A car accident in which a driver is found responsible for the damages is called an at-fault accident. This can significantly impact your insurance premiums and coverage as many companies will increase premiums or even deny coverage for drivers involved in an at-fault accident.
As a licensed insurance agent, I know that being in an accident is a stressful event, and oftentimes, financially worrisome. In the event of drivers being involved in at-fault accidents, insurance companies will increase their premiums and, in some cases, deny or exclude coverage.
It’s important to know what options are available to drivers involved in at-fault accidents and in this article, we will discuss factors to consider when purchasing insurance, rank the best insurance options, and provide tips for choosing your insurance.
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Factors To Consider When Selecting Insurance After An At-Fault Accident
Selecting insurance is always an important and complex decision, and as an insurance agent, I know this is especially true for those involved in an at-fault accident. To help you find the best coverage at the best price, I have compiled a list of factors you should consider when selecting insurance.
When selecting insurance after an at-fault accident, it is important to consider the following factors:
Financial Stability: It is essential to choose an insurance company that is financially stable, as this will ensure that they are able to pay out claims when necessary. You can check the financial stability of an insurance company by looking at ratings from independent agencies such as A.M. Best, Standard & Poor’s, and Moody’s.
Customer Satisfaction: It is also important to choose an insurance company that has a good track record of customer satisfaction. Look for companies that have high ratings from customer review sites and industry organizations, as well as a history of handling claims fairly and efficiently.
Discounts And Surcharges: Many insurance companies will offer discounts or surcharges based on a variety of factors, including your driving history, age, and the type of vehicle you drive. It is important to consider these discounts and surcharges when comparing policies to ensure that you are getting the best value for your money.
Coverage Options And Exclusions: It is important to carefully review the coverage options and exclusions of each insurance policy to ensure that you are getting the protection you need. Look for policies that offer a wide range of coverage options and have few exclusions, as this will help to protect you in the event of an accident.
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The Best Insurance Companies After An At-Fault Accident
If you have been in an accident that was “at fault” then you may have experienced a rate increase for your auto rates. If that’s the case, then it may be time to shop around! Here are companies that do well with high-risk drivers and have affordable rates.
| Company | Cost | Coverage | Qualifications | Additional Benefits |
|---|---|---|---|---|
| Progressive | No additional cost for two options | Forgives 1 accident per policy period | 5 years accident-free for large option | Auto insurance discounts |
| Geico | Supplemental option | Forgives 1 accident every 3-5 years | Good driving record | Good driver discount stays after forgiven accident |
| Nationwide | Additional price | Forgives accidents | N/A | 10% discount for 5 years accident-free |
Progressive
Progressive Auto Insurance offers 3 types of accident forgiveness, two of which come at no additional cost. They offer small, large, and progressive accident forgiveness.
For small accident forgiveness, your premium will not be raised for claims up to $500, and is automatically applied for most of their customers. For their large accident forgiveness policy, the company will not raise your premium at all–not even for a large accident–if you’ve been insured with them for 5 years, and accident free for 3.
Progressive accident forgiveness can be purchased anytime you update or renew your policy, and it forgives one accident per policy period that is not covered by the two previous policies. They also offer several auto insurance discounts.
Geico
Geico offers accident forgiveness policies to all drivers who are accident free for five years, and it can also be purchased as a supplemental option.
When purchasing accident forgiveness as a policy add-on, the driver must meet certain driving record requirements, which vary by state, and may not be available to those under 21. Geico will forgive one accident every 3-5 years depending on your state, no accident surcharge will be added after a forgiven accident, and your premium will not go up with a forgiven accident.
Geico allows customers with a good drivers discount to keep their discount after a forgiven accident.
Nationwide
Nationwide offers accident forgiveness policies at an additional price. Unlike Progressive and Geico, it is not automatically offered.
Nationwide adds an additional discount to their accident insurance policy that gives you an additional 10% discount if you remain accident free for five years. Their average annual insurance cost for drivers who cause injury is higher than some, but is generally pretty middle of the road when it comes to other expenses.
When ranking the best insurance companies after an at-fault accident, we considered a variety of factors, including financial stability, customer satisfaction, coverage options, and pricing.
Tips For Finding The Best Insurance After An At-Fault Accident
As an insurance agent, I know that finding insurance after being in an at-fault accident can be difficult. Here are some tips to help you find the best insurance:
- Shop Around: Don’t be afraid to shop around and compare quotes from multiple insurance companies. This will help you to find the best coverage and pricing for your needs.
- Negotiate Premiums: If you have a good driving record and other favorable factors, you may be able to negotiate your premiums with an insurance company. Don’t be afraid to ask for discounts or negotiate a lower rate, as this can help to lower your overall costs.
- Work With An Independent Insurance Agent: An independent insurance agent can help you to shop around and compare quotes from multiple insurance companies. They can also offer advice and guidance on selecting the best policy for your needs.
- Consider Alternative Insurance Options: If you are having difficulty finding coverage through traditional channels, consider alternative insurance options, such as non-standard or high-risk insurance. These types of policies may have higher premiums, but they can provide a viable coverage option for drivers who have been involved in at-fault accidents and are having trouble finding coverage.
Conclusion
As an insurance agent, I know that being in an at-fault accident can significantly impact your premiums and coverage. It is important to conduct careful and thorough research to make sure that you find an insurance policy that is affordable and suits your needs.
