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After an accident on the road, you might expect your auto insurance premium to rise significantly. This increase stays on your record and, depending on the severity, can continue to affect your rates for up to five years. Some insurers allow you to keep that clean slate even after an accident, however. Accident forgiveness is a coverage feature that protects you from rate increases if you get in an accident. Learn more about how this might help you protect your budget from additional financial stress after an accident.
Accident forgiveness coverage is an optional add-on policy many car insurance companies offer that prevents the policyholder’s premium from being increased following their first at-fault accident. It’s not available in every state and is usually offered to drivers who have had a clean driving record for a certain amount of time.
Some insurance companies, such as Allstate, Liberty, and Nationwide, allow you to obtain the additional protection by purchasing the coverage as an add-on to existing plans. Other companies grant it as a reward for being a loyal long-term customer. Progressive, for example, offers accident forgiveness as a loyalty reward to customers who have been accident-free with the company for at least five consecutive years.
Like with most things when insurance is involved, the value of accident forgiveness coverage will most likely depend on your individual situation.
Accident forgiveness can certainly be a wise add-on for some drivers. If you have had some accidents on your record in the past and you feel like chances are you might potentially have an accident in the future, it might be a good idea to add this coverage if you are eligible. Having to deal with an increased premium from a past accident can be draining enough without worrying about history repeating itself.
Your premium after an accident can often increase by as much as 50%, and the record of the accident can stay on your record for anywhere from three to five years. Accident forgiveness, if purchased, usually amounts to under 5% extra on your insurance payments. Some drivers decide that the slight premium increase is worth the cost if it ultimately saves them from a huge hike.
If you are interested in accident forgiveness coverage, check in with your insurance company to see if they offer it, and if so, how to acquire it. Even when your carrier does not offer the coverage, chances are there are several other companies in your area able to offer the coverage at a decent price.
Finding the best insurance for you means knowing your options. You can now avoid the repetitive process of providing your insurance details individually with each insurance company to get a quote. With Experian, you can provide your information just once and get online quotes from over 40 insurance companies, all in one place.
For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your options with confidence and ease.
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