Don't Drink and Drive!
August 30, 2020
Which statement is true in the State of California?
A. A DUI's effect on Auto Insurance premium could be as high as a 250% increase.
B. Over 1.5 million drivers were arrested for driving under the influence of alcohol or narcotics last year.
C. A DUI remains on your Driving Record for 10 years from date of arrest and on your Criminal Record permanently.
Well, the bad news is ALL 3 ARE CORRECT. Frankly, there is no GOOD NEWS when it comes to a DUI. Along with the impact on your driving record, the emotional cost and the physical cost of a DUI or DWI, driving under the influence could wind up costing as much as $20,000 additionally in legal fees and fines according to the Insurance publication, CoverHound. Auto insurance premiums are calculated based on what insurers calculate individual risk to be, and a DUI is among the costliest factors that could determine individual risk.
Nationally, the first year after getting a DUI, car insurance premium can go up as high as 94.13%. After the second and third year, granted no additional moving violations, premiums could lower slightly. On the third year after a DUI, the average premium comes in at a 63.75% increase. California is among the states with the highest premium rate increases at more than double the national figure at186%.
We all know someone whom this hazard has affected. Driving under the influence is undoubtedly one of the most dangerous decisions a person could make, threatening the wellbeing of not only the driver, but every other driver and passenger on the road.
The bottom line, DON’T DRIVE UNDER THE INFLUENCE, AT ALL, EVER.
Our companies implement reviews of their clients’ limits for homeowners coverage annually. These limits are based on estimates of the replacement costs within neighborhoods. The outcome of the calculations may lead to adjustments of the policy limits. The estimates are usually related to each area’s general factors and are provided by various appraisal agencies.
This is only one part of the entire systematic process. We also suggest that you get an agent to check your insurance for you at least annually. This will allow you to choose carefully the proper coverages you will need. Nobody wants to pay a higher premium than is necessary. However, the costs of construction continue to rise significantly each year. As a homeowner, it is important for you to ensure that possible future losses are satisfactorily covered by your insurance policy.
This is true, especially, if you have made new improvements to your house but have not yet included these within your coverage. And even if improvements have not been made, we still suggest that you review your insurance coverage in order to make sure that it is enough to cover the costs you have to incur when rebuilding your home. Also, remember that rebuilding costs can be different in different areas and neighborhoods.
Things to Consider
It’s always best to review your coverage and ensure that your assets and your family’s future are protected. The following is a list of some of the things you should consider as you review your policy with your agent.
- When did you last evaluate the cost to rebuild your home? Has it been a year or more? Then, you seriously need to talk to an agent with regards to your coverage.
- Does your policy include extended replacement coverage? Our companies offer up to 150% of the dwelling limits on your policy. When a disaster happens and you lack extended coverage, your insurance policy might not be adequate to cover the costs you incur for rebuilding your home or restoring its contents.
- Did you make improvements to your house? Are these improvements already covered? If not, you should make sure the improvements have adequate coverage for replacement when necessary.
- Make sure you get an appraisal from a licensed professional. This will help you make an informed decision as to the right amount of coverage necessary in case something happens. Remind the appraiser to calculate the cost to rebuild using the same quality features at today’s costs.
- Make sure you have a record of your house, its contents, and its unique features. It is best to keep photos and even videos of your house and its contents. This will make the claim process go faster.
- Make sure you have read your coverage documents and your entire policy carefully. You can talk to your agent if you have any questions.
In Conclusion
You, as the homeowner, know more about your house than anybody else. That’s why you have to decide what’s best for you, your property, and your family. As agents, we are happy to help with whatever you need especially when it comes to evaluating your policy, its coverages, and its limits.
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