Need To Relieve The Stress Of High-Risk Car Insurance? Start With This Simple Strategy
Posted on: 20 February 2019
Whether caused by receiving a number of traffic tickets, failure to carry insurance, or involvement in one or more traffic accidents, getting the news that you are now classified as "high risk" is never good news.
Drivers who are given this classification may find themselves seeing their car insurance premiums rise dramatically for at least three to five years. If subsequent violations or accidents occur during that time, the time frame may be even longer.
If you have just been notified that your car insurance is now considered high risk and the new premium amount is frighteningly high, here are some simple options to help lower the amount and relieve some of the stress you are feeling.
Consider driving a different vehicle
While you will not be able to change the fact that you will have to pay high risk car insurance, you may be able to reduce the amount of the premiums by opting to drive a vehicle that will be less expensive to insure. For example, if your current vehicle is a model that is considered high-performance or at higher risk for being stolen, it will be more expensive to insure than a model that is classified as lower risk.
Consider raising your deductible or dropping collision coverage
The amount of your deductible has a direct bearing on the cost of your auto insurance premium. Opting to raise your deductible a few thousand dollars can instantly help to reduce the cost of your high risk insurance premiums. It is important, however, to always make sure that you have sufficient savings to make up for the higher deductible amount in the event that you are involved in an accident during this time frame.
Dropping collision coverage can also be a way to reduce the amount of your car insurance premiums, but this is only possible in cases where there is no outstanding loan on the vehicle you are insuring.
Bundle your car insurance with other policies
Bundling high risk car insurance with other types of insurance coverage is another way to lessen the pain of high risk premiums. Most insurance companies offer a discounted rate for customers who have multiple policies bundled through their company.
These are only a few of the available options to reduce the cost of high risk insurance. To learn more about these, as well as any additional options, take time to speak candidly with a trusted auto insurance broker or agent in your area.
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