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High-Risk Auto Insurance
With high-risk auto insurance, ‘standard’ insurers are companies like Aviva or Economical and cater to drivers who have minimal conviction records or claims history. Drivers change to High-Risk once they have either a small collection of convictions or claims within the past three to six years.
Convictions stay on record for three years, while High-Risk Auto Insurance Claims are on record for up to 9 years.
Every insurance company rates claims and convictions differently but with High-Risk Auto Insurance markets, it can be very cut and dry. For example, if you have over 2 at-fault claims within a recent three year period an insurer may not offer Collision coverage. If your vehicle is leased or financed, you are required to carry Collision and Comprehensive coverage. Another issue may be if you have 2 Non-Pay cancellations within three years; an insurer could decline to even quote you. It is always recommended to disclose as much information as possible to your insurance broker otherwise you may find yourself being rated incorrectly and subject to either an amendment or even a decline.
Unfortunately, young drivers or G2 drivers can find their premiums sky-rocket after just one ticket or claim. They can also find that insurance companies rate their convictions more severely than G class drivers – this may push them into high-risk markets.
Did you know: Convictions dates are rated as of conviction date, not the offense date.
Insurance brokers must rate according to what is on your Motor Vehicle Record (MVR) report. Sometimes claims are recorded incorrectly which may mean your insurance broker will ask for a Letter of Experience – a standard letter in which your insurer will list all claims, both at-fault and non-at fault, they have on file. This will enable an insurance broker to make sure your quote is being rated for correctly.
Here at My Hunter, we work with a high-risk auto insurance provider who is very competitive in this field, so if you are finding yourself now classed as a ‘High-Risk Driver’, we can help you. We can help make insurance easy to understand and give you peace of mind.
Call us today and speak to one of our brokers for more information: 1-877-454-4476 or visit our quote page to request a detailed quote.