In Canada, the law states that all registered vehicles, whether private or commercial, must have auto insurance. In fact, you would not be able to drive your car off a dealership law without proper auto insurance. There are many types of auto insurance available, and the type of insurance you should purchase depends on your claims history, vehicle, driving needs, and personal information.
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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.
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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.
Frequently Asked Questions About High Risk Auto Insurance
Will I have a high risk driver status forever?
You can be considered a high risk driver for 3 to 5 years, depending on your situation. Although your insurance company might consider you a high risk driver, you won’t have the title forever. It can take some time before you are no longer a high risk driver, but there are ways for you to shorten your high risk driver status by driving responsibly.
How can I change my high risk driver status?
The biggest way to influence your driving status is to drive safely and improve your driving record. For example, avoiding at-fault accidents and claims, obeying road rules, and staying focused on the road can help you re-establish a clean driving record.
You can also influence your high risk driver status by paying your insurance premium on time each month. Paying on time also helps prevent your insurance policy from being cancelled which will help improve your driving record.
How can I save on high risk auto insurance?
It can be hard to save money on high risk auto insurance, but it is possible. Here are some of the strategies you can use:
- Raise your auto insurance deductible – the more you are paying out of pocket for an insurance claim, the lower your insurance premium will be. And if you don’t get into any car accidents, you pay less for insurance without having to make payment claims.
- Look into auto insurance discounts – your insurance company may offer different discounts to help you lower your premiums. Some of the discounts include winter tire discounts, retiree discounts, student driver discounts, driving school discounts, and more. If you are a long-time customer, your insurance company might also give loyalty discounts.
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Should you have any further questions regarding your insurance quote for Toronto or surrounding areas, please feel free to contact us and one of our representatives will gladly assist you.