How to Lower Your Insurance Charges as a High-Risk Driver

August 23, 2022

In most states, it is a requirement to have auto insurance. However, having a bad driving record and eventually being classified as a high-risk driver attracts a set of challenges. 

Finding an insurance company that covers all your risks at an affordable rate might be tedious. These tips teach you the best ways to save some bucks by minimizing your insurance costs.   

Compare insurance rates for the best rates

When shopping for an insurance cover, you’ll often get numerous suggestions on which coverage is the best from friends and family who may be trying to sell you one for a quick commission. 

With technological advancements, visiting websites of different companies and getting quotes is the first step to saving your time and money. Some websites offer quotes from multiple companies at a glance.

Besides, if you love the old fashion way, how about a call or a visit to your local insurance agent? Independent agents are knowledgeable in the best car insurance for high-risk drivers and can guide you in selecting the best cover.

Shop for insurance annually

Insurance charges are influenced by external and internal forces like inflation and an individual personal attributes like age, respectively and thus are open for review regularly, often yearly.   

As coverage options vary between insurers, shopping around allows you to find an insurance provider with the fairest policy. However, note that the cheapest cover doesn’t always translate to the best, and opting for it may not be wise.  

Carry out due diligence by running a background check on the company’s financial status and reputation in paying out claims. With the many risks associated with being a high-risk driver, having an unreliable insurer is something you should not take chances on.

Improve your credit score

Although your credit score doesn’t affect your insurance quotation, some companies are keen on analyzing it before accepting to cover you. Some of the things they watch for include your payment history, maximum credit, new credit, the owed amount, and the duration of the credit history. 

The analysis is significant in determining your premiums. If you have a poor driving record, it is only reasonable to pay more since you are more likely to cost the insurance company more money. 

A poor credit record could double the car insurance rates, while a good record could see the rates decrease by more than twenty percent, depending on the company.  

Install anti-theft and other safety devices

Owning a car is a dream come true for many people. They are pricey, precious, and easily prone to theft despite any heightened security in a parking lot. Installing anti-theft devices and informing your insurance provider will often land you a sizeable discount if you are renewing or purchasing a comprehensive cover.

Many insurance companies don’t mention the discount when getting a quotation through online channels. It is thus your responsibility to be proactive in informing them of the new development through official means like an email or notifying the agent.

Some popular ATDs include a GPS tracker, car alarms, kill switches, and electrical and mechanical immobilizers. Other features, antilock brakes, and airbags can also help in getting saving more on the discount.     

Downsize your car

While driving around in a brand new sleek and fancy car like the SUV may be exciting and prestigious, the aftermath may be the opposite, especially if you are juggling cash. 

Before insuring vehicles, insurance companies often consider their costs, engine power, size, and type to determine the appropriate premiums. For instance, if you are insuring a new luxury car, the cost of repairing or replacing it is expected to be high in the event of an accident or theft.

Moreover, if the engine is expressed as horsepower, the cost will be greater as they tend to gain higher speed than their smaller vehicle counterparts. If the driver is not careful, it may end up causing untold accidents.

The insurance companies will therefore charge more to mitigate against such events.

Choosing the best insurance provider

Financial muscle

It all boils down to numbers when settling for a good insurance company. No client wants to learn that their insurance provider has a poor financial record and cannot pay them in the event of any damage. 

Thus, it is crucial to access the financial strength of an insurance company by getting authentic reviews from independent agencies that rate them. Some include Moody’s, Standard & Poor’s, A.M Best, Kroll Bond Rating Agency, and Fitch.

Remember to also check for crucial figures like its growth rate, market size and share, and total assets. These will also go a long way in determining its ability to meet your claim should the need arise.


Analyzing the track record of the company you want to insure your vehicle with helps in learning more about it and determining its reliability. For instance, if the company has been in existence for over thirty years and has a clean record in financial and moral dealings, it will be unlikely to go under in the following year or be involved in shady matters.

Checking their history will also reveal their mission, vision, leadership style, involvement with the community, and values. These are also key determinants of the direction the company is heading.

Customer service

Securing insurance coverage with a company whose customer service is excellent is an unmatched blessing. Imagine getting into an accident but can’t reach your provider within minutes to file a claim. 

When choosing an insurance company, it is important to look into their interactions with other clients, as this will give you a perspective of the ease of doing business with them. Some questions to reference include, do they have an online presence? How responsive are they? What is their attitude towards new, potential, and existing client base?

You can now easily find this information thanks to different websites, which allow customers to place their reviews through rating or posting comments about their experiences with different service providers.


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