The premium charged in personal injury insurance and the claim amount passed for particular it depends on several factors like age, gender, pre-existing health conditions, addictive habits, deferred period and other features of the policy. Out of all age is one of the demonstrable factors that affects the injury claim.
Let us find out how age of the insured person can affect personal injury claims:
It may feel like unfortunate fact, but yes the age of insured affects the amount of damages awarded in personal accident case. The logic explained by most of the insurance company is that when a person who is young suffers from severe injury is subjected to many more years of suffering, pain and mental grief than an older victim. The younger person will be subjected to great financial loss due to injury as he has more number of years ahead to build wealth. In this way, age becomes major criteria to be considered by insurance companies while awarding compensation of an injury claim.
When the insured person is young with shattering injuries will experience loss for a long period of time. The post injury treatment of young insured person would last longer than the person who is 5o years old. This is again with the reason that young person has to leave more life than older person. A young person may face unexpected health problems due to severe injury.
Age and gender together affect the accident injury claim For example, when a young girl gets scars on her cheek is more severe than the young man with the scars. Any disfigurement of young girl may invite social problems like marriage and dating. She has to live with that scar life long time which might feel self-conscious about her disfigurement. Her injury may affect her family when it comes to engaging that girl in other social affairs.
Likewise, there are several reasons to consider age as one of the important factors in personal injury claim. The injured victims with an injury claim under the age of 10, typically have excellent settlement results. When the insured person is in their teen or up to late 50’s get a fair amount of compensation with the reason that they are considered to be the height of their physical stamina. The insured person in late 60’s usually got fair to excellent compensation due to sympathy. However, these may vary depending the rules of the insurance company.
A senior insurance plan is really a daunting task to carry out. I must say you have included some great points in your content.
While age has nothing to so with it. It’s online the insurance company rules that affect this. many of us are unaware that you can take insurance after the age of 70.