We have all seen the advertising where someone is so happy because they have had an accident and their insurance company did not raise their rates because they have had an accident.
This is a great coverage to have.
This coverage must be purchased as an endorsement to their auto policy or they may earn this coverage for being a long time customer. Let me explain.
Insurance companies do have fine print in these ads, they make it seem that this coverage comes with every policy. The reality is that this is an endorsement that needs to be an additional purchase. The cost varies from company to company.
When reviewing your coverage be sure to ask your agent or company is available.
Progressive Insurance Company offers minor accident forgiveness, at no additional cost, to customers who have been with them for 3 years. A minor accident is any loss less than $1000. Customers who have been with them for at least 5 years, receive large accident forgiveness at no additional cost.
This longevity reward is something that customers need to be aware of, and they will lose if they switch carriers. So be aware.