How To Save Money on Insurance as a High-Risk Driver
Driving without insurance, causing an accident, or violating major traffic laws can mark you with the label “high-risk driver.” While the name sounds intense, its meaning isn’t always clear. Anyone who has dealt with traffic laws knows that the consequences of a mistake on the road can extend far beyond your life as a driver. High-risk drivers can face professional, legal, and financial consequences for their actions—including higher insurance premiums. Fortunately, smart choices and a bit of research can preserve your budget in the face of higher auto insurance rates. Learn how to save money on insurance as a high-risk driver with this guide.
The Effect of Being a High-Risk Driver
There are many reasons why insurance companies might consider you to be a high-risk driver. Sometimes, the label comes as a result of your own actions, like in the case of a DUI or other reckless driving charge. Other factors—such as your age or where you live—are out of your control. No matter the reason, if an insurance company thinks you’re going to cost them more money in the long run, they’ll charge you more for an insurance policy. This can be stressful, but it doesn’t have to be the end of the world. Like any other type of insurance policy, you can find ways to lower the rates of your high-risk auto insurance.
Time and Patience
To reiterate, some factors that label you a high-risk driver are out of your control. Age is a major consideration for many auto insurance providers. Younger drivers are more likely to get into crashes than older, more experienced people. Sometimes, you simply have to wait it out and prove you’re a safe driver over time. Spend your first few years on the road driving carefully and responsibly. If you abide by traffic laws and avoid causing major accidents, your insurance premium will go down.
Shop Around for Deals
One of the biggest tips for purchasing car insurance is to shop around and compare quotes. Every insurance provider is different. You’ll find different rates, discounts, and terms everywhere you go. Don’t just sign up for the first policy you can afford. Take your time and research the different providers available. Keep in mind that some insurance companies are much harsher on high-risk drivers than others. Get quotes from several different options to see who will give you the best rates. While the difference between two providers might not seem like much now, it can save you a lot of money in the long run.
Dig for Discounts
As you take the time to compare rates on your insurance, you should also look for and compare potential discounts. Insurance providers offer dozens of discounts for different reasons. Some are common and easy to find with nearly any insurer, like senior discounts or good student discounts. Many insurance providers also offer a discount if you pay off your entire policy at once rather than over the coming months. Safe driving is another major discount across several insurers. Even if your driving record leaves something to be desired now, practicing safe and responsible driving in the months to come will help lower your insurance rates. And don’t forget to ask about additional discounts when you choose your policy. You never know what savings you can discover by talking to an agent.
Choose Your Car and Policy Wisely
The type of car you have also affects your insurance rates. For example, older vehicles are cheaper to insure because the provider won’t have to pay as much to repay or replace them in the event of an accident. Additionally, cars that are safer or more durable will earn you a cheaper policy. Some insurance companies even offer a discount if you have anti-theft devices in your car. If you’re on the market for a new vehicle, make sure you keep your insurance policy in mind. Try to gather quotes for a few different vehicles you have your eye on. While you’re at it, experiment with different policy options. If you have an older vehicle, optional coverages such as collision or comprehensive coverage might not be worth the higher premium.
Practice Safe Driving
As mentioned above, most auto insurance providers offer a safe driving discount. The longer you go without an accident or traffic violation, the more money you can save. Just because you’re a high-risk driver now doesn’t mean you can’t practice safe driving skills. You can even get additional savings by taking defensive driving courses or going through similar programs. The more effort you put into being a responsible driver, the easier it is to lower your auto insurance rates. Be sure to ask your insurance provider about safe driving discounts. See if there’s anything you can do to speed up the process and display your commitment to staying safe behind the wheel.
Work on Your Credit Score
Some parts of your life will influence your insurance rates, though they have nothing to do with your car or your driving skills. Improving your credit is one surefire way to save money on insurance as a high-risk driver. People with better credit tend to stay on top of monthly bills and pay off their loans faster. Because of this, insurance companies are more comfortable offering them lower rates. When you boost your credit score, you prove to insurance providers that you can make monthly payments without issues. Boost your credit by staying on top of monthly bills and working to pay off long-term loans.
Seek Out Driving Alternatives
In some cases, driving less can lead to lower insurance rates. Fewer annual miles mean decreased chances of an accident, which in turn leads to a cheaper cost of insurance. Review your daily commutes and driving habits to see if there’s a way to spend less time behind the wheel. Can you carpool, walk, or use public transportation? These are all great ways to lower the miles you drive annually. Ask your insurance provider about the different mileage thresholds they use to determine policy rates. If you can drive less, you might be able to get a more affordable premium.
Finding the best insurance policy can seem complicated, but you don’t have to do it alone. With the right people on your side, you can learn more about your options and choose the best policy available. Serenity Group is here to help you through that process by offering knowledge and expertise on SR22 requirements for high-risk drivers. Visit our website today to find the cheapest SR22 insurance in California or any other state you drive in.