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- What makes car insurance premiums high risk
- Who is high-risk car insurance for?
- How do I know if my policy is considered high-risk?
- How can my car put me in the high-risk car insurance category?
- High-risk insurance for convicted drivers
- Do I need a specialist policy if I’m a high-risk driver?
- What can I do to lower my high-risk car insurance premiums?
- Are there any quick ways to lower my high-risk car insurance premiums?
What makes car insurance premiums high risk
Finding the right car insurance coverage can be challenging if you have a high-risk profile, such as previous driving offences, claims history, or owning a high-performance car. At Comparoo, we strive to simplify the process by helping you find insurance providers that offer suitable coverage for your needs.
Who is high-risk car insurance for?
High-risk car insurance, also known as non-standard or specialist car insurance, is designed for drivers who are considered more likely to make a claim or have an expensive claim. This could be due to various factors related to the driver or the car itself.
Insurance providers typically charge higher premiums for new drivers and individuals in high-risk occupations. Moreover, if you own a powerful or expensive car, you can expect to pay higher premiums for your car insurance coverage.
High-risk car insurance aims to provide the necessary coverage tailored to the specific needs and circumstances of drivers in these categories.
How much can you save on your high-risk car insurance?
How do I know if my policy is considered high-risk?
Determining whether your policy is considered high-risk depends on various factors, and while the exact reasons may vary between insurance providers, the following elements can contribute to being classified as high-risk:
History of motoring offences
If you have points on your driving licence or a record of motoring offences, insurance providers may view you as a higher risk. Accumulating multiple points rapidly can further elevate your risk level.
Previous disqualification from driving
Having had your driving licence suspended or revoked in the past will undoubtedly place you in the high-risk category.
Using your phone while driving
Using your phone while behind the wheel is considered a high-risk behaviour and may result in higher premiums.
Non-driving convictions
Regardless of whether they are related to driving, having criminal convictions can be perceived as a high-risk factor by insurance providers.
History of claims
Being involved in numerous accidents, irrespective of fault, raises concerns for insurance companies and may categorise you as high-risk.
Unsettled insurance claims
Recent insurance claims can increase the likelihood of being deemed high-risk, with more recent claims carrying greater weight.
Limited driving experience
New drivers, particularly those who have got their driving licence within the past two years, are often considered high-risk due to their limited experience on the road.
Missed payments
Failing to make timely payments for car insurance or car finance agreements in the past can contribute to being classified as high-risk by insurers.
It’s important to note that each insurance provider has its own underwriting criteria and risk assessment methods. Therefore, while these factors generally contribute to a high-risk classification, the specific determination may vary.
How much can you save on your high-risk car insurance?
How can my car put me in the high-risk car insurance category?
Your car can indeed place you in the high-risk car insurance category, and this classification typically falls into three main areas based on how your insurance provider perceives your vehicle:
- Accident risk: Your car may be considered high risk if it is deemed more prone to accidents. Factors that contribute to this assessment include the vehicle’s size, safety ratings, handling capabilities, and stability.
- Repair difficulty: Certain cars may be classified as high risk if they are challenging to repair. This can be due to factors such as limited availability of spare parts, specialised repair techniques, or higher repair costs associated with unique features or components.
- Theft attractiveness: Insurance providers also assess the theft risk associated with your car. Some factors that may increase the attractiveness to thieves include the vehicle’s value, desirability, lack of effective anti-theft features, or being part of a popular target group for theft.
To further elaborate on how your car can put you in the high-risk category, consider the following scenarios:
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Modified vehicles: If you have made alterations to your car, such as adding alloy wheels, engine modifications, or other aftermarket enhancements, it can increase the value of your vehicle and potentially make it more attractive to thieves. Modifications that enhance performance can also be viewed as increasing the risk of accidents.
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Powerful vehicles: Cars with high-performance characteristics, such as sports cars, hot hatches, supercars, or high-end SUVs, are typically associated with higher insurance premiums. Factors such as engine size, horsepower, acceleration, and top speed can influence the perceived risk level.
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Unusual vehicles: Vehicles with unique features, like three-wheeled cars, may be considered high risk due to their unconventional design or limited market familiarity.
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Valuable vehicles: Expensive cars are often seen as high risk since their replacement or repair costs can be significant.
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Classic cars: Classic or vintage cars may require specialised insurance coverage due to their higher value and specific maintenance requirements. However, they can sometimes be cheaper to insure since they are typically driven less frequently.
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Theft vulnerability: The effectiveness of your car’s anti-theft system plays a crucial role in insurance premiums. Outdated or easily bypassed security features can increase the risk of theft and thus raise your insurance rates.
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Imported vehicles: Insuring imported cars may be challenging due to difficulties in assessing their risk profiles and potential higher repair costs associated with sourcing parts.
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Kit cars: Unique self-built vehicles often require specialised insurance coverage tailored to their specific construction and individual components.
Remember, insurance providers have their own criteria for determining risk, so it’s crucial to disclose accurate information about your car to ensure appropriate coverage and avoid any potential issues with claims.
How much can you save on your high-risk car insurance?
High-risk insurance for convicted drivers
If you have driving convictions such as drink driving, drug driving, driving without insurance, or speeding, you are likely to be deemed high risk by insurance providers. This means you may require specialist cover tailored to high-risk drivers.
Specific convictions that can impact your risk classification include:
Drink driving
Convictions related to driving under the influence of alcohol can significantly impact your risk profile. This is because alcohol impairs driving abilities and increases the likelihood of accidents.
Drug driving
Driving under the influence of drugs, including illegal substances or certain prescription medications, can result in severe impairment and increased risk on the road.
Driving without insurance
Operating a vehicle without proper insurance coverage is illegal and indicates a higher risk of non-compliance with driving regulations.
Speeding
Convictions for excessive speeding indicate a disregard for traffic laws and safety, which can lead to accidents and higher insurance risk.
Totting up convictions
Accumulating 12 or more penalty points within a three-year period can result in disqualification from driving. This reflects a pattern of repeated offences and demonstrates a higher risk level. For new drivers, accruing six or more points within 24 months of passing the driving test can result in licence cancellation.
Due to these convictions, mainstream insurance providers may consider you high risk or may even decline to offer coverage. In such cases, specialist insurance providers can offer policies designed for convicted drivers, taking into account your specific circumstances and providing the necessary coverage you need.
It’s important to disclose all relevant information about your driving convictions when seeking insurance to ensure accurate and appropriate coverage.
How much can you save on your high-risk car insurance?
Do I need a specialist policy if I’m a high-risk driver?
If you are considered a high-risk driver, it’s important to explore your insurance options carefully. While some standard insurance providers may be willing to cover high-risk drivers, there are also specialist insurance providers that cater specifically to this demographic.
These specialist insurers understand the unique circumstances of high-risk drivers and offer policies tailored to their needs. They may have expertise in providing coverage for drivers with convictions, young or inexperienced drivers, drivers with a history of claims, or those seeking insurance for high-performance or modified vehicles.
Comparing car insurance quotes and policies with Comparoo can help you find the best options available to you as a high-risk driver. By getting quotes and comparing the coverage and premiums offered by different insurance providers, you can make an informed decision and choose the policy that suits your specific requirements.
Keep in mind that while specialist insurance providers may be able to offer coverage for high-risk drivers, the premiums associated with these policies may be higher than those for standard coverage. It’s crucial to carefully review the terms, conditions, and coverage limits of any policy you consider to ensure it meets your needs and budget.
Remember, maintaining a clean driving record and practicing safe driving habits can help improve your risk profile over time, potentially leading to lower premiums in the future.
How much can you save on your high-risk car insurance?
What can I do to lower my high-risk car insurance premiums?
Lowering your high-risk car insurance premiums may take time, but there are steps you can take to improve your risk profile and potentially reduce your premiums:
Maintain a clean driving record
Focus on practicing safe driving habits, adhering to traffic laws, and avoiding any further convictions or penalty points. As time passes without any new incidents, insurance providers may view you as a lower risk, which could lead to lower premiums.
Accumulate no-claims discount
By going without making any claims, you can earn a no-claims discount over time. This discount rewards you for being a responsible driver and can significantly reduce your premiums. The longer you can maintain a claim-free history, the greater the potential savings.
Attend advanced driving courses
Completing advanced driving courses or defensive driving programs can demonstrate your commitment to improving your driving skills and safety. Some insurance providers offer discounts to drivers who have completed these courses.
Increase your voluntary excess
Consider raising the voluntary excess on your policy, if you can afford to pay a higher amount in the event of a claim. A higher excess can reduce the insurance provider’s risk and may result in lower premiums.
Improve vehicle security
Enhancing your car’s security features, such as installing an approved alarm system, immobiliser, or tracking device, can deter thieves and reduce the risk of theft. Insurance providers may offer lower premiums for vehicles with improved security measures.
Shop around and compare quotes
Don’t settle for the first insurance quote you receive. Take the time to compare prices and coverage from different insurance providers. Using comparison websites like Comparoo can help you find the best deals and identify insurers specialising in high-risk drivers.
Remember that each insurance provider has its own criteria and rating system for determining premiums, so it’s essential to get multiple quotes and review the policy terms and conditions carefully before making a decision. Over time, as your risk profile improves, you may be eligible for more competitive rates.
How much can you save on your high-risk car insurance?
Are there any quick ways to lower my high-risk car insurance premiums?
If you’re a high-risk driver and want to lower your insurance premiums, there are some strategies you can consider:
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Take an advanced driving course: Completing an advanced driving course such as Pass Plus or IAM RoadSmart can demonstrate your commitment to improving your driving skills. Some insurance providers offer discounts for drivers who have successfully completed these courses.
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Opt for telematics (black box) insurance: Consider choosing a policy that involves a telematics device or app to monitor your driving behaviour. If you can demonstrate responsible driving habits, such as adhering to speed limits and driving safely, your insurance provider may offer lower premiums based on the data collected.
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Reduce your mileage: Insurance premiums can be influenced by the number of miles you drive annually. If you can reduce your mileage, you may be able to lower your premiums. However, it’s important to provide accurate information about your mileage, as underestimating it could invalidate your insurance in the event of a claim.
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Increase your voluntary excess: By opting for a higher voluntary excess, you can potentially lower your premiums. However, it’s important to ensure that you can afford the increased excess amount in case you need to make a claim.
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Choose a car in a lower insurance group: Certain cars are assigned to insurance groups based on factors like value, performance, and repair costs. Opting for a car in a lower insurance group can result in lower premiums. Research and compare insurance group ratings before purchasing a new vehicle.
Remember, each insurance provider has its own criteria and pricing structure, so it’s advisable to shop around, compare quotes, and review the policy terms and conditions to find the best coverage at a competitive price.
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