Getting Behind The Wheel: What High-Risk Drivers Need To Know About Insurance

Getting Behind the Wheel: What High-Risk Drivers Need to Know About Insurance

If you’ve got a history of speeding tickets, you’ve been involved in a crash or two (or three), or you’ve been convicted of a serious driving offense like a DUI, you’re probably all too familiar with the term "high-risk driver." Insurance companies slap this label on drivers who pose a greater risk of being involved in accidents or filing claims. As a high-risk driver, you might dread renewing your policy each year, but fear not: we’re here to give you the lowdown on what you need to know about insurance.

High-Risk Insurance: What Does It Mean?

High-risk drivers are those who, due to their driving history or other factors, are more likely to be involved in accidents or file claims. This increased risk prompts insurance companies to charge higher premiums or, in some cases, refuse coverage altogether. Think of it like this: high-risk drivers are like people with pre-existing conditions trying to get health insurance. Insurers see them as a higher risk, so they’re pickier about who they’ll cover and how much they’ll charge.

Who Is Considered a High-Risk Driver?

The most common categories of high-risk drivers include:

Teenagers (yes, we know – being a new driver can be tough!)
Young adults under 25
Drivers with poor credit scores
Drivers with multiple speeding tickets or accidents
Those convicted of reckless driving or a DUI
Drivers with lapse in coverage
Commercial drivers
These groups might find themselves paying more for insurance or sorting through a select few insurance companies that will cover them.

Shopping for Insurance as a High-Risk Driver

When shopping for insurance as a high-risk driver, you might need to think outside the box. Major insurance companies might not be willing to take you on, or they might charge exorbitant premiums. In this case, it’s essential to seek out insurance companies that specialize in covering high-risk drivers. These companies often have less stringent requirements and may offer more competitive rates.

Key Considerations When Shopping for Insurance

While you might be eager to sign up with the first insurance company that’ll take you, don’t rush the process. As a high-risk driver, you’ll want to carefully evaluate the following factors:

Coverage limits: Make sure you’re getting enough coverage to protect your assets in the event of a lawsuit.
Deductibles: High-risk drivers may face higher deductibles, which can leave a bigger dent in your wallet.
Exclusions: Certain high-risk behaviors (like street racing or extreme speeding) may void your insurance coverage. Be aware of what’s excluded from your policy.
Payment plans: Find an insurance company that offers flexible payment plans or discounts for automatic payments.

How to Lower Your Insurance Rates as a High-Risk Driver

Just because you’ve been labeled a high-risk driver doesn’t mean you’ll be stuck with exorbitant insurance rates forever. Here are some tips to help lower your rates over time: