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High Risk Car Insurance

High Risk Car Insurance

Nobody wants to pay for a high risk auto insurance plan

. One of the things that makes the subject intimidating is that "high risk" is such a subjective opinion, and means different things to different people. Let's take a look at high risk auto insurance, and put things into perspective.

Although automobile insurance is currently regulated at the state level in the United States, most states allow the insurance companies some flexibility. They can make modifications to the plan coverage form, and have a wide latitude when it comes to choosing which customers to insure. They also have some choice as to how they apply the state approved rates to each customer. This is particularly important when considering the high risk consumer, because it means that not all automobile insurance carriers are going to judge the same customer as "high risk".

There are certain factors that most automobile insurance carriers will automatically label as high risk in a client. These include multiple at-fault accidents within three years, multiple (more than three) not at-fault accidents within two years, insuring an expensive sports auto a low credit score (under 525), a major driving violation (DUI, Reckless Driving), no prior insurance coverage (or gap in coverage more than 30 days) or a SR-22 Filing Requirement.

Some of these factors can be corrected by the consumer, in a year or less. This means they can then qualify for a standard policy pay less premium. These would include improving their credit and simply staying insured for a longer period of time Other issues can be managed through proper insurance company selection. Some insurers, for example, will not raise rates dramatically, for the first DUI offense, if there are no other violations and the customer has a good credit score. Other insurers have a very minimal fee for an SR-22 filing, and one or two will specialize in writing those high value vehicles.High Risk Car Insurance


Shopping for more competitive car insurance premiums is going to be more challenging for a high risk consumer, but it very well could be worth a few hours of effort. Sometimes an existing broker, if used, will automatically refer a consumer to the state assigned risk, reinsurance, or facility auto pool - which is probably going to be the most expensive option. Checking premiums online or with a few other local agents, could end up saving a considerable amount, over the state "last resort" auto insurer.

Using a local broker, or calling the prospective insurance company directly, could also result in getting additional credits applied to the account, to lower the premiums. Some of the lesser known credits, can include aftermarket anti theft discounts; home ownership discounts; various driving school discounts (they aren't just for teens, in some states!), and the "package credit" for having homeowners or renters insurance with the same company. Yes, purchasing a second policy, such as homeowners insurance, could save $400 or more in discounts on a high risk car policy. Of course, some of carriers that write this type of auto policy, don't write dwelling insurance. This may mean you need to look at other insurers.

When a potential insured is facing the prospect of a high risk car insurance policy, it is important to look beyond the label, do some homework and some legwork, and take these few simple steps to get the automobile insurance policy premiums back under control. A broker should be doing some of these steps for the customer. If an agent can't or won't sit down and take the time to explain the options, and devise a plan to eventually move out of the high risk marketplace, it's time to find a new broker.

by: Alston Balkcom
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High Risk Car Insurance