High-risk car insurance costs more than a standard policy for a reason. Drivers who require such a policy have marks on their driving record, such as multiple tickets, accidents, or major violations like an impaired driving charge. That means insurance companies see them as a bigger liability risk than a driver with a clean record. While paying more is inevitable, that doesn’t mean a high-risk driver can’t reduce their rate. Even drivers working to clean up their records can find a better deal.
What is high-risk auto insurance?
High-risk car insurance is a policy designed to help drivers with troubled driving records re-earn their status as good drivers. You can’t do that if you aren’t on the road, and you can’t be on the road without insurance.
High-risk insurance is designed for those drivers who no longer qualify for policies with regular insurance companies and may have been non-renewed or cancelled. High-risk policies provide all the legally required coverage to get you back on the road.
Shopping around for high-risk car insurance in Canada
In recent years, the high-risk insurance market has become more competitive, and there are more companies out there specializing in this type of policy than ever before. That’s good news for those who require high-risk insurance because it means you can shop around for the best rate.
Shopping around for a high-risk car insurance policy is much the same as shopping for any other insurance policy; you simply request car insurance quotes from multiple companies and compare the rates. Like with standard policies, make sure you are getting comparable quotes – meaning they offer the same type of coverage. A rate can often seem lower because it is skimping on coverage, and that’s the last thing you want to do, especially as a high-risk driver.
Online quoting for high-risk car insurance makes the process easier than ever before. You aren’t obligated to buy a policy just because you got a quote, so get as many quotes as you can to make sure you’re getting the best available rate.
Discounts for high-risk drivers
Discounts aren’t solely associated with standard insurance policies. Drivers seeking high-risk insurance can also save money. It’s important to ask what kind of discounts are available to you and make sure they’re applied appropriately. The discounts available to you may differ by company, but you may be able to get things like multi-policy discounts, safety feature discounts, security system discounts, and even good student discounts.
Not all discounts available on a standard policy may apply to high-risk insurance, so it’s important to ask what discounts are offered by the company. Knowing ahead of time can help you choose the policy that is right for you at the best rate.
Save money on high-risk car insurance by raising your deductible
Because high-risk insurance is already more expensive, it’s important to do everything you can to bring your rate down. One of the simplest things you can do is to raise your deductible. A higher deductible means you will pay more out of pocket on a claim where you are at fault or your vehicle sustains damage from a non-accident incident, such as vandalism or theft.
Higher deductibles will only cost you if you actually have a claim in which you need to pay the deductible. So long as you drive safely, a higher deductible will simply save you money every month. It’s a simple equation that makes a lot of sense for those who are facing high rates.
Keep your driving record clean
The best way to lower your car insurance rate is to keep a clean driving record. As the tickets and accidents that caused you to need high-risk insurance in the first place fall off your record, and you continue to demonstrate that you are a safe driver, your rate will start to drop.
Good drivers tend to get the best rates, and although high-risk drivers may have to pay a higher rate for a while, each year with a clean record will move you towards qualifying for a standard policy again. Driving safely, obeying the rules of the road, and avoiding claims can bring you a lower rate, even if you are still considered a high-risk driver.