Your insurance company dumped you because you’re high-risk. Now what? Follow these crafty tips to save money on high-risk auto insurance
Breakups are hard on everyone. The nagging questions of what happened and why the relationship soured can keep you up for days. Sure you made some mistakes but it is not the end of the world if your auto insurance company dumped you because it said you’re a high-risk driver.
There are plenty of fish…I mean… auto insurance companies out there that are willing to take a chance on you even if your driving record is suddenly less than golden. It may cost you more than a traditional auto insurance policy but there are plenty of options on the market for high-risk auto insurance.
First let’s look at what got you here.
High-risk drivers are those drivers that insurance companies feel are riskier to insure than the average driver. They typically fall into one of three categories: the young, the elderly and the reckless.
- The Young – Young drivers between 16 and 24 are typically grouped together in the young driver category since insurance company research shows these drivers between those ages are higher risks because they have more accidents or more moving violations.
- The Elderly – While drivers 70 or older may consider themselves more experienced than younger drivers, insurance companies sometimes view them as risky to insure as younger drivers.
- The Reckless – Drivers in this category may have recently lost their driving privileges or had one or more of the following moving violations:
- Driving while under the Influence (DUI) or Driving While Intoxicated (DWI).
- Reckless driving or hit and run convictions.
- Multiple Speeding tickets.
- At-fault accidents.
Sometimes insurance companies use other factors to re-classify you into the high-risk category such as a poor credit rating, filing numerous claims in a short period of time or even because you drive a sports car.
So before you start thinking insurance companies hate you because of your new label, follow the tips below to help you get back on track as well as help save you money:
- Keep it Spotless – One of the biggest factors in getting out this high-risk group is your driving record and having a bad driving record could be costing you thousands. For example, most major insurance companies offer discounts for drivers without any traffic accidents or tickets in the last five years.
- Best Offense is Defense – Go out and complete a defensive driving class to score a discount on your next policy.
- No Fast No Furious – Think about driving something a little more modest than that Corvette that landed you in this category. In fact driving a beater may allow you to scrap collision and comprehensive coverage altogether.
- Load Up on Safety – If you absolutely have to drive the ‘Vette, load it up with life-saving features like side air bags or automatic seat belts to save money on your premium.
This high-risk label isn’t forever OK? In the meantime, get on the horn, surf the Net, go down and chat with a local insure broker and find someone else because there are plenty of other options out there for high-risk auto insurance. You just have to look!