As a high risk driver, you know that auto insurance premiums are likely to be more expensive than what other drivers pay. But high premiums might not be the end of the road. Although it’s not easy, this article show you how to lower your car insurance premium as a high risk driver either by switching companies or adjusting your policy with your current company. If you’re willing to take steps to lower your premium, here are 10 tips to get you started on the right path to driving safer and saving money on car insurance premiums!
How to Lower Your Car Insurance Premium as a High Risk Driver
1) Talk to your agent, or shop around.
Check your coverage limits. When you are looking for the best price on your insurance, don’t just look at the base premium. Make sure you review all of the coverage options and ask yourself whether or not they will provide enough protection if you were in an accident.
2) Avoid car accidents
One way to save money on your insurance premiums is by driving carefully. Accidents are the primary reason why people end up with high risk rates, so it’s important that you do everything you can to avoid them. It’s not enough just to drive sober and exercise caution–you need to be conscious of what’s happening on the road around you at all times, particularly in hazardous situations like heavy traffic or when crossing an intersection.
3) Pay on time
Pay your premium on time- if you’re not sure when it’s due, check your insurance company’s website. With Allstate, for example, premiums are due every month by the fifteenth day of the month. You can also call them or visit their website and they’ll let you know what date it was paid on.
4) Check your credit history regularly
Checking your credit history is one of the easiest and most cost-effective ways of making sure that you are informed and can protect yourself against fraud. When you are checking your credit report, make sure to take note of any suspicious activities, like those requesting your Social Security number or account information. Also make sure that all information on the report matches up with what has been reported by creditors and lenders who have done business with you.
Keep all cards in good standing.
5) Keep insurance limits in line with your car’s value
There are plenty of ways you lower your car insurance premium. And one of the easiest ways is by lowering your insurance limits. Keeping your insurance limit in line with the value of your car will help you save money. The higher the limits, the more expensive it will be for you!
6) Don’t change cars often
If you are young, changing cars can seem cool, but having a clean record on the car you drive is much more important. Why? The insurance company knows how much risk they are taking on if they give you insurance and then your car is totaled in an accident or gets vandalized because of its recognizable nature. If that happens, they will have to pay out tens of thousands of dollars because it’s highly likely that you won’t be able to afford full replacement cost.
7) Drive less expensive cars
If you’re insuring more than one car, consider driving the less expensive vehicle. This will lower your monthly payment, but still give you peace of mind in case anything happens.
8) Never let someone else drive your car if you can avoid it.
Never let someone else drive your car if you can avoid it. This is the most common reason for higher rates, especially if they have been in an accident. Plus, while they may not have your best interests at heart, they are probably not looking out for your car’s safety either.
9) Install auto safety devices
It’s always important to have the proper safety equipment for your car, but it can be especially vital for high-risk drivers. There are certain things you can do before purchasing auto insurance that can help you get the most cost-effective premium, including installing anti-theft devices and getting an alarm system.
10) Look into non-profit groups that might offer discounts like AAA.
Non-profit groups, like AAA, offer discounts for members of their services and may have an additional discount for high risk drivers. Getting other services such as car insurance through these types of groups can be beneficial and help you save money on premiums over time. Remember that any time you purchase car insurance from another company it is best to check your credit report first because the two companies will typically share information in order to get the best rate possible.
Key Takeaway
Though being a high risk driver means you will face some challenges when it comes to car insurance, there are still ways to lower your premium. By doing your research, you can find the insurer that will give you the best rate for your situation. You may also be able to lower your car insurance premium by taking steps to improve your driving record.
