Friday, February 15, 2008

Hish Risk Drivers

    hight risk driverHish Risk Drivers

    Insurance companies have a definition of the term "high risk" driver. A "high risk" driver is a category of drivers who do not meet the eligibility requirements established preferred auto insurance companies. Auto accidents, multiple tickets (speeding and/or reckless driving) or serious offenses like DUI on your driving record signify to the auto insurance company that you are a high risk to insure. Additional risk factors include your credit history, lack of continuous auto insurance coverage, and personal profile.

    If you have been involved in several accidents or have had multiple speeding tickets within two to three years, these incidents will negatively affect your record even if they were not at fault in the accidents. You can also be labeled a "high risk" driver just by the number of speeding tickets you have received. If you are designated a "high risk" driver, there are several steps you can take.

    Get out of the "high risk" category

    This seems like common sense, but unless you want to continue paying higher auto insurance premiums, you must work toward getting yourself reclassified. Most insurance companies only consider the last three years of your driving record to determine your status and premium. Avoid congested areas whenever possible, and be sure to slow down in reduced speed zones. You need to be aware of your surroundings and never speed, and you will be on your way to a successful reduction in your rates. It also helps to drive a domestic vehicle. If you are driving a sports car or luxury vehicle, you are paying much more than someone who drives a family sedan or compact hatchback plus adding on your high risk premium. Consider what you drive and how it relates to your auto insurance premiums.

    "High risk" auto insurance coverage

    Some insurance agents specialize in offering policies to those with active driving records and/or sports car enthusiasts. However, you should expect to pay much premiums to match your "high risk" status. Statistics have demonstrated that insurance companies lose more money insuring people with bad driving records or sports cars for the higher coverage pay outs. Be upfront with your insurance agent about your driving record. The agencies that work with "high risk" drivers know how to find you the best deal for what car insurance is available to you. Also compare as many quotes as you can, each insurance company will view your driving record differently.

    State assigned risk

    Even if the high risk insurance agents will not write you a policy, every state has some kind of program that helps the"High risk" drivers get insured by entering the states shared pool. Your "High risk" status is "shared" among all the auto insurance companies in this pooled market. If you are forced to buy auto insurance from the shared pool, the premiums are much higher than standard car insurance premiums and it typically covers only liability insurance. You must meet the laws requirement of having liability insurance. If you cannot find an insurance agent who can work with you through the state pooled market, each state has an insurance commission that can provide information.

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Hish Risk Drivers


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