What is High Risk Auto Insurance?

One of the types of auto insurance available is high risk auto insurance. For drivers that had multiple driving infractions, such as speeding tickets, accidents, license suspensions, multiple at-fault incidents, collisions, you might find that you are paying very expensive insurance premiums. You might also run into financial troubles and are unable to make a payment on a claim or frequently forget to pay on time. It can also put you into the high risk auto insurance category. In some cases, your current insurance company may not want to insure you anymore because the overall risk is too high.

High risk auto insurance is designed for drivers that are more likely to get into an accident, file an auto insurance claim, or default on a payment. You might also be considered in the high risk category if you have never been insured or are a young driver getting insured for the first time. There are many ways an insurance company can measure your risk and fit you in the high risk category.

What Does High Risk Auto Insurance Cover?

Just like any auto insurance policy, high-risk auto insurance covers a variety of liability and damages that can arise while you’re driving on the road. Some of the coverages include:

• Liability coverage
• Collision insurance
• Uninsured motorist insurance
• Medical payments coverage
• Direct compensation
• Accident benefits coverage

To figure out what types of high risk auto insurance coverage you need, you have to look at your driving needs and claims history to determine a plan that is suitable for you.

How Much Does High Risk Auto Insurance Cost?

Everyone has different driving needs and circumstances. The amount you pay is also determined by how your insurance company calculates risk and why you are considered a high risk driver. As a result, it’s hard to calculate the cost of your high-risk auto insurance without requesting an insurance quote from an insurance company.

However, because your insurance company considers you a high-risk driver, your insurance premiums will be significantly higher than if you had a standard auto insurance policy.

How Can I Get Cheaper High Risk Auto Insurance Rates?

It is hard to find cheaper auto insurance premium rates for high risk auto insurance because you are already a riskier client for the insurance company. Since your high risk auto insurance premiums will automatically be more expensive than a standard auto insurance policy, comparing rates from different insurance companies is the best way to find more affordable rates.

For example, you can use an insurance service like Oracle RMS to help you compare rates from different insurance companies. We partner with some of Canada’s leading insurance companies, such as Jevco, Echelon, Coachman, Pafco, to offer you the best insurance rates possible for your circumstances.

Where Can I Find High Risk Auto Insurance? 

Most insurance companies offer a variety of auto insurance coverages, so you will likely find that many of those companies offer high risk auto insurance. However, each company has its own insurance packages and policies. They also have their own methods for calculating your insurance risk. The best way to find high risk auto insurance is to contact several insurance companies asking about what policies are available to you.

Oracle RMS can leverage their extensive network of insurance partners to find you the right high risk auto insurance policy for your needs at the best price.