Affordable High-Risk Insurance with Sharp
Was your last insurance policy cancelled due to non-payment and now your current insurance coverage premiums are sky-high? High-risk individuals may find it difficult to get affordable insurance.
High-risk insurance means that your insurance carrier has deemed you high risk, therefore you will have a more expensive premium than average to offset that risk.
Work with Sharp Insurance to get a high-risk insurance rate and lock into a customized solution today.
What is High-Risk Insurance?
If you have been labelled as high risk, it could be due to several reasons, including:
- Insurance policy cancellation due to non-payment
- History of lapsed insurance coverage
- Age or inexperience
- Poor credit score or no credit
- DUI conviction
- Vintage home
Sharp Insurance believes in second chances and we’re here to help you get affordable high-risk insurance.
How to Get Lower High-Risk Auto Insurance Rates
Inevitably, you will pay more for your insurance than your standard insurance. That’s a given. Until you’ve waited out your high-risk label, you won’t be paying the same for your insurance as the average policyholder. This doesn’t mean you’re saddled with crazy expensive rates for the foreseeable future. You can still find affordable insurance coverage even as someone who’s been labelled high-risk.
You can’t help if you’ve had a lapse in your insurance coverage due to the several months or years you spent without a car, or that you’ve inherited your family’s vintage home, or that you’re a new driver with only a few months’ experience.
Here are some factors that will help you reduce your premiums for high-risk insurance.
- Start building a consistent insurance history as soon as possible. The more experience you have, the less you may end up paying.
- Work with a broker to design an insurance package that is tailored to your needs, so you don’t end up paying for more than you need.
- Drive less and take public transportation more.
- Consider paying annually for your insurance.
- Always pay your premiums on time.
Tips for Reducing Premiums on High-Risk Home Insurance
- Fix any small repairs that your home needs yourself without making a claim.
- Ask your home insurance broker about eligible discounts.
- Raise your deductible amount. Deductibles typically start at $500, but they can range upwards of $3,000 – $5,000.
- Update your home’s older systems. Older homes may see higher rates due to outdated electrical or plumbing systems.
- Always pay your premiums on time.
And finally, here’s how to get lower high-risk insurance for your auto policy:
- Practice safe driving. Adding to your list of claims or violations won’t help your case.
- Ask forgiveness. Some companies will remove violations and accidents from your record before renewal, which will reduce your premiums.
- Ask your insurance provider about locked-in auto premiums if you’re an older driver.
- Consider taking a defensive driving course. Not only will this refresh your skills, but some driving courses may reward you with a discount.
- Ask your auto insurance broker about eligible discounts.
- Be patient. Your poor driving record won’t go away overnight. But it may improve in the next three to six years, at which point your rates will go back down.
- Always pay your premiums on time.
By being safe, smart and patient, you can reduce your rates significantly. We always recommend working with a Sharp high-risk insurance broker to help you shop around for the most affordable rates, even as a high-risk individual. We have great strategies, digital tools and use innovative solutions to get you better insurance coverage.
High-Risk Insurance FAQs
There are many reasons you might have been labelled a high-risk driver and are now finding it difficult to get affordable insurance. The definition can vary from insurance provider to insurance provider. In general, high-risk drivers are typically drivers who have had multiple accidents, tickets or major driving convictions. If you’ve missed payments or been cancelled due to non-payment, you may also be labelled a high-risk driver.
It depends. If you have an older, vintage home, your premiums might be high until you move your address or update your home’s systems. But, if you’ve been labelled a high-risk driver due to convictions, know that those convictions will fall off your history after three to six years (depending on severity). Just keep your record clean in the meantime.
With some insurance providers, yes. If your risk is too high, putting you out of your insurance provider’s target demographic, you may not find yourself with a renewal offer when your policy term is up. You’ll have to find unique insurance coverage through a different provider to avoid a lapse in your coverage.
It can be. It depends on that insurance company’s definition of high-risk. As a rule, homes that are left unoccupied for over 30 days are typically labelled as vacant, and insurance coverage may be limited for those homes. If you know that your home will be left vacant for any reason and you want to avoid a lapse in coverage or risk voiding your policy, discuss with your broker about acquiring vacant home insurance.
Not all the time. Some high-risk insurance providers will only offer limited coverage to high-risk drivers to ensure they aren’t taking on too much risk. As an example, a high-risk auto insurance policy may be limited to $1,000,000 liability coverage and you may be ineligible to purchase collision or comprehensive car insurance.
The cost of your high-risk insurance is still dependent on the same factors as your standard insurance, only you’ll find your rates might be significantly higher. As an example, your auto insurance premiums might be double, triple or become five times more expensive if you have a DUI on your driving record.
Premiums are gauged based on your risk profile, and the higher the risk you present, the higher your insurance premiums.
If you’re gambling with the idea that your insurance will be too expensive and it’s better to go without, consider the consequences of skipping out on your insurance coverage. For auto insurance, it’s a no-brainer — you need insurance. It’s mandatory in Canada. It’s more costly to be caught without valid insurance than pay for an insurance premium.
For home insurance, just think: could you afford to repair or replace your home entirely if it was destroyed? Pay for an unexpected lawsuit? These are questions you should be asking yourself if the cost of high-risk insurance is worth it. It’s also worth noting that a lapse in insurance coverage will contribute to higher rates.
Some brokers, like Sharp’s high-risk insurance brokers, specialize in helping you find affordable insurance for less.
We compare quotes between multiple high-risk insurance providers to get you the best coverage for the best price.
It depends on your insurance company’s definition of high-risk. Adding modifications to your vehicle or purchasing a highly specialized vehicle can impact the overall value of your car and the cost it would take to repair if it was damaged in an accident. Purchasing performance-enhancing modifications, like modifying the exhaust system or changing the engine, can increase your premiums.
Illegal modifications will not be covered. Legal car modifications can be added, but they will increase the cost of your premium. If you’ve made modifications to your vehicle to make it more accessible for individuals with disabilities, you’ll likely not see a big impact, unless the modifications are significant — i.e., adding a wheelchair lift, custom seats, hand controls, etc.
In short, any car modifications you make may not necessarily result in a high-risk label, but they may increase your insurance premiums.
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Pick Sharp Insurance for Affordable High-Risk Insurance Rates
Just because you’ve been labelled high-risk doesn’t mean you need to break the bank to get back on the road. Sharp Insurance is dedicated to developing innovative tools that improve our customers insurance journey. Above all else, we value empowerment, connection, innovation and exceptionalism.
As one of Canada’s fastest growing independent brokerages, we work with multiple markets to help get you the insurance coverage you need.
We pride ourselves on providing fast, efficient and outstanding customer service, thanks to our dedicated staff. You can reach us through an omni-channel service, which allows you to connect over the phone, via email or even in-person — seamlessly.
Connect with us today or begin on your high-risk insurance coverage by getting a free quote.
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