High-Risk Insurance
High-Risk Insurance in Ontario
In Ontario, being labelled a high-risk driver can mean insurance is harder to acquire because a high-risk label means your risk is much higher than the average policyholder. For drivers especially, being labelled high-risk may be due to your inexperience as a driver, recent convictions or your insurance policy was cancelled due to non-payment.
What is High-Risk Auto Insurance?
In general, a high-risk driver is someone who may have the below infractions on their driving record:
- A driving conviction, such as a DUI or criminal speeding charge
- A minor but frequent driving violation, including accidents or numerous tickets over a short span of time
- Numerous at-fault accidents in the last 3– 5 years
- Insurance cancelled due to non-payment
Ontario-based high-risk auto insurance is also referred to as non-standard auto insurance. You’ll need to buy it if your insurance company has cancelled your insurance policy, if your risk has changed or if you have been cancelled because of non-payment. High-risk can also apply to other policies, like home insurance.
High-Risk Home Insurance in Ontario
Home insurance is a little different when it comes to high-risk as compared with auto insurance. Generally, it’s less about your own behaviour than it is about the home you live in. Rustic, rural homes, unrenovated homes, older homes and unique structures may be labelled as high-risk.
Like your vehicle insurance, failing to make your home insurance policy payments on time can label you a high-risk policyholder. This means home your insurance rate will increase, often double, triple your standard home premium. High-risk insurance may also have its limitations. Non-standard insurance typically means you are limited to only specific means of payment and won’t have the same array of coverage options as you would with standard insurance.
It can be tempting just to cancel the insurance altogether, but home insurance is oftentimes required by a mortgage lender and cannot be avoided. Other times, if you are mortgage-free, home insurance is optional — but it’s necessary if you can’t afford to rebuild your home, you can’t afford the cost of a lawsuit or if you don’t want to worry about any unexpected issues. Ask a Sharp high-risk insurance broker in Ontario for advice on how to save on your home insurance policy today.
Why Choose Sharp Insurance
Sharp Insurance has several high-risk insurance brokers in Ontario who are more than happy to help you find non-standard insurance. Sharp brokers will also advise you on keeping your costs low and will walk you through your insurance coverage options.
Give us a call today to get a free high-risk car insurance quote.
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.
What Factors Impact My High-Risk Auto Insurance Rate?
Some drivers are given the high-risk label because they are young and inexperienced behind the wheel. Certain factors can place drivers in a higher risk category.
Your high-risk premium will vary based on:
- Your age, gender and marital status
- Make and mode of the vehicle you drive
- Condition and age of the car you drive
- How often you drive your car and how far
- Previous driving record
- Your insurance history, past cancellations and claims
How to Get Lower High-Risk Insurance Rates?
If you are already paying more than you’d like to under your high-risk auto insurance policy in Ontario, it’s essential to know how to lower your insurance rates over time.
Here are some tips to get affordable premiums:
- Ensure you make payments on time. Pay annually, if financially feasible, as this can save you administrative fees.
- Raise your deductible amount. Depending on your high-risk auto insurer in Ontario, you might have a pre-set minimum for your deductible. If possible, raising your deductible amount will lower your premium.
- Participate in a defensive driving course, especially if your high-risk label was the result of poor driving behaviour, violations or multiple at-fault accidents.
Sharp’s High-Risk Insurance Brokers Are Ready to Help
No one likes being labelled high-risk in any situation. Sharp Insurance brokers can help you navigate through this stage in your life and help you get back to driving and living safely and securely. Give us a call or request your own free high-risk insurance quotes in Ontario today.
High-Risk Insurance FAQs in Ontario
The length of your high-risk label on your driving record or home insurance policy will depend on many factors, including your driving record, the frequency of missed payments and the condition of your home. For older homes, you may be stuck paying higher premiums until you make necessary renovations or modifications to your home. If you’re unsure about your specific situation, ask one of our skilled brokers for advice.
If you have a serious driving conviction or a cancelled auto insurance policy due to non-payment, your insurance rate will increase. If you have collected parking tickets, this will not change your insurance rate but will appear on your driving record.
Here’s how long the following tickets/high-risk driving behaviour will impact your insurance:
- Speeding tickets and other reckless driving: 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
If applicable, consider enrolling in a defensive driving course or signing onto a payment plan to ensure good driving and continual, steady payments.
It’s a misconception that demerit points can affect your insurance rates. However, if your tickets accumulate and result in a licence suspension, they can impact your vehicle insurance rate.