The Life Accident Guarantee, also called “GAV” is a provident insurance contract which guarantees material and financial support in the event of an accident of everyday life (domestic accidents, DIY accidents, gardening and sports accidents. or leisure activities…).
A person who injures himself on his own (fall on a staircase or in the street, injury with a DIY or gardening tool, etc.), in the absence of a responsible third party, cannot be compensated for the damage suffered. Social security and a possible complementary health insurance cover medical costs. But the other damages are his responsibility.
GAV contracts allow the victim of guaranteed bodily accidents to be compensated even if they are responsible for the accident, by injuring themselves on their own. Most GAV contracts can be taken out between 18 and 65 years old.
Insurance that comes into play in many cases
“Life Accident Guarantee” (GAV) contracts cover bodily injury from accidents suffered in everyday life. The risks covered are:
domestic accidents (gardening, DIY, burns, falls, etc.),
sports or leisure activities accidents (except activities excluded and mentioned in the contract),
natural or technological disasters,
accidents due to attacks or attacks.
Traffic accidents and accidents at work are not covered by GAV as they are subject to specific compensation schemes.
There are individual contracts, which cover the insured only, or family (which cover the couple and the children). In the latter contracts, children are also covered for accidents in school life, at school or outside and for the damage they may cause or of which they may be a victim without an identified third party.
A very broad compensation
In the event of death following a life-threatening accident, the moral and economic losses of the beneficiaries of the GAV contract are taken into account. The insurance covers, in particular, the costs of funerals, loss of affection and loss of income of relatives.
Disability is compensated when the victim of the accident suffers a permanent disability equal to at least 30%. Some contracts may compensate beyond this minimum rate provided for in the basic contract. Compensation can be paid as soon as the partial and permanent incapacity is equal to 10% or even 5%. Compensation covers compensation for the damage suffered, the consequences on the professional, personal, material and family life of the victim. This compensation may give rise to the payment of an annuity which will be proportional to the level of disability recognized after the accident.
In the event of medical expenses, compensation will be in addition to reimbursements paid by Social Security and possibly the complementary mutual. Indeed, these organizations cover health costs, but not other damages, such as the need to rearrange a vehicle or housing in the event of a disability, the decrease in your income or even cosmetic damage.
The GAV also often intervenes in the event of a need for a home help, childcare or home schooling.
Guarantees that may vary from one contract to another
Each insurer can extend the coverage of the base contract by adding certain additional guarantees, for example by offering compensation for bodily injury resulting in disability of less than 30% (minimum rate provided for in the base contract). Today, six out of ten contracts provide for a low intervention threshold of 5% for partial and permanent disability (PPI). Hence the advantage of studying the contracts well before subscribing.
A significant cost
The cost of this insurance varies depending on the number of people covered (individual or family) and the scope of the guarantees included in each contract. The average annual price is, depending on the guarantees offered, between 150 and 200 € (on average 163 € in 2015). In detail, the average price of a contract for a single person is € 126 per year (between € 10 and € 20 per month) and € 204 per year for a family contract that covers a couple with two children (between 20 at 35 € per month).
The GAV in figures
At the end of 2017, 5.2 million GAV-labeled contracts were in progress, covering 10.5 million people (a 5% increase over one year in the number of contracts and people covered). The total amount of GAV contributions, all insurers combined, amounts to more than 870 million euros(source FFA).