Auto insurance advertisements each promising the lowest rates are everywhere! TV, mailers, internet pop-up ads, banner ads, billboards – after a while, they become a blur. However, if you fall into the “high-risk driver” category, you are probably paying more attention to these ads than the average driver.
Why? The answer is simple – you really are searching to find the lowest possible high risk auto insurance quote. But with hundreds and hundreds of insurance companies, where do you start?
The internet can be your best friend. No doubt, the internet will make your life enormously easier when it comes to shopping for the lowest quote. You will find some websites that are portals to numerous, high-quality insurance companies, such as Allstate, The Hartford, and Progressive. The other advantage of using these types of “portal websites” is that you generally answer one questionnaire as opposed to individual questionnaires per insurance company website. When you submit the questionnaire, the “shopping” will be done for you. This will save you time and, most importantly, money.
Another option is to visit a local insurance broker – that’s a person or company that handles multiple lines of insurance carriers. This person would do the price shopping for you. The advantage of working with a person rather than through the internet is you have the opportunity of explaining your situation (i.e., why you’re classified as a high-risk) which could get lower rates that otherwise would not be available through the internet. There are different reasons and circumstances why drivers are labeled “high-risk.” It could save you a couple of hundred dollars if you’re able to explain your particular situation.
You may also get a discount if you have more than one policy with one insurance company. Most, if not all, major insurance companies give “multiple-line” discounts. Check with your insurance agent and see what discounts might be available.
The devil is in the details. Just because you’re labeled a high-risk driver doesn’t mean you fell off the turnip truck last night! Read the fine print on any high risk auto insurance quote or potential policy, even if it’s underwritten by one of the big-named insurance companies. Be sure you understand exactly what is covered and how much coverage you have and what isn’t covered. You may also find that some “extras” in your auto insurance policy is actually covered under another separate, non-automobile policy. There is no reason to pay for double-coverage!
The insurance company may be high-risk. Here’s a twist: you may be paying a higher premium due to the insurance company’s poor business practices. If the insurance company has suffered a high percentage of loss payouts; loss on return of investments; or, loss of market share, you may be subsidizing their losses. So, not only are you paying higher premiums because you’re considered a high-risk driver, but because the insurance company is considered a high-risk insurer.
Comparing apples to apples. When shopping for insurance high risk auto insurance quotes, know why you’re considered a high-risk. If you fall into the age group (either too young or too old), focus on insurance companies that specialize in these areas. If you have a high-performance car, there are insurance companies that are willing to take a higher risk depending on your use of the car and where it’s garaged. Special circumstances can actually weigh in your favor when it comes to obtaining high risk auto insurance quotes.
Assigned risk programs. If you have tried and tried without success to obtain insurance coverage, there may be one last resort. Assigned risk programs (referred to as “Motor Vehicle Accident Indemnity Company”) are state-run insurance programs, usually through the Department of Motor Vehicles, which assigns you to an automobile insurance company. However, these programs are not available in every state.
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