On average, high risk auto insurance rate as much as 84% more than standard car insurance according to our rate estimates. Many drivers, notably young drivers and those with a history of accidents or fines, are classed as “high-risk” by insurance companies.
In this post, we’ll look at the typical cost of high-risk auto insurance. If you fall into this category, basketballpluss.com will also teach you how to reduce your auto insurance price.
But keep in mind that the only way to know for sure how much you will pay for auto insurance is to seek a quote. This is due to the fact that pricing changes depending on your location, car, and other factors.
What Is High Risk Auto Insurance Rate?
High-risk auto insurance is offered to drivers who are at a higher risk of being involved in an accident or failing to pay their insurance premiums. High-risk drivers are offered the same insurance plans as low-risk drivers, but at a higher cost.
Drivers who may be deemed “high-risk” include:
- Drivers convicted of Driving Under the Influence (DUI) or Driving While Intoxicated (DWI)
- Uninsured drivers who experience an at-fault accident
- Drivers with multiple speeding tickets or traffic offenses
- Drivers involved in vehicular assault or other violations involving negligence or severe endangerment of other drivers and/or pedestrians
- Young drivers or drivers with little experience
- Drivers with bad credit
- Drivers who have lapses in their insurance coverage
If a high-risk driver’s license has been suspended or revoked, the state Department of Motor Vehicles (DMV) may require their insurance company to complete an SR-22 form before driving privileges can be resumed.
What Is the Average Cost Of High Risk Auto Insurance Rate?
According to our rate projections, the average 34-year-old non-high-risk driver pays roughly $1,732 per year for vehicle insurance. They may, however, be fined up to $3,191 for having bad credit and $3,188 for having a DUI. This represents an 84% increase.
Because average vehicle insurance prices vary greatly by age, having an accident or DUI on your record might raise your rates in varying amounts. What you pay is also determined by your deductible and whether you have complete coverage. There are numerous factors that can contribute to you being a high-risk driver. What you can be certain of is that your auto insurance prices will rise.
Our Recommendations For Car High Risk Auto Insurance Rate
While several firms sell high-risk auto insurance, three stood out in our research: Progressive, Geico, and State Farm. It should be noted that, while all of these providers offer high-risk auto insurance, there is no assurance that you will receive an offer from them. If your risk is sufficiently high that the insurance company will not profit from your operation, the company may legally deny you coverage.
1 Progressive (High risk auto insurance rate company):
Progressive originated as a high-risk insurance firm and continues to sell high-risk coverage to the majority of drivers. Because of its outstanding reductions for this category, our study team deemed Progressive auto insurance the best for high-risk drivers. We’ve also discovered that Progressive’s high-risk vehicle insurance average costs are lower than those of several other firms.
Progressive claims that its discounts save drivers an average of $750 on their vehicle insurance policy, and that 99 percent of its auto customers receive at least one discount. It should be noted that some discounts are only accessible in specific states.
Here are a few Progressive discounts that can help you save money on high-risk vehicle insurance:
- Teen discount: Teens’ car insurance rates are often higher than other drivers, and Progressive offers discounts to those 18 years or younger to encourage them to join Progressive.
- Good Student discount: Students who earn a B average or better earn a car insurance discount with Progressive. In addition, college students who are more than 100 miles from their parents’ residence are eligible for a discount.
- Sign online discount: Progressive drivers save an average of 8.5 percent on their policy for simply signing documents online.
2 Geico (High risk auto insurance rate company):
Geico Casualty, Geico’s high-risk business, employs a point system to determine how much an individual will pay for a specific policy. It considers how recent an accident or traffic violation of a high-risk driver was, for example. Its point system may be advantageous to high-risk drivers who have been driving safely for at least a year.
Geico provides roadside assistance, rental car reimbursement, and mechanical breakdown insurance in addition to their helpful points system. There are also other discount options available to assist you save money on auto insurance.
3 State Farm (High risk auto insurance rate company):
State Farm, like Progressive and Geico, provides excellent coverage at an affordable price and has excellent customer service scores. State Farm auto insurance is our top option for students all throughout the country. According to Investopedia, State Farm also has the lowest rates for DUI drivers in over 20 states.
You can save money on high-risk auto insurance by using State Farm’s Drive Safe and SaveTM program. Throughout the program, a telemetric gadget or an app on your phone monitors how you drive. You can get significant discounts if you drive carefully, including simple acceleration and braking.
Deciding Which Provider Is Right For You
We recommend collecting vehicle insurance quotes from different providers whenever you browse for car insurance so you can compare coverage and pricing. Aside from the insurance provider you select, characteristics such as your age, car make and model, and driving record can all effect your premium, so what’s best for your neighbor may not be best for you.
