Being dubbed as a high risk driver in Canada isn’t something you would like in the first place. We understand that a string of misfortunes might have landed you in accidents or you got too many traffic tickets. Car insurers in New Brunswick are often reluctant to insure high risk drivers.
This is due to the enhanced risk quotient they carry. However, you can still find relatively affordable quotes on consulting reputed insurance brokers. Click here to find quotes from multiple insurance companies.
So, you must be wondering how to get high risk auto insurance in New Brunswick without breaking your wallet. We have explained the strategies that might click for you in this article.
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What Does A High Risk Profile Mean For Drivers?
While deciding your auto insurance premium, top insurance companies determine your risk profile. The risk profile indicates how frequently you are likely to file a claim and how risky you are as a driver. Naturally, insurers would spike the premiums if they consider you a high risk driver.
So, if you want to get high risk auto insurance in New Brunswick to cover your vehicle, be prepared to pay more than average drivers.
Each insurer has some standard parameters to determine your risk profile. Once you gain this unwanted tag, standard insurance rates in Canada won’t apply to you. Insurance companies might consider you a high risk driver for several reasons, including the following:
- Driving under drug influence
- If you are caught and penalized for driving recklessly
- In case you file claims too frequently, even for minor damages
- If you have several speeding tickets in a short span
- If you are at fault in more than one instance of collision
Even if you don’t pose any genuine risk, men under 25 naturally come under the high risk category. This is due to their tendency to drive recklessly and break traffic rules. Naturally, drivers in this category pay the highest premiums. So, if you are a high risk driver, you would typically pay higher insurance premiums.
Why Do You Need A High Risk Auto Insurance Company?
Being a high risk driver, you might find it challenging to find affordable policies. Some of the leading insurance providers may not be interested in covering your vehicle. In these circumstances, you need to work with a high risk auto insurance company.
High risk car insurers specialize in customizing policies for owners posing a greater threat. So, if you have accumulated too many demerit points and are trying to get rid of them, you should work with one of these insurers. Accidents do occur, and with these insurance companies willing to cover you despite the high risk involved, you get an opportunity to leave the poor record behind.
In some instances, high risk insurers can also help you save on premiums. For accidents and traffic tickets, they offer different insurance rates. Eventually, it pays to reach out to one of these insurers through your broker and compare quotes.
How Can You Find A High Risk Auto Insurer?
The best way to find a company that offers high risk auto insurance in New Brunswick is to reach out to reputed insurance brokers. As industry specialists, these professionals keep track of insurers ready to cover you at affordable rates. Rather than hunting for random insurers, Canadian high risk drivers habitually consult these brokers.
Once you reach out to the professionals and furnish your records, the experts would evaluate your risk profile. Next, they recommend the best policies from high risk insurers to help you lower your premiums. Once you find the policy, focus on vigilant driving to remove your demerit points from your profile over time.
How Can You Lower Your Premium As A High Risk Driver?
You may consider undergoing a driving training course if you are a new driver or student without any demerit points. Completing a defensive driving program can help you mitigate the associated risk. Insurance companies would also recognize the low-risk profile, and eventually, your policies will get affordable. You may also ask your broker to recommend some student car insurance policies.
Also, the brokers help their clients bank on discounts and seasonal price-offs. With most insurance companies, you can find discounts that would help you make a saving. Here are some cases where you can qualify for a discount.
Insure multiple cars: If you have more than one car in your family, consider purchasing insurance from the same provider. This can help you become eligible for their discounts. This price-off would be applicable to both policies.
Bundle insurance policies: Some insurance companies specialize in both cars and houses. So, if you cover both your assets from a single insurer, you can benefit from their discount.
Install safety devices: If you own a luxury car, insurers consider you a high risk driver. This is because luxury vehicles are expensive and are susceptible to theft. Investing in a safety or anti-theft device significantly lowers the associated risk. This way, you can qualify for more affordable premiums.
Pay a higher deductible: Once you agree to pay a higher deductible, your insurer will be convinced that in the case of an accident, you will pay a certain amount before filing a claim. It would be wise to raise your deductible from the average rates. This can help you portray yourself as a relatively low-risk driver. In these cases, your insurer might reduce the premiums.
Finding Affordable High-Risk Auto Insurance In New Brunswick — Endnote
If you are a high risk driver, you would be paying at least 40% higher than the standard premium with not less than two traffic violations in the last three years. If you have three violations, you would be paying almost double. Again, if you are charged under the criminal code for careless driving or driving under the influence, you may need to pay as much as $10,000 as your annual car insurance premium.
You can lower your premiums with professional assistance from established insurance brokers. So, if you want to remove the frustrating tag of a high risk driver, reach out to the broker for an affordable policy. Meanwhile, you can enroll in a defensive driving course and be extra vigilant on the road to improve your driving record.
