It’s that moment every driver dreads — causing an accident that results in injuries or property damage. Besides the medical bills, repair costs and the hassle of not having a car for a while, there’s also the concern about what happens to your insurance after an accident. Even a small fender-bender could cause your auto insurance premiums to skyrocket — unless you have accident forgiveness on your policy.
Accident forgiveness is an optional coverage offered by many auto insurance carriers that can alleviate some of the financial “sting” after a wreck. As the term implies, the insurance company will not raise your rate after your first at-fault accident. Insurance companies offer accident forgiveness as an incentive to attract new customers and to keep existing policyholders in the fold.
The requirements to get accident forgiveness will vary widely from one insurance carrier to another. Some will offer it immediately when you sign up as a policyholder. Others may mandate an accident-free waiting period, typically three or five years before you’re eligible.
They may also stipulate that all drivers on the policy must have no moving violations —speeding, running a stop sign, careless driving, etc. If you’ve had a ticket or two, it can benefit you to drive safely to ensure the timely removal of points from your driving record. In Missouri, you will experience a points reduction for every year you remain violation-free.
Additionally, some insurers may offer to restore accident forgiveness after you use it, provided there are no additional at-fault accidents within a specified time frame. In one scenario, if you get accident forgiveness after five years and you have your first accident in year six, you may be able to get it back if you go an additional three years without another at-fault accident.
Insurers typically offer accident forgiveness as an optional coverage for an additional cost, which means you’ll have to decide if it’s worth it for you. Some statistics from an October 2018 Carinsurance.com article can provide some guidance.
According to the article, the average rate increase after the first at-fault accident in Missouri is 22 percent, or about $288. You’ll need to weigh this and other factors such as the likelihood of a driver in your household having an accident against the proposed cost of the coverage. Also, explore any other driving-related discounts the carrier may offer.
If you live in or near Missouri cities such as Union, St. Clair or Washington, you can trust the experienced, caring professionals at David Pope Insurance Services, LLC for all your car accident insurance needs. We’ll provide additional details regarding accident forgiveness to help you make an informed buying decision. We’ll also assist you in creating a tailored auto insurance plan that addresses your needs and fits your budget. Contact us for more information and a no-obligation quote today.