If you manage to get too many speeding tickets or insurance claims in a particular time period, your insurer might choose to cancel your standard insurance coverage. Finding high risk driver insurance is your only option once your policy has been dumped. There are high risk insurance companies that can you provide insurance coverage at increased rates. It is the law in Ontario that all motorists be able to insure their car. This is a double edged sword, as it’s nice to know that you can always acquire coverage, but the high risk premiums you receive can be shocking.

Most car insurance companies deny insurance for people who are considered high-risk drivers because it is far more expensive to cover them. Having to compensate for multiple auto repairs or hospital bills adds up fast, and insurance companies don’t exist to lose money. This is why those who are labeled high risk drivers have to pay far more expensive insurance rates.

Many people get a few traffic tickets in the first weeks of spring, as this is when the police are often really on the lookout for speeding motorists in school zones. If you get a couple of speeding tickets in short-order, and you’ve already got something negative on your abstract, you can become a high-risk driver overnight. As a new driver, it is increasingly difficult to source car insurance at reasonable prices. Young drivers have a tendency to get into accidents. Conviction for leaving the scene of an accident is one of the worst offenses, as many view that as something you do if you were drunk, or hiding something. If your choice in car tends to cost insurance companies a lot of money you’ll understand why they don’t want to insure it. (Is your car turbocharged?) If your choice in car can do over 200 km/h your insurance coverage probably won’t be cheap. Always let your insurer know if there are any safety features installed in your vehicle. They like to know if you’ve got summer and winter tires, ABS, and signal flares in your trunk. If you’ve been in several accidents in a short period of time you might consider completing a driving course, and passing along your certificate to your insurer. If you are a new driver, completion of a driving school certification can often reduce your perceived risk to a potential insurance company.

Having your insurance policy canceled sends out a warning signal to all other potential insurers. Insurance cancellation is often a sign of increased risk. Finding a suitable alternate insurance company for a driver that has been labeled as being risky can be tough, time consuming, and expensive. Since each insurer applies different weights to different risk factors, you can be confident that there is a policy out there with your name written all over it. You’ll just need to seek it out. One insurer’s trash is another insurer’s glory, as all insurers have targets. Whoever said ‘get loads of insurance quotes’ couldn’t be more right.

Your insurance company will carefully review your driving abstract and insurance records before they write you a policy. It is important that you keep your driving record as spotless as possible and employ careful driving habits. If you do receive serious traffic offense like DUI or speeding you should spend every ounce of energy you have preventing conviction, as you probably can’t afford a tarnished record. (Or the high risk auto insurance premiums that come with the history). Doing so will increase your ability to acquire car insurance without having to pay a lot of money for coverage.

Do you know why the rates of various auto insurance brokers vary vastly? Talk to your broker today and discover why these inconsistencies exist, and what you can do to prevent being overcharged.