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High Risk Car Insurance: Everything That Canadians Need to Know!

HIGH RISK AUTO INSURANCE: WHEN DO YOU NEED IT?

Not all drivers are the same: some drive within speed limits and others consider the highway to be a racetrack. Some drive carefully, others rarely make use of blinkers and disregard any use of winter tires. This type of activity poses a greater risk to all drivers on a road.

Insurance companies consider high-risk drivers those who are more likely to get into an accident according to statistics. There are several aspects that can indicate a driver is such a case e.g. age, driving/ticket history, etc. Very often insurers will consider somebody to be a high-risk driver who fits to the following profile:

 

  • 2 at fault-accidents in the last 10 years or,
  • 2 or 3 tickets in the last years

 

Auto insurance itself is not cheap in Canada, with Ontario having the highest price, an average of $153/month. Being a risky driver can result in far more expensive insurance premiums.

HIGH RISK CAR INSURANCE PREMIUMS: WHAT SHOULD I EXPECT? Hauser Insurance

Auto insurance costs vary significantly across Canada, depending on the province. On average drivers with 2 or less violations in the last 3 years will pay ~25% more than someone without any violations. For example Auto insurance drivers in Ontario with extensive auto insurance coverage (including liability, collision, comprehensive damage, and increased accident benefits) pay on average $150/month whereas those who have a maximum of 2 violations in the last 3 years need to consider an average of $184/month meaning an increase of 23% for the same coverage.

In many cases the premiums of “dangerous” auto insurance drivers can be doubled or even tripled depending on your driving history and other factors. Premiums also vary depending on if a driver already has insurance with a particular company or applies for a new policy with another company. Your existing company is more likely to simply push you to the higher level of premiums if you become a high-risk case. The requirements for a new policy are higher – insurers normally do not like high-risk drivers leaving a limited choice of companies for those who have bad driving records.

WHAT INSURANCE COMPANIES OFFER AUTO INSURANCE PROTECTION FOR SUCH DRIVERS

As soon as you fall into the category of high-risk driver, many companies will refuse to insure you, especially if you decide to apply for a new policy at a different company. The companies that will insure you will do so at a higher premium. There are also some insurance companies specializing in this type of car insurance, called specialty insurance companies. Here are some insurance companies that provide insurance for high-risk drivers:

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