Accident insurance is the most sought-after insurance on the Czech market today after compulsory liability. It also necessarily includes ensuring the permanent consequences of an accident. These are offered by insurance companies with progressive payment, which the representative of the insurance company most often informs us in the form of the achievable maximum payment, which according to their information is up to 500, 600, 700 and sometimes even more percent of the basic sum insured for the insurance of permanent consequences of accidents.
Understandably, more savvy clients will immediately think that such a level of compensation is only in the absolute most severe physical damage that a person can still survive as a result of an accident, but often such a consideration does not even occur to the client and, under the vision of several hundred percent compensation communicated, he will happily conclude the contract.
However, the client, or even the advisor, does not know how the progressive insurance fulfillment of permanent consequences actually behaves, and not only with maximum fulfillment.
At the very beginning, I can say that you will hardly find two insurance companies that have progressive payment set up exactly the same. The payment for the same extent of permanent consequences of the accident will therefore also be different. I deliberately state the range, because as different insurance companies differ in the setting of progressive fulfillment, the qualification of diagnoses in the percentage of permanent consequences differs.
You can insure permanent consequences with many insurance companies. The final number will be somewhere around fifteen. It is not only difficult to compare so many products at once, but also impossible for the sake of clarity, as a large amount of data distorts each other.
From the above graph, it is clear at first glance that the performance of the Pro Sichr product lags significantly behind the other products, and the same will be the case in the other compared bands. After all, with a range of 50% permanent consequences, the difference from the best performance is over minus 60,000 CZK. Sichru is CZK 32,000 short of the closest competitor here, and they are visibly playing in a different league in Wüstenrot. Unfortunately, compared to others, it cannot be said that it is better.
Even the Bella Vista product is embarrassing at first. As if she didn’t even notice that the other products had already switched to a higher speed and after 25% they started racing at a different pace. It is also unpleasant from the point of view of the frequency of permanent consequences. Those with a smaller range are always more than those with a higher range, and owners who bought the product and at the same time had an accident with permanent consequences in the range of 25-30% no longer call the product Generali Bella. I wouldn’t be surprised if after this experience, if their health allows, they start looking for another “car” that they can rely on in the future. Even the acceleration that Bella Vista shows from 30% won’t convince them, and soon it will be able to not only catch up, but even overtake its competitors. One negative experience is enough to make a person lose confidence.
On the contrary, whoever bet on a horse from the Uniqy stable must feel at this stage that, compared to others, there is no better horse above RŽP. Over time, he realizes that the horse lacks a little stamina. It can accelerate several more times, and that is the reason why it ranks among the absolute top among the permanent consequences of an injury.
Rytmus Risk has a high standard. He goes in a straight line at a high pace and if he ever lags behind someone, it is only for a short time and he always persistently fights for a place at the very top.
In the second created band, the products of insurance companies continue their progressive start from the previous band of ranges of the permanent consequences of an accident. There is almost nothing to add to what the chart shows.
The band with the heaviest consequences is used most strongly by insurance companies for their marketing. Facts from the zone of the most severe consequences are and will be the most commented on in promotional materials and in the speeches of agents. What was valid for 90-99% of the range becomes immaterial, so that the data of the last percent of the range changes the view of the entire progressive fulfillment. How?
E.g. for Active Life, the payment is 2.5 times higher at 60% of the range, i.e. 150% of the basic sum insured, but at 90% of the range of permanent consequences, the insurance company already pays 601% and at 100% of the consequences, 700% of the basic sum insured. If we did not know the progress in the previous bands, we could get the feeling that Active Life has the best progressive performance, because no other product achieves such a high progression. To his credit, the fact that the mentioned acceleration already reaches 76%.
Conclusion
In conclusion, I will add a few more facts:
Products of insurance companies, which normally belong to their portfolio, are selected for the survey.
Insurance companies also have other products, where the fulfillment in progressive fulfillment can look completely different.
The above comparison only applies to the progression of permanent effects. The range of diagnoses of permanent consequences, exclusions from performance, product prices, or compensation for the period of injury treatment is being prepared.
The graphs are created for the insured amount of CZK 100,000. In practice, the vast majority of contracts are concluded for higher amounts. Therefore, the performance will be proportional to the actual amounts as well as the differences between the individual products.
