high risk auto insurance carriers

May 28, 2020 - 5:30 am - 5 min read

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High Risk Auto Insurance Carriers: Everything You Need to Know

Introduction

Hey readers,

If you’re here, chances are you’ve found yourself on the hunt for high-risk auto insurance carriers. Maybe you’ve had a few too many tickets or accidents under your belt, or perhaps life has simply thrown a few unexpected curveballs your way. Whatever the reason, know that you’re not alone. Finding affordable and reliable insurance as a high-risk driver can be a challenge, but it’s certainly not impossible. In this article, we’ll walk you through everything you need to know about high-risk auto insurance carriers, helping you make an informed decision about the best policy for your needs.

Types of High-Risk Auto Insurance Carriers

Not all high-risk auto insurance carriers are created equal. There are two main types of carriers you’ll likely encounter:

Assigned Risk Pools: These are state-mandated pools that provide insurance to drivers who are unable to obtain coverage from other insurers. They typically charge higher rates than traditional insurance companies but offer limited coverage options.
Surplus Lines Insurers: These insurers specialize in providing coverage to drivers who are considered high-risk. They offer a wider range of coverage options than assigned risk pools but may charge even higher premiums.

Factors that Affect High-Risk Auto Insurance Rates

Several factors can affect the premiums you pay for high-risk auto insurance, including:

Driving Record: Your driving history is one of the most important factors that insurance companies consider when setting rates. Accidents, tickets, and other traffic violations can all lead to higher premiums.
Age and Experience: Younger and less experienced drivers typically pay higher premiums because they are statistically more likely to be involved in accidents.
Vehicle Type: The type of vehicle you drive can also affect your rates. Sports cars and other high-performance vehicles are often more expensive to insure than sedans or minivans.
Credit Score: Your credit score can also impact your auto insurance rates. Insurers often use credit scores as an indicator of your overall financial responsibility.

How to Find the Best High-Risk Auto Insurance Carrier

Finding the best high-risk auto insurance carrier for your needs can be a daunting task. Here are a few tips to help you out:

Shop Around: Don’t just settle for the first insurance company you come across. Take the time to compare quotes from multiple carriers to find the best deal.
Ask for Discounts: Many insurance companies offer discounts for things like installing anti-theft devices or taking defensive driving courses.
Consider a Higher Deductible: A higher deductible can help you lower your premiums, but make sure you have enough savings to cover the deductible in case of an accident.

High-Risk Auto Insurance Coverage Options

High-risk auto insurance policies typically offer a range of coverage options, including:

Liability: This coverage protects you if you injure someone or damage their property in an accident.
Collision: This coverage pays for damages to your vehicle if you are in an accident.
Comprehensive: This coverage pays for damages to your vehicle caused by events other than accidents, such as theft or vandalism.
Medical Payments: This coverage pays for medical expenses for you and your passengers in the event of an accident.

High-Risk Auto Insurance Premium Table

The following table provides a breakdown of average high-risk auto insurance premiums by carrier:

Carrier	Coverage	Average Annual Premium
National General	Liability + Collision + Comprehensive	$3,000 – $5,000
Safeco	Liability + Collision	$2,500 – $4,000
The General	Liability + Comprehensive	$2,000 – $3,500
Progressive	Liability Only	$1,500 – $2,500

Conclusion

Finding high-risk auto insurance can be a challenge, but it’s important to remember that you have options. By shopping around, asking for discounts, and considering a higher deductible, you can find an affordable policy that fits your needs. And if you’re looking for more information on auto insurance, be sure to check out our other articles on car insurance quotes, insurance claims, and more.

FAQ about High Risk Auto Insurance Carriers

What is a high-risk auto insurance carrier?

A high-risk auto insurance carrier is an insurance company that specializes in providing insurance to drivers who are considered high-risk. This can include drivers with a history of accidents, traffic violations, or other factors that make them more likely to file a claim.

Who needs high-risk auto insurance?

High-risk auto insurance is typically required for drivers who have been denied coverage by standard insurance companies. This can include drivers with:

A history of accidents or traffic violations
A DUI conviction
A suspended or revoked license
A poor credit score
A young age (under 25)
A high-performance vehicle

What are the benefits of high-risk auto insurance?

High-risk auto insurance can provide several benefits, including:

Financial protection in case of an accident
Coverage for liability, property damage, and medical expenses
Peace of mind knowing you are insured

What are the costs of high-risk auto insurance?

The cost of high-risk auto insurance varies depending on the individual driver’s risk factors. However, it is generally more expensive than standard auto insurance.