There are several posts on ways to save on car insurance in general, but what about those drivers who are considered high risk. You know, the ones who have several traffic violations that cause insurance providers to charge a higher premium. While I’m certain we all do our best to obey the laws of the road, sometimes we get caught out there. Whether we’re late for work and speed to make up for lost time or we’ve had our fair share of accidents, there’s always the risk of going from a good driver to a high risk driver in an instant.
So how does one who has a pretty horrible driving record still manage to save money until they can prove themselves to be better drivers? As I looked for cheaper insurance for myself and my husband (who happens to have a led foot), I asked myself the same thing. Here’s what I came up with.
Who Classifies as High Risk?
First it’s important to understand who is labeled as a high risk driver by insurance companies. A high risk driver is someone who for varying factors has a higher possibility of causing an at fault accident. Someone might fall into this category if:
· They’re a new driver
· They have several traffic violations
· They have a history of at fault accidents
· Having no prior insurance (several violations of driving without insurance)
Savings Tips for High Risk Drivers
Now that you have a better understanding of who could be considered a high risk driver you can get onto the various ways to save. While your insurance is naturally going to cost more than the average driver, there are ways you can find affordable insurance that won’t break the bank.
1. Comparison Shop – Of course the best way to save on any product or service would be to shop around. While one auto company may quote you a high price, other companies may be willing to cut you some slack. By doing a quick online search for cheap insurance for SR22 policies (required for certain high risk drivers), you will find that there are various competitors who still want your business and are willing to come down on their quote to get it.
2. Consider additional services – High risk drivers still need other forms of insurance including property and life insurance. If you’re really having a hard time getting the cost of your car insurance to come down you could always opt to bundle other insurance policies for an overall lower cost.
3. Drive Less – Insurance companies will quote a lower price for drivers that aren’t on the road as much. Essentially if you don’t drive that often your chances of being involved in an accident are smaller. So a great way to save on insurance would be to drive a little less.
4. Choose a safer vehicle – cars that have higher safety features and ratings are going to get better quotes on their insurance premiums. Why? Well if the car is a lot more durable and safe for passengers, there are fewer expenses the insurance company would have to fork over in you’re involved in an accident.
5. Improve your credit score – I know, I know, everything seems to tie into your credit history or score somehow, but it’s what companies use to determine your risk/eligibility. While insurance companies don’t necessarily go by your credit score, they do create an auto insurance credit score which is determined based on findings from your credit history. Improving your credit history, lowers your risks, and saves you money.
All in all these five tips should help you to see some financial relief as it pertains to your auto insurance. We’ve all made a mistake or two while on the road, however, some of us end up paying for it for a long time. If you’ve been labeled a high risk driver, going without insurance because of the costs is never the answer. Instead, look for opportunities to save on your car insurance wherever you can. It’s also not a bad idea to try and obey the traffic laws and prove yourself to be a better driver than before. Through time, your insurance provider may be willing to take you out of the high risk category which of course lowers your rate.
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