A DUI in Georgia can be an expensive mistake, and one of the major costs can be DUI Insurance rates. Your Statesboro DUI Attorney, Matt Hube, understands these costs and knows that once you’ve been convicted of a DUI in Georgia or had your license suspended for a DUI in the State of Georgia, your insurance rates will skyrocket. Most types of insurance are affected by a guilty DUI conviction and you can even be denied Life Insurance coverage if you don’t already have a policy.
Insurance companies set their rates based on the amount of risk they have to take. This comes down to what they might have to pay out under the terms of all the policies they write. Essentially, they are placing a financial bet on paying out based on the specific terms of your policy. The insurance companies earn money by collecting premiums and investing that money. By law, they are forced to keep a certain portion of the premiums paid in separate accounts to pay claims. They call these accounts the reserves.
Insurance companies are threatened by three main factors. First, is large claims payouts that exceed the amount they have collected in premium from that particular claimant. Second, any losses based on the investments they make with the portion of premiums collected. Third, and most devastating, a large and unexpected amount of claims due to a natural disaster, major illness, or terrorist attack.
When the insurance companies look to determine risk on your policy, your lifestyle is examined. An immediate red flag for these insurance companies is risky behavior and a Georgia DUI is looked at as risky behavior. The statistics show that those who drive while under the influence are more likely to be involved in car accidents and more likely to die from accidental causes, which means the insurance companies may not be willing to take that risk, or would only do so with much larger premium rates.
Anyone that has been convicted of a DUI in Georgia is considered a higher risk for insurance companies, meaning higher premiums, or completely denied coverage. An arrest or charge alone is not enough for an insurance company to deny insurance, since an arrest is nothing more than an allegation, not proof of conviction. An insurance company can only refuse to insure you after a conviction.
If your license in Georgia has been suspended or you have a DUI in Georgia on your record, the insurance companies can place you in the high risk insurance pool. Your premiums will be higher and you may get denied. Don’t waste your hard earned money. Call Matt Hube, a Statesboro DUI attorney, today so he can fight to keep any incidents off your record. You can save thousands of dollars in premiums over the next few years with the right Statesboro DUI attorney defending you. Call Matt Hube now!