How to get the most out of your insurance if you are high-risk

If your auto insurance provider in Calgary or Edmonton has deemed you an insurance risk, it may make your life noticeably more difficult—or at least more costly. Once you’ve been deemed “high risk,” fewer insurance companies will be willing to insure you and, when you do get insurance, your premiums will be significantly higher than others.

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Of course, being “high-risk” may be inconvenient but it doesn’t make driving impossible and it doesn’t have to last forever. There’s a lot you can do to improve your situation. We at Millennium Insurance Corporation want all of our customers to get the insurance that’s right for them, no matter what your past has been. It may take a little education and a little work, but any auto insurance is within your grasp.

What are the factors that make someone risky?

In Calgary, Edmonton, and the rest of Alberta, the exact factors that make someone “high-risk” vary slightly from company to company. That means that if you’re looking for auto insurance and are high-risk, you should be sure to compare lots of rates—some companies are more willing to take on risk than others. Besides these variations, however, most companies have the same, general categories that make a driver risky. Here are a few of the most important ones:

  • Age

Unfortunately, there’s a strong statistical correlation between age and driving risk. If you’re younger, you’re more likely to get in an accident and are therefore more of a risk.

  • Gender

The same goes for gender. Women are statistically less likely to be in an accident. 

  • Training

This, you can do something about. Of course, the kind and amount of driving training you’ve had affects how much of a risk you are on the road. Being a self-taught driver is impressive but not very reassuring to an insurer. 

  • Lapse in coverage

If you’ve let your insurance coverage lapse, you’re considered more of a risk on the road. A little planning can save you money if you keep your insurance up-to-date. 

  • At-fault accidents

Of course, this is perhaps the most important factor. Everyone can make a mistake every once in a while, but if you’ve been at fault in more than one car accident in the past three years, you’re more of a risk. 

What can I do to decrease my risk? 

  • Upgrade your car

Strangely enough, one way to save money is to spend it. Getting a better, safer car can lower your insurance premiums.

  • Improve your driving

This doesn’t just mean being more careful. Take concrete steps towards improving your driving (like taking a class) and let your insurance company know you’ve done it. 

  • Forgiveness

Eventually, if you avoid any further infractions, your insurance company will see that you’ve changed (three years is often a forgiveness period). 

At Millennium Insurance Corporation, we work with our customers to get them the auto insurance that’s right for them in the Calgary and Edmonton areas. No matter how risky you are, we can advise you on the best way to get on the road with the insurance you need. Contact us today to find out how we can save you money.

Need help? Speak to one of our agents
1-866-467-1245  or  780-467-1500