What is high risk car insurance?
Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
Auto insurance provides property, liability and medical coverage:
product-listProperty coverage pays for damage to or theft of your car.
product-listLiability coverage pays for your legal responsibility to others for bodily injury or property damage.
product-listMedical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
An auto insurance policy is comprised of six different kinds of coverage. Most provinces and territories require you to buy some, but not all, of these coverages. If you’re financing a car, your lender may also have requirements.
Most auto policies are for six months or a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium.
GET YOUR QUOTE
Why do you need auto insurance?
It’s really all about protecting yourself financially.
product-listIf you’re in an accident or your car is stolen, it costs money, often a lot of money, to fix or replace it.
product-listIf you or any passengers are injured in an accident, medical costs can be extremely expensive.
product-listIf you or your car is responsible for damage or injury to others, you may be sued for much more than you’re worth.
product-listNot only is having insurance a prudent financial decision, many provinces require you to have at least some coverage.
GET YOUR QUOTE
Questions to ask
You need a broker for finding auto insurance that meets your specific needs. Here are a few things to consider as you prepare for the discussion:
product-listHow much can you afford to pay if you get in an accident? (To keep premiums low you may want to have a higher deductible and be willing to pay more for repairs.)
product-listWhat is the insurance company’s level of service and ability to pay claims?
product-listWhat’s the procedure for filing and settling a claim? (Ask who to call and what happens after you file a claim.)
product-listWhat discounts are available? (Ask about good driver, multiple policy and student discounts.)
Have You Been Labeled as a High Risk Driver?
We work with all the best high risk auto insurance companies in Ontario, allowing us to save you both time and money while providing you with the coverage you need.
Saving on high-risk auto insurance may not be as easy as saving on a normal policy, but it’s still possible.
Having a few accidents on your record may not be your fault, but once you’ve been put into the high-risk driver category, you need a specialist broker with the access to all of the best options for you. Whether you made some mistakes on the road or were simply in the wrong place at the wrong time, we’ll find you the best rates in Ontario, and we’ll help you get out of the dreaded high risk auto insurance category. Mitchell & Whale is here to help.
What Makes a Driver High Risk?
Insurance companies determine insurance eligibility in a number of ways, but driving record and probability of a claim can be dominant factors. In essence, insurance companies prefer drivers who have a low likelihood of being in an accident, or low risk drivers. Being labeled a high-risk driver can be based on numerous factors, including:
Being a new driver
Having several past accidents
Substance abuse infractions, such as driving under the influence.
Regardless of the reasoning behind a high-risk label, these drivers generally pay significantly more for insurance, may be denied renewal for an existing insurance policy, or may be turned down for a new insurance policy. This can be a hard position to find yourself in, but there are still options for individuals who have had some issues on the road in the past.
Have a question about high-risk insurance? Just send it to us via Facebook or Twitter with the hashtag: #askadam.
Have You Been Labeled as a High-Risk Driver? We Can Help!
In addition to providing coverage for you and your family, high-risk auto insurance policies aim to help you lower your risk through safer driving in the future. By investing in high-risk auto insurance, you have the ability to stay covered and practice better driving habits in order to minimize future payments. As time passes and your driving record remains clean, you will gradually regain your status as a low risk driver and will be once again eligible for standard, more budget-friendly auto coverage.