There are many reasons to have high-risk driver insurance. Each insurance company rates its customers in a different manner. The company rating policies can be used to your advantage.
Why is your risk high?
Your driving record and any violations could be one reason. You might also consider how far you drive to work and where you live. Your driving skills and age could also play a role. Although you might not believe so, it is possible to use these factors to your advantage.
What do you think about your insurance company?
In-house data is used by all insurance companies to calculate their underwriting formula. Every company’s underwriting is based on the market they are in and the profit they desire. Markets can be more or less risk than others, and each company’s in-house data may differ. This is why insurability standards can differ greatly from company to company.
What’s the deal?
Today, there are many insurance companies. One company can rate a customer as high-risk and another one as standard. Different ratings can lead to different insurance rates.
What can you do now?
To find lower rates and better policies, you can compare the underwriting standards of different companies. Ask specific questions and compare the answers when comparing coverage from different companies. It’s not about the price of coverage, as many insurance companies would have you believe. But it is about what you get for that price.
Insurance companies have significant differences in how they rate customers and not just what they charge. These differences can be used to your advantage. You don’t have to be aware of the underwriting differences at insurance companies, especially if your high-risk driver insurance is on file. One insurance company may consider you high-risk, while another might consider you standard risk.