Navigating the world of high risk insurance is tricky. Insurance Hero is here to help you avoid hundreds of dollars in cost without losing your freedom.
What does it mean to be a high-risk driver?
We all need insurance. Since insurance companies are private, they also need to ensure that they meet their costs and keep business flowing. To do so, they place drivers into tiers.
A low-risk driver has a clean record with little to no claims. They are unlikely to cost the company beyond repairs from time to time. At the other end of the spectrum, high-risk drivers have a proven history of costly accidents, driving infractions, and even felonies.
Am I a high risk driver?
It is useful to know if you are high risk before you even ask for an insurance quote. This can drastically impact your wallet and even result in denial of service.
- Received more than three infractions over the past two years
- Been convicted of a DUI or other vehicular-based
- Lost your license for any reason
- Have a medical condition that might impact your ability to drive
- Have poor or bad credit
- Are a high mileage driver such as a delivery specialist using your own vehicle
- Have a long history of driving infractions
These issues all have an impact on your risk rating. For many insurance companies, being placed in a high risk category has a long-term effect.
Cost of High Risk Insurance
Your risk rating impacts your wallet. Even a speeding ticket increases your premiums by as much as 15 percent.
High risk drivers are on their own spectrum. Those with more serious infractions can expect to pay $1000 or more over a six-month insurance period. The most serious offenses can preclude you from receiving insurance from the big companies at all.
For many, there is no alternative to the higher cost. Canadians rely on roads. In areas without public transport, there is no other option. The loss of freedom can impact livelihoods.
Lowering my Insurance Risk
Risk levels change. Insurance for young adults costs more than for those over forty, going up again after 70.
The same principle holds for other risk factors. Over time, your insurance rating should decrease. However, there are instances when your rating remains high such as after a DUI.
Is it possible to receive insurance as a high-risk driver?
Being placed in a high risk category does not need to be the end of the world. There is a chance for you to qualify for more affordable insurance in Canada.
Insurance Hero works with drivers of any status. We can help you find an option that does not break the bank even if you have a criminal past, frequent violations, or other factors. Our agents pride themselves in helping keep customers mobile.
High Risk Insurance in Canada
Being a high risk driver does not need to impact your life. At Insurance Hero, we rely on the road and will work with almost any driver.
Our agents can even help you maintain the clean record required to lower your premium over time. Get in touch with us today or file or a free quote online.