Most people know that a clean driving record is the key to lower car insurance premiums. An accident in which you are at fault can raise your premiums by as much as 40 percent. Typically these rates will go down over time; you can rebuild your reputation as a low-risk driver by maintaining a clean record. But the aftermath of an accident can be a pinched pocketbook unless you have accident forgiveness as part of your policy.
Many car insurance companies in Ontario offer accident forgiveness, a coverage option that is essentially a free pass for the first time you are the guilty party in a collision. If you cause an accident, your rates wont go up. But the details vary. Some Ontario providers offer the provision immediately after an accident, while others require you to maintain a clean driving record for as long as five years. You will have to pay for the discount; one company charges 8-15 percent more for the accident forgiveness clause. The more you pay, the more quickly the accident is wiped from your insurance risk factor.
Is accident forgiveness a coverage option worth buying? It depends. If youre a driver with a squeaky-clean record for avoiding violations against other vehicles, paying extra to avoid a potentially higher rate in the future might not be a good investment. One critic of the provision points out that accident forgiveness is essentially the car insurance industrys way of asking you to be your own risk assessor; since you are already paying for coverage, why stack the odds against yourself by providing an out in the event of a fault? On the other hand, few of even the most careful Ontario drivers would acknowledge never making a bad judgment call on the road.
Auto insurance rates are essentially a risk calculation: Better drivers get better rates. Ideally, everyone behind the wheel in Ontario would err on the side of caution. But most of us know our driving habits well enough to like the idea of a canceled debt if we happen to cause a car accident. If you wish to have the peace of mind that comes with a safety net, you might want to ask your insurance company in Ontario about accident forgiveness.
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