High-Risk Drivers Need Affortable Insurance Too

Written by Ryan Hurlbert on April 8, 2010 & Posted in Auto Insurance

High-risk drivers may have a difficult time find cheap auto insurance. There are ways to lower your premiums, and ways to get cheaper auto insurance, but the high-risk category designation may cause higher insurance rates for a while. So, how does a high-risk driver make auto insurance more affordable?

Shop Around

Many car insurance carriers offer insurance to high-risk drivers, but these programs are not advertised through traditional channels. You may have to do some research, so take full advantage of the Internet and insurance agents. A great place to start is by filling out the lead form at the top of the page. Several companies will try to earn your business, so you can get multiple quotes with a single request.

Sell the Hot Rod

Switching your sports car for something a little more practical may help you save on auto insurance. If you have a loan on your vehicle, you have to carry comprehensive and collision coverage. Buying a car you own outright allows you to carry just liability and uninsured motorist coverage, which can reduce your cost considerably.

Choose the Right Car

Owning the right car can reduce your premiums. Look at the Highway Loss Data Institute's list of insurance losses by vehicle model to find out what cars have the lowest losses, and can offer lower premiums.

Raise Your Deductible

Raising your comprehensive and collision coverage deductible may reduce the number of claims you are likely to file, so your premiums become cheaper. Just make sure you don't raise your deductible so high you can't afford to pay them if you need to.

Got a loan on your car? Call your bank and find out the maximum deductible allowed under the terms of your loan--the deductible requirement may be as low as $500, but up to $1500 is not uncommon.

Contact Your State's Insurance Division

Find out how long an auto insurance company can count a violation or loss against you when computing your rates. Mark your calendar to remind you when your violations can no longer be counted against you, and start shopping for insurance coverage. Be sure to ask your current carrier if they will re-rate you.

You don't have to wait until your policy expires to make a change in carriers. Fill out the lead form at the top of the page and take control of your premiums.

Sources

http://www.iihs.org/research/hldi/composite_cls.aspx

About the Author

Ryan Hurlbert lives and works in the Pacific Northwest. As an insurance agent, he produced and presented educational seminars on various topics from insurance basics to strategies for dealing with teen drivers. He has researched and produced marketing materials in the insurance, auto, and financial industries. Ryan majored in business and received his Bachelor of Science degree from Portland State University. A bit of a speedster in his youth, Ryan has employed many of these strategies to keep his insurance affordable.

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