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<\/a>How Much Does An Accident Raise My Auto Insurance Rates?<\/h2>\nAn auto insurance accident surcharge is a factor, not a flat dollar amount. Each insurance company decides how much and how long to surcharge. So, the cost varies by company and by client. We’ve seen increases from $100 to $600. The average is about $225 per year for 3 to 5 years.<\/p>\n
Do I Lose Accident Forgiveness if I Switch Insurance Companies?<\/h2>\n
Yes, but you might be able to buy it back. Our South Portland Maine insurance agency represents 9 major auto insurance companies. Of those:<\/p>\n
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- TWO<\/strong> allow you to “earn” Accident Forgiveness by not having claims. They don’t charge more for that benefit, but it takes 3 – 5 years to qualify.<\/li>\n
- FOUR<\/strong> sell optional Accident Forgiveness to new customers. That waives your first accident even if you’ve only been insured by that company a short time.<\/li>\n
- THREE <\/strong>don’t even offer Accident Forgiveness; they raise your rates after an at-fault accident.<\/li>\n<\/ul>\n
How Much Does Accident Forgiveness Cost?<\/h2>\n
Of the four insurers we represent that sell Accident Forgiveness, only one sells it a la carte. The other 3 include it in a bundle of optional coverage. Either way, it costs between $80 and $120 per year to add Accident Forgiveness to a multi-vehicle policy. That’s about half of the $225 average rate hike after an accident.<\/p>\n
The Secret That Makes Accident Forgiveness So Valuable<\/h2>\n
Many people don’t know this: most Maine auto insurance companies surcharge for not-at-fault accidents<\/a> in addition to at-fault ones. This is a recent development, and it baffles people.<\/p>\n
Why does the insurance company raise your rates when it wasn’t your fault? Insurers have convinced the Maine Bureau of Insurance that folks who’ve had any<\/strong> accidents – even not at fault – are more likely to have another. We can’t defend the data, and we don’t make the rules. But we can advise you how to play the game.<\/p>\n
\n - FOUR<\/strong> sell optional Accident Forgiveness to new customers. That waives your first accident even if you’ve only been insured by that company a short time.<\/li>\n