Getting behind the wheel after consuming alcohol can lead to serious consequences. In New York, a conviction for driving while intoxicated is a serious offense that carries not only legal penalties but also financial repercussions.
While the financial repercussions of a DWI conviction are considerable, some of them are also long-term, and one such financial repercussion is an increase in your automotive insurance premiums.
Why insurance rates go up after a DWI
Auto insurance companies assess risk when determining premiums. A DWI conviction signifies risky behavior on the road, making you a higher risk to insure. Insurance providers are more likely to increase your rates because they anticipate a greater likelihood of you having an accident. In New York, a DWI conviction also typically means you have to file an SR-22 form with the Department of Motor Vehicles. SR-22 filings come at an additional cost, and your insurer passes the cost along to you, the policyholder.
How much of an increase to expect
The exact amount your insurance is going to increase depends on certain variables, such as whether you were a first-time offender. However, Insure.com reports that most New York drivers see their insurance rates rise by 47% following a drunk driving conviction.
How long the increase typically lasts
A DWI conviction typically remains on your driving record for several years, which means your insurance rates remain high during that time. In New York, a DWI may affect your insurance rates for somewhere between about three to five years. After that, if you maintain a clean driving record, you may see a gradual decrease in your rates.
Keep in mind that each insurer uses its own formula to decide how much to charge you after a DWI conviction. Thus, shopping around may help you find the lowest rate available to you.