As a high risk driver, you already know how expensive high risk car insurance can be. Being labeled as high risk by your car insurance company after a few mistakes is life changing. Premiums go up, options for insurance providers go down. But that said, there are some ways to access to high risk car insurance discounts! These discounts aren’t going to make high risk auto insurance affordable, but they will help you out while you work to repair your driving record. Here are the five high risk insurance discounts you may be able to access.
HIGH RISK INSURANCE DISCOUNTS BY COMPARING RATES
One of the best ways to find high risk car insurance discounts is by comparing the rates of different insurers. When you compare the rates of many insurance companies, you’ll be able to see which ones offer the lowest rates. The reason insurance rates differ is that each company has their own internal rate calculation. If you want to compare rates right now, request a quote online in minutes with isure!
BUNDLE SEVERAL INSURANCE POLICIES
By bundling your high risk car insurance with other policies, like home insurance, you will save money. While not a direct high risk insurance discount, this is a way for you to save money. The amount will vary depending on the policy (or policies) you bundle with it. It could range up to hundreds of dollars in savings annually.
RAISE YOUR DEDUCTIBLE FOR HIGH RISK INSURANCE DISCOUNTS
Raising your deductible will have an immediate impact on your car insurance premiums. As a high risk driver, you have a significantly higher risk of being in a situation where you need to make a claim. The deductible is the amount that you must pay first before the insurance company starts to offer coverage. For example, if your deductible is set at $1000, you pay $1000 out of pocket for expenses and insurers cover what’s on top. Keep in mind that raising your deductible can put you in serious financial stress if you end up needing to make a claim.
If you can change your driving habits to drive less, you can achieve some serious high risk auto insurance discounts. While it’s not always possible for some people, there are great ways to drive less. Take advantage of public transit, bicycles or carpooling as a great way to spend less time in your car. Driving less means your risk is lowered, and as such, you may be able to get cheap high risk car insurance.
PAY UP FRONT FOR AN INSURANCE DISCOUNT
Some car insurance companies offer small high risk auto insurance discounts if you agree to pay in advance. By paying the entire years insurance on day 1, you’re taking advantage of something called the ‘time value of money’. Essentially, the insurance company can better use the money now, than they would with monthly payments. As such, they reward you for the advanced payment with a small discount on your premiums.