The majority of high risk drivers are aware of the fact that they fall into this category, but they often do not fully understand why. Fortunately, the insurance industry is a very simple beast at heart – the cost of your premium is directly based on the statistical likelihood of you getting into an accident or a collision out on the road. You might have asked yourself what are the best options for high risk drivers, here is some useful information for you.
If that likelihood is higher than a national average, an insurance provider can charge you a higher premium. As there are lots of different factors which can have an impact on the level of risk, it is important to be aware of how and why high risk motorists can still manage to keep their premium at an affordable level – even if they have a DUI offence on their record.
What is a high risk driver?
In simple terms, a high risk driver is an individual who, as a result of a variety of factors, presents a higher risk of having a road accident than most other motorists. There tends to be more than one reason for this, and the factors include (but are not limited to), being a new driver, being a young driver, being an elderly driver, having been involved in a crash before, and having received one or more tickets for road related offences.
For example, if you have a note on your official record of a DUI incident (even if there was no conviction), it is likely that insurance providers will use this as a reason to charge you a higher premium – precisely because you seem to be high risk on paper. If you are already categorized as a high risk driver, and then receive another ticket or fine, a provider has the right to refuse to renew an insurance contract once it has run out.
What is SR22 car insurance?
If you have been convicted of a motoring offence (driving whilst under the influence of drugs or alcohol, for example), you may have to file a SR22 car insurance claim when you do come to renew a policy. The SR22 car insurance auto policy is a legal guarantee from the provider that you are insured and will continue to be insured for the near future.
It is common for drivers who have had their licenses revoked, removed, or suspended in any way to be asked to file a SR22 car insurance claim if they want to buy a new policy. The document is usually handled by a local authority; whatever department or state led organization has been given the task of assessing and monitoring motorists in the area.
Can high risk insurance still be affordable?
High risk policies will always be more expensive than standard ones. If they were not, the insurance providers offering the policies could stand to lose a lot of money. It is their job to work out how best to spread the risk associated with motorists who have poor records, or who have been deemed high risk through no fault of their own (young drivers, for example).
The best way to find an affordable policy, if you are a high risk motorist, is to take the time to shop around. As with standard policies, it is easier to secure yourself a great deal if you resist the temptation to go for the first one which is offered. With a broad range of high risk options available on the market now, do not make the mistake of thinking that your options have been so severely limited.
It is important to remember that even though high risk specialists exist to cater for motorists who do not qualify for standard rates, they still have to compete for your business like any other provider would. This means that it is more than possible to secure yourself an affordable high risk insurance premium.