After being convicted of a felony DUI, having your license reinstated and getting back on the road is one of the first steps toward getting your life back on track. Unfortunately, many things can change with a felony conviction on your record, and one of those changes could be to your auto insurance. Because individuals with DUIs on their record are often considered riskier to insure, some auto insurance companies may raise your monthly premium prices or even refuse to insure you altogether.
Although everyone’s insurance company is different, there is a good chance that your auto insurance payments will increase after a DUI conviction. In Colorado, DUIs typically trigger a more significant cost increase than any other traffic violation, including an at-fault accident, racing, or reckless driving. DUI crashes tend to cost insurance companies a lot of money, which is why they take DUI charges so seriously. If you are looking for auto insurance after a DUI, the best way to find the most affordable company is to shop around and compare prices. If you need assistance with finding insurance or any other legal matter related to your felony DUI, call our law firm today at 719-294-0566.
What is an SR22 Form?
In many cases, after a felony DUI, individuals will have their licenses revoked for a specific period of time. After a license is reinstated, individuals must obtain a Proof of Insurance form, or SR22, from the Colorado Department of Revenue. This form requires the insurance carrier to report any lapse in the individual’s insurance to the Colorado Department of Revenue. The court will specify how long an individual must maintain an SR22.
Even those who did not have valid insurance at the time of their felony conviction or arrest are required to maintain SR22 coverage in Colorado. This form of coverage also alerts insurance companies to the fact that there is a DUI on an individual’s record, which can increase premiums.
What Are the Three Types of Insurance Companies?
Different insurance companies may charge you different rates, which is due to several factors. The main factor is how much risk an insurance company is willing to accept when they insure people.
Below are the three main types of insurance companies and how they differ:
Conservative Risk Companies
Conservative risk insurance companies only accept customers with a clean (or nearly clean) driving record. If a driver with a DUI attempted to be covered by a conservative insurance company, they would likely face extremely high premiums or even an outright denial. If a driver was insured by a conservative insurance company at the time of their DUI conviction, the insurance company will likely cancel their coverage.
Moderate Risk Companies
Moderate risk insurance companies will accept individuals with a history of traffic violations, but they will charge them a moderately high monthly premium. Most moderate insurance companies accept customers with clean records and those with some driving infractions. In most cases, a moderate risk insurance company will have the best rates for someone with a felony DUI conviction.
High Risk Companies
High risk insurance companies specialize in giving insurance policies to drivers with bad traffic records. They will insure almost anyone, but they will charge an extremely high monthly price. Generally, high risk insurance companies are cost-prohibitive, and individuals can save hundreds or even thousands by moving to a moderate risk insurance company instead.
Can a DUI Lawyer Help Me?
Getting auto insurance after a felony DUI can be difficult. Our professional DUI attorneys in Colorado Springs understands just how frustrating it can be to compare prices between auto insurance companies while trying to get your life back on track. If you need help getting insurance again after a felony DUI, Joyner Law is here to assist you. We can help you weigh your options and pick the right insurance for you.