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Help.. how long does your auto insurance premium stay up because of some traffic violations? |
Help.. how long does your auto insurance premium stay up because of some traffic violations? Most insurance companies keep accidents on your record for 3 years. I have seen cases where most drivers are disappointed when their accident goes off their record. They expect to see a huge drop in their premiums, only to find out that is not the case. Don't be afraid to call your insurance company after three years is up and ask if your rates will drop now that your driving record is clean. I posted an article that might be of help. Source(s): http://www.nationwidebillrelief.com/blog... depends on the state you live in: go here to see your state's links .. http://www.carinsurance.com/regulators.a... in general A point system is simply the assignment of "points" or values to each infraction. Then, the rating system of the insurance company evaluates the "points" instead of each infraction. For example, a company may use this type of system: Description Points 1st Occurrence Points 2nd Occurrence Points Each Additional Occurrence At-fault Accident 2 3 2 Driving Under the Influence 1 2 3 No Charge Violation 0 0 0 Major Violation 4 4 4 Minor Violation 2 1 1 Not-at-fault Accident 0 0 0 Speeding 3 2 2 Comment Followup: Because each insurance company has a different (complex) rating algorithm there is no set dollar amount or rating point comparison that can be given. If you want to find the specifics for your insurance company, their rates are filed with the state's department of insurance. You can request a copy of those rating factors and how they affect the companies' specific rates. It is very complex and not for the faint of heart. Typically, you can expect the company rating algorithm to try to put an insurance point value on each infraction (regardless of the state driving record point system). Based upon that point value a different rating factor is use to either raise or lower the rate. Again, it is different for every company. Some companies rating algorithms are much more complex and some are simple. One major violation can increase your rate by 26%. Then, most rating systems gradually lower the impact each year. Usually till it's off of your driving record, which most moving violations are for 3 years unless you do traffic school. |
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