Accident Forgiveness Endorsement - What is it and why is it important?

Accident Forgiveness Endorsement - What is it and why is it important?

April 01, 2023

Accident Forgiveness Endorsement

What is it and why is it important?

 

Accidents are a common occurrence on the roads of Massachusetts. Whether it's due to heavy traffic or hazardous weather conditions, accidents can happen to anyone, regardless of how careful they are. In such situations, having auto insurance coverage is essential to protect yourself from the financial losses that can result from an accident. However, even with the best insurance coverage, accidents can result in an increase in your insurance rates. This is where an Accident Forgiveness endorsement can be beneficial.

Accident Forgiveness is an endorsement for your Massachusetts Auto Policy that can help prevent your insurance rates from increasing after an accident. This endorsement is offered by most insurance companies in Massachusetts. The way it works is simple. If you are involved in an accident that is your fault, your license will receive points which leads to higher premiums. A minor accident is 3 points if $1,001 to $5,000 is paid out.  A major accident is 4 points if over $5,000 is paid out.  Keep in mind that aside from vehicles repairs, medical bills and rental car bills are included when adding up the total payout – and that includes payments to you or the other party. If you have an Accident Forgiveness endorsement, your auto rates will not increase due to the accident.

The cost and availability of the Accident Forgiveness varies depending on the insurance company. However, the additional cost of this coverage is generally far lower than the amount you would pay for increased insurance rates after an accident. The Accident Forgiveness endorsement is a valuable coverage option that can provide peace of mind and financial protection to drivers in the Commonwealth.

In addition to the Accident Forgiveness endorsement, there are other ways to keep your insurance rates low after an accident. One way is to take advantage of safe driver discounts. Many insurance companies offer discounts to drivers who have a clean driving record and have completed a safe driver course. Another way is to opt for a higher deductible. By increasing your deductible, you can lower your insurance rates, but keep in mind that you'll be responsible for paying a higher amount out-of-pocket if you're involved in an accident.

The Accident Forgiveness endorsement is an essential coverage option for drivers. This endorsement can help prevent your insurance rates from increasing after an accident, providing you with financial protection and peace of mind. If you are interested in learning more about the Accident Forgiveness endorsement, please contact us. We can help you understand the coverage options available to you and help you choose the best coverage for your needs.

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