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High-Risk Insurance

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High-Risk Insurance

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High-Risk Insurance in Alberta

If you’ve been labelled high-risk in Alberta, it can mean that insurance will be much more expensive and difficult to acquire. Yes, a high-risk label can be disappointing, but it doesn’t always mean you must pay a significantly high rate. If you ever feel tempted to drive without insurance in Alberta, read this blog.

If you still need insurance, we are here to make sure you can find affordable options that can fit within your budget, whether it’s insurance for your home or car. Sharp Insurance helps you find high-risk insurance quotes in Alberta.

Why Have I Been Labelled High-Risk?

A high-risk status can apply to multiple insurance policies but often shows up on an auto insurance policy. If you’ve been labelled a high-risk driver, it might be a result of:

  • Multiple at-fault accidents in the last 3–5 years.
  • A major conviction (e.g., speeding charge, DUI).
  • Multiple tickets over a short time period.
  • Insurance cancellation due to missed payments.

High-Risk Home Insurance in Alberta

Other types of high-risk, or non-standard, insurance includes home insurance for a non-standard home. A non-standard property might be an older building, a rural property, or a vacant lot. High-risk insurance for your home is much more expensive than your standard home insurance in Alberta.

If your insurance policy has been canceled due to non-payment, you may be labeled a high-risk homeowner, but every insurer handles non-payment in a different way, so always check with your insurer or broker.

Home insurance policies that are considered non-standard will cost you more, often double or triple what you would pay for a standard home insurance policy.

Another reality of high-risk insurance in Alberta is that the coverage is limited. A non-standard insurance policy may mean your payment options are limited, and you will not have much more than basic coverage options, unlike the array of options you’d have with standard home or vehicle insurance.

Sharp Insurance’s high-risk insurance brokers are more than happy to help you find the coverage you need in Alberta. Although your rates may be higher than you’d like, we’ll do what we can to find you the most cost-friendly variation to ensure your insurance is still affordable.

We also advise you along your insurance journey: what are your best options, and how can you keep your costs as low as possible. We also walk you through your policy details, so you know exactly what you’re covered for.

Give us a call today or apply for a free high-risk insurance quote in Alberta.

High-Risk Car Insurance in Alberta

Being labelled a high-risk driver in Alberta may be the result of a DUI, speeding tickets, several at-fault accidents, cancellation due to non-payment, or multiple ticket infractions (e.g., speeding, failing to yield).

Younger drivers already pay more for their insurance, but a high-risk label may result in even higher premiums. Driver training courses and other measures may be taken to reduce insurance rates for young drivers.

Like a standard car insurance policy in Alberta, high-risk auto insurance is priced by looking at a variety of factors, including age and the make and model of your car.

Paying more for your high-risk auto insurance in Alberta is inevitable. The best way to get your premium lowered is to build up a consistent driving and payment history. Still, familiarizing yourself with what impacts your insurance can help you get lower rates.

Below are some tips to reduce your insurance rates: 

  • Practice safe driving behaviour. Watch your speed and be mindful of traffic signs and lights.
  • Use your vehicle less and public transport more to qualify for a low mileage discount.
  • Choose a higher deductible amount.
  • Ask your high-risk insurance broker in Alberta about potential discount eligibility.
  • Partake in a defensive driving course to sharpen your skills.
  • Invest in a car alarm system.

One of the best ways to save money on your high-risk auto insurance in Alberta is to work with a broker from Sharp Insurance. With our expertise and insights, we’ll give you suggestions on how to save on your insurance. Plus, we’ll shop around on your behalf to find you the best insurance quotes.

It can be tough on your finances and discouraging to be labelled a high-risk driver. But we have the expert brokers you need to get the best possible rates and the greatest coverage.

High-Risk Home Insurance Basics

High-risk auto insurance and home insurance policies are different when it comes to the policy details. Being labelled as a high-risk homeowner is less to do with your personal behaviour (unless you have been cancelled for missed payments) and more about the actual property. Homes that are much older, rustic, vacant or are used as rentals may be labelled as high-risk due to their unique situation.

Home insurance is not required by law like auto insurance. A high-risk label on your home may deter you from maintaining coverage, even after you’ve paid off your mortgage, but we highly advise against cutting coverage to save money. With high-risk insurance, yes, you’ll be paying more, but you’ll have the necessary protection you need to rebuild your home if something unexpected happens. This type of insurance can also protect you from the cost of a lawsuit if someone sues you in the event of property damage or bodily injury.

Speak with one of our high-risk insurance brokers in Alberta today for additional advice on how to save on your property insurance.

High-Risk Insurance FAQ

Sharp’s high-risk insurance brokers are here for you and can answer any questions you may have about home or car insurance policies in Alberta.

No, demerit points will not affect your vehicle insurance rates. However, repeat offences eventually result in a licence suspension. A licence suspension will affect your insurance rates and may remain on your driving record for up to six years.

Certain convictions and violations may impact your auto insurance rate, but parking tickets do not. If you believe a speeding ticket or other infraction was wrongly issued, you can fight the matter in court.

The following high-risk behaviours will impact your insurance for the following durations:

  • Tickets (speeding and other moving violations): 1–3 years
  • At-fault accidents: 3–6 years
  • Licence suspension: 3–6 years
  • Non-payment: 1– 3 years
  • Criminal convictions (DUIs, criminal speeding): 6 years

Certain incidents may remain on your driving record depending on the severity or the frequency of the occurrence. While the incident remains on your record, it’s in your best interest to practice safe driving behaviour. In the meantime, check out our blog on the best ways to save on your car insurance.

The high-risk label on your driving record may remain for a certain period, depending on your driving behaviour. If you’re a high-risk driver, your auto insurance rates may go down over time.

With high-risk home insurance, you may have your high-risk label until you move homes, complete renovations, occupy the home or end your rental situation.

Get a Quick High-Risk Insurance Quote in Alberta

Being labelled a high-risk driver may have its challenges, but it’s still possible to get a reliable vehicle insurance or home insurance policy. Sharp Insurance helps you find insurance coverage that suits your budget and gives you peace of mind on the road and at home.

Request your own free, high-risk insurance quote in Alberta today.

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