim , you generally need to submit the following documents to the insurance company:Hospital claim application form (to be completed by the attending physician)Original hospital / clinic receiptsIf you have any of the following documents, you may also provide them to the insurance company to help with the case review:Surgery / pathology reportComputer scan / diagnostic test-related reportReferral letter from the attending physicianMedical certificateCompensation details from other insurance companiesIf you need to claim from more than one insurance company, in addition to the above documents, you must submit the compensation details and original medical receipts (or verified copies) issued by the first insurance company to the second insurance company for review.
Accident Insurance Claims Procedure
Generally speaking, the claims procedure for accident insurance from traditional insurance companies and online insurance companies like Bowtie Accident Insurance may differ:
| Traditional Insurance Companies | Bowtie | |
| Is there an online platform? | Not necessarily | Yes |
| Ways to submit claim documents | Via mail, broker, or in-person visit to the insurance company | Customers can view policy details and upload required claim documents anytime, anywhere |
How Long Does It Take to Claim Accident Insurance?
The processing time for claims can vary depending on the insurance company’s approach and the complexity of the case.
For example, with Bowtie, claims are generally reviewed in 7 to 10 working days* . Once the claim application is approved, Bowtie typically transfers the compensation amount to the designated bank account within 3 working days* .
- *Time depends on the complexity of the accident and whether all documents are provided on time
Key Considerations for Claiming Accident Insurance
1. Is it true that medical receipts should have words like “accident” or “injury” to successfully claim?
Having words like “accident” or “injury” on medical receipts can indeed increase the chances of successfully claiming accident insurance. These words provide evidence that you underwent medical procedures due to an accident or injury. If the receipt only indicates the cause as an illness, the insurance company might not be able to confirm if it involves an accident, potentially requiring further inquiries with the relevant doctor, which could delay the claim process.
However, policies may differ between insurance companies, so it’s recommended to carefully read your policy terms before claiming to understand the specific requirements and conditions. Additionally, contact your insurance company for precise advice.
2. Do some checks or treatments require a doctor’s referral letter to claim?
Yes, some checks or treatments require a doctor’s referral letter for claims to be approved. Generally, the coverage schedule will clearly outline these requirements. For example, with Bowtie Touch Wood Protector , items like X-ray diagnostics and ultrasound scans need a written recommendation from a registered doctor for claims.
