What will I pay for high-risk car insurance in Ontario?

Being classified as a high risk driver doesn’t mean you’re a bad driver. Sometimes accidents happen, sometimes good people make poor decisions, and other times it’s just a case of circumstances that are out of our control (like being a young or inexperienced driver).

Whatever the circumstances are, you’ve been classified as a high risk driver and are now wondering what to expect. We’re going to walk you through everything you need to know about high-risk car insurance in Ontario, concluding with discounts you may be able to benefit from if you are getting a quote for high-risk car insurance.

High-risk car insurance in Ontario and how it works

High-risk car insurance is designed for someone who is seen as a high risk to insure by insurance companies. This means that the driver could have received driving convictions, may have filed many claims in a short period of time, or might just be under the age of 25.

Typically, high-risk car insurance in Ontario stays with you for three years. Unless you were in an at-fault car accident, in which the accident may impact your insurance rates for six years or even longer. The exception to this is if you are a high-risk driver due to your age. Once you are over the age of 25 (with a clean driving record), you will no longer be seen as carrying the same insurance risk.

Your rates could decrease as a result!

Factors that classify high-risk drivers

The more risk an insurer takes on, the more premium they’ll need in return. A high-risk driver can expect to pay higher insurance rates for car insurance than another driver. Drivers under the age of 25 years old and new drivers alike can be considered to carry more risk, but other factors could put you into the “risky” bucket as well:

  1. Driving under the influence of drugs or alcohol.
  2. Careless driving or stunt driving.
  3. Texting and driving or other types of distracted driving.
  4. Speeding violations.
  5. At-fault accidents.
  6. Suspended licenses (depending on the reason).
  7. You’ve had your insurance cancelled by a previous insurer.
  8. Being a brand-new driver without being insured before.
  9. Driving without insurance.
  10. Filing several claims in a short period of time.

What to expect from high-risk insurance in Ontario

The insurance industry, as a whole, must offer high-risk car insurance in Ontario. With that being said, some companies may not offer it on their own. You will need to do your research and shop around to find a premium that suits your needs and budget. It’s a good idea to contact an insurance broker to help you with this process.

When searching for insurance it’s good to know that the average Ontarian pays between $1,500 and $1,900 a year for car insurance, while high-risk drivers can expect to pay anywhere between 25% and 250% more. Annual rates could range from $1,875 to $4,750.

However, it’s important to mention that car insurance rates are based on many factors, and you could end up paying substantially more as a high-risk driver, especially if you’re already in a high-risk category (such as being a male driver under the age of 25).

How to lower the costs of high-risk policies

Being classified as a high-risk driver does come with paying a higher price than ‘standard risk’ drivers, but there are discounts available. Consider buying and driving a vehicle with high safety ratings, for a start. Vehicles with high safety rates tend to be in a lower insurance bracket because they are less prone to being in accidents, being stolen, and are normally driven by safe and responsible drivers. They also tend to protect drivers and passengers, which lowers the risk of injury.

Another way to lower the cost of insurance is to increase the deductible included in your insurance. The deductible is the amount of money you will pay in repairs before the insurance company will cover it. By increasing your deductible you are responsible for more of the up-front repair cost, so the insurance company doesn’t have to pay as much if a repair was needed.

If you are a young or inexperienced driver, taking a ministry approved drivers training course and earning a Driver Training Certificate can be another way to lower your insurance premium. This will show your insurance provider that you have been taught the proper rules of the road and are seen as less of a risk than someone who has not taken a drivers course.

Get your quote in just a few minutes! Call us at 1 (855) 242-2440.

Being classified as a high risk driver doesn’t mean you’re a bad driver. Sometimes accidents happen, sometimes good people make poor decisions, and other times it’s just a case of circumstances that are out of our control (like being a young or inexperienced driver).

Whatever the circumstances are, you’ve been classified as a high risk driver and are now wondering what to expect. We’re going to walk you through everything you need to know about high-risk car insurance in Ontario, concluding with discounts you may be able to benefit from if you are getting a quote for high-risk car insurance.

High-risk car insurance in Ontario and how it works

High-risk car insurance is designed for someone who is seen as a high risk to insure by insurance companies. This means that the driver could have received driving convictions, may have filed many claims in a short period of time, or might just be under the age of 25.

Typically, high-risk car insurance in Ontario stays with you for three years. Unless you were in an at-fault car accident, in which the accident may impact your insurance rates for six years or even longer. The exception to this is if you are a high-risk driver due to your age. Once you are over the age of 25 (with a clean driving record), you will no longer be seen as carrying the same insurance risk.

Your rates could decrease as a result!

Factors that classify high-risk drivers

The more risk an insurer takes on, the more premium they’ll need in return. A high-risk driver can expect to pay higher insurance rates for car insurance than another driver. Drivers under the age of 25 years old and new drivers alike can be considered to carry more risk, but other factors could put you into the “risky” bucket as well:

  1. Driving under the influence of drugs or alcohol.
  2. Careless driving or stunt driving.
  3. Texting and driving or other types of distracted driving.
  4. Speeding violations.
  5. At-fault accidents.
  6. Suspended licenses (depending on the reason).
  7. You’ve had your insurance cancelled by a previous insurer.
  8. Being a brand-new driver without being insured before.
  9. Driving without insurance.
  10. Filing several claims in a short period of time.

What to expect from high-risk insurance in Ontario

The insurance industry, as a whole, must offer high-risk car insurance in Ontario. With that being said, some companies may not offer it on their own. You will need to do your research and shop around to find a premium that suits your needs and budget. It’s a good idea to contact an insurance broker to help you with this process.

When searching for insurance it’s good to know that the average Ontarian pays between $1,500 and $1,900 a year for car insurance, while high-risk drivers can expect to pay anywhere between 25% and 250% more. Annual rates could range from $1,875 to $4,750.

However, it’s important to mention that car insurance rates are based on many factors, and you could end up paying substantially more as a high-risk driver, especially if you’re already in a high-risk category (such as being a male driver under the age of 25).

How to lower the costs of a high-risk policy

Being classified as a high-risk driver does come with paying a higher price than ‘standard risk’ drivers, but there are discounts available. Consider buying and driving a vehicle with high safety ratings, for a start.

Vehicles with high safety rates tend to be in a lower insurance bracket because they are less prone to being in accidents, being stolen, and are normally driven by safe and responsible drivers. They also tend to protect drivers and passengers, which lowers the risk of injury.

Another way to lower the cost of insurance is to increase the deductible included in your insurance. The deductible is the amount of money you will pay in repairs before the insurance company will cover it. By increasing your deductible you are responsible for more of the up-front repair cost, so the insurance company doesn’t have to pay as much if a repair was needed.

If you are a young or inexperienced driver, taking a ministry approved drivers training course and earning a Driver Training Certificate can be another way to lower your insurance premium. This will show your insurance provider that you have been taught the proper rules of the road and are seen as less of a risk than someone who has not taken a drivers course.

Get your quote in just a few minutes! Call us at 1 (855) 242-2440.

Seriously, what else can you do in 3 minutes?

Boil half an egg?

You might like these posts, too.

Do parking tickets affect insurance rates?

Do parking tickets affect insurance rates?

Few things can ruin your day as quickly as returning to your car after a night out and seeing a parking ticket tucked under your windshield wiper. Your first thoughts might be anger, confusion or angst before settling into a state of acceptance. At that point your...

read more
Cannabis and driving in Canada: what you should know

Cannabis and driving in Canada: what you should know

Cannabis is now legal in Canada, and the nation seems unable to find those scores of aunts and uncles just looking for something to help with sleep. But there are still rules we all need to follow on the road when cannabis is involved, just as with responsible...

read more
The hidden costs of buying a new car

The hidden costs of buying a new car

Buying a new car is one of the biggest financial decisions you can make in your lifetime. As a future driver, you’ll want nothing short of perfection and the very best for what your money can buy, naturally—but there are some hidden costs to buying a new car that...

read more

How are we doing?

How are we doing?