What affect will Motor Vehicle Report have on my Ability to Obtain Life Insurance?
This really depends on the amount of violations you have and how recent they are. In Florida the driver's handbook does not state how long moving violations stay on a driver's motor vehicle record (
MVR.). It does mention that points, which are placed on your Florida driver's license due to traffic violations, remain on your record and are counted against you for 3 years for insurance purposes. In most states violations do remain on your record from 36-39 Months and is becoming the standard. Other infractions such as DUI and license revocation/ suspension can also affect the rate and
insurability of the driver. Motor Vehicle Reports can reveal to the underwriters a future prediction of your conduct and driving performance
What Can I do to Improve My Chances of Qualifying for the Lowest Rates for Life Insurance?
Provide as much detailed information to your life insurance agent during application process. Include any information regarding moving violations, DUI, Reckless Driving, related Misdemeanors or Felonies. Here are specifics of questions:
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Do you currently hold a valid driver's license?
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List all speeding violations within the last five years: month and year
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List all moving violations other than speeding within the last five years: month and year
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List all accidents involving property damage within the last five years: month and year
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Have you ever been convicted for DUI? Month year
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Has your license been suspended or revoked? Why Month Year
Use a Life Insurance Agent to Assist You in Finding the Company That Can Save You Money
If the agent is aware of all of the information on your Motor Vehicle Report they may be able to save you money by selecting an insurance company that does not increase the rate for your previous driving history A knowledgeable agent can assist you by directing you to those carriers and carrier underwriting guidelines that will give careful consideration to your specific driving record and determine which carrier will approve you at a favorable rate class. All carriers have their own rate class for driving records and violations.
What Life Insurance Underwriting Offer Should I Expect to Receive With Driving Violations?
Typically if not more than 1 or 2 moving violations in the last 24 months and No DUI's in past 5 years can qualify for the best rates Preferred or Super Preferred. If 2 violations in past 36 months you fall between preferred and select and if 3 violations in 36 months Standard or sub-standard rating plus a flat extra added to rate.
A single DUI > than 2 years and no other violations could qualify for a standard or sub-standard.
A single Revocation/ suspension Reckless Driving > than 3 years could qualify for a standard or sub standard rating.
Also a DUI conviction will remain on your driving record for 75 years
Rate Class For Motor Vehicle Reports
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Carrier
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Preferred Best
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Preferred
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Standard Plus/Select
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Standard
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Standard + Flat Extra
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Carrier "A"
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1 violations in 3 years/
No DUI ,reckless driving,revocation
suspension 5years
|
2 violations in 3 years/ No DUI ,reckless driving, revocation-suspension 5years
|
2 violations in 3 years/ No DUI ,reckless driving, revocation-suspension 5years
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3 violations in 3 years/ No DUI, reckless driving, revocation-suspension 2years
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3 violations 3 years/ No DUI, reckless driving, revocation-suspension 2years
|
|
Carrier "B"
|
Not more than 2
moving violation in
the last 5 years.
No reckless driving/ No DUI in the
past 5 years (*)
|
Not more than 2
moving violation in
the last 3 years.
No reckless/No DUI in the
past 5 years (*)
|
|
Not more than 2
moving violation in
the last 3 years.
No Reckless/No DUI in the
past 5 years (*)
|
|
|
Carrier "C"
|
no more than 2 moving violations within the past 3 years.No DWI/DUI or reckless driving in the past 5 years
|
no more than 2 moving violations within the past 3 years No DWI/DUI or reckless driving in the past 5 years
|
no more than 2 moving violations within the past 3 years No DWI/DUI or reckless driving in the past 5 years
|
|
|
|
Carrier "D"
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No more than 3 violations in past 3 years No DUI ever
|
Available case review rate Up 50%
|
|
Available case review Rate Up 75%
|
Available case review Rate Up 100%
|
