Car Insurance for High-Risk Drivers

Car Insurance for High-Risk Drivers

An SR-22 Is Required for Some High-Risk Drivers

A Certificate of Financial Responsibility (CFR), also known as the SR-22 form, is not auto insurance per se. It is just verification that you have auto insurance coverage.

Your state DMV will request an SR-22 if you have been convicted of multiple DUIs. Most car insurance companies can get this form for about $15 to $25. The SR-22 form does not replace your car insurance in any way. You must have them both and keep your SR-22 form for three years.

Is There Cheap High-Risk Auto Insurance?

The answer would be no. A high-risk driver usually pays between $2500 and $5000 a year.

Below is a list of high-risk auto insurance companies that you can check.

Anyway, these are some examples of quotes according to a comparative study made by us with different companies in the United States. As you can see next, there is no cheap high-risk car insurance. In this research, a 40-year-old driver who drives a sedan with full coverage was taken as a sample:

  • Company 1: $1,810
  • Company 2: 1,837
  • Company 3: $2,494
  • Company 4: $2,749
  • Company 5: $3,314

The list shows how the same high-risk driver could receive different rates from different auto insurance companies. Hence the significance of comparing several car insurance companies across the country and choosing the one that best suits your needs and pocket. It doesn’t matter if you have been with the same car insurance company for years and feel comfortable with them. Maybe you are paying very high prices, and it is time to change.

Other High-Risk Auto Insurance Costs

High-risk car insurance will always be much more expensive than car insurance for an average driver. But in addition to this, there are other costs that a high-risk driver must take into account. If you want to receive full coverage on your auto insurance, your provider may require additional requirements:

  • Only you can drive your vehicle: High-risk driver insurance requires only the insured to drive the car. Besides, your insurance policy may have specific exclusions, such as drivers under 25 years of age.
  • Frequent checks of your driving record: Normally, if you have a clean driving record, auto insurance companies will only verify it every 2 or 3 years. But if, on the other hand, you are a high-risk driver, the checks can be much more frequent. It depends on what your car insurance company wishes.
  • Small Payments: When you have an accident, auto insurance companies must deal with the different payments that they are required to make. Another downside to being a high-risk driver is that your insurance company won’t pay enough to cover the damage, and the difference should come out of pocket.
  • If you are sued for punitive damages, you will not be insured: When an accident occurs, you could be sued for punitive damages. If you have an ordinary car insurance policy, it will cover the costs. But being a high-risk driver, your car insurance will not cover you in the same way.

For all the above, you should first compare as many quotes as possible in sites like Rodney D Young Insurance and select the most suitable one. Although very high, the monthly payments will not reflect the disbursement that you, as a high-risk driver, must make and the consequences of being considered as such.

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