High Risk Car Insurance – How to Lower Your Premium

Published: March 28, 2018

Updated: May 15, 2018

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It is can be difficult to get auto insurance at a good price, especially when there is a dent in your driving record. There are lots of convictions that can have a negative impact to your driving record and have you looking for high risk car insurance. These include speeding 50km/h over the limit, careless driving, DUI, or alcohol related license suspensions, driving without insurance, andan accumulation on more than 3 minor convictions. Also, more than one at-fault collision claim in a 9 year period could have you searching for high risk auto insurance.

In many of these cases, some car insurance companies will disqualify you for auto insurance based on their underwriting rules. If you do qualify, you will be charged a greater premium for your insurance, being surcharged for each conviction or claim. There are things you can do to improve on your driving record and one of such things is to make sure that you do not get involved in any more auto accidents for at least six years.

Getting a high risk car insurance is quite expensive but you can reduce your premium to a large extent by comparing high risk car insurance companies, but also working to improve your driving record. Being classified as high risk is only for a while, and if you maintain a clean driving record you will in time qualify for regular auto insurance.

The definition of a high risk driver according to most insurance companies is:

  • Any person who has more than one at-fault accident in the last 6 years.
  • Anyone who has 3 or more minor convictions in the last year.
  • Any person with a DUI in the last 6 years.
  • Any driver below the age of 25, especially male, that have any convictions or claims

Any individual who is considered high risk by an insurance firm will be charged more for their auto insurance, however there are steps you can take to reduce the cost.

  • A rehab program is essential and mandatory in many provinces if you have a DUI.
  • Lower your premium by raising your deductible.
  • Shop and compare policies with insurance companies that specialize in high risk car insurance in your province, you will be amazed at how different prices can be even with a poor driving record.
  • Obey all traffic laws to keep your driving record clean and within a few years you will qualify for a regular insurance company.
  • Opt for a vehicle with a higher safety rating and that has a modest value. Premium for high performance or luxury vehicles can be very high for drivers with poor records.
  • Consider forgoing physical damage coverage on your vehicle, if you have an older vehicle or if you own your vehicle outright, it may be worthwhile to only carry liability coverage with a high risk car insurance company.

Shopping for high risk auto insurance can mean less money if you adhere to these guides, obey all the laws and complete all the assigned programs. Retaining a good driving record is key to finding affordable premium, so remember to obey all traffic laws and avoid being categorized as a high risk driver.