Q: How will a DUI affect my insurance rates?
A DUI conviction can significantly impact your insurance rates as insurers view such offenses as indicators of high-risk behavior. According to the information on themeehanlawfirm.com, insurance companies may increase your premiums upon learning of a DUI due to the increased likelihood of claims. A DUI is often classified as a “major violation,” which results in the insurance company reassessing your risk and potentially categorizing you as a higher-rate client. Additionally, many insurance providers may also require an SR-22 form, which serves as proof of high-risk insurance coverage, often leading to even higher rates.
Moreover, waiting periods for insurance rate increases vary by state and insurer. Some insurers may impose a surcharge for a DUI conviction for several years following the offense. This means that even if you complete a DUI program or your license is reinstated, your insurance rates could still be elevated due to the prior conviction.
Ultimately, policyholders will typically experience higher rates for a minimum of three to five years after a DUI. Therefore, it’s crucial to shop around for insurance providers and compare rates, as different companies have varying policies regarding how they assess DUI offenses. This strategy may help mitigate the financial impact of a DUI on your insurance.