Car Insurance for High Risk Drivers in Ontario

What is High Risk Insurance?

High risk insurance is a type of auto insurance policy designed for drivers who are considered too risky to insure by more traditional insurers. These drivers may have had a number of at-fault accidents, multiple moving violations, or a history of reckless driving. High risk auto insurance policies are typically more expensive than standard policies and are offered by insurers who specialize in providing this type of coverage.

In Ontario, high risk insurance is regulated by the province’s Financial Services Commission of Ontario (FSCO). FSCO sets the rates and guidelines for high risk insurance policies in the province, as well as ensuring that consumers are treated fairly and getting the coverage they need.

Who is Considered a High Risk Driver in Ontario?

In Ontario, a driver can be considered high risk for a number of reasons. The most common reasons include: having multiple at-fault accidents, multiple moving violations (such as speeding tickets or driving under the influence), or a history of reckless driving. In some cases, drivers may also be considered high risk if they have a poor credit score or have filed multiple insurance claims in a short period of time.

How Can I Get High Risk Insurance in Ontario?

If you are deemed high risk, you will need to obtain high risk insurance in Ontario. The best way to do this is to shop around and compare quotes from multiple insurers. It’s important to compare not just the price, but also the coverage offered. You should also make sure that the insurer is a licensed provider in Ontario and that they meet the requirements set by FSCO.

You can also get help from an insurance broker who specializes in high risk insurance. A broker can help you find the best policy for your needs and make sure that you get the coverage you need.

What Does High Risk Insurance Cover?

High risk insurance covers the same things as a standard auto insurance policy. This includes: bodily injury liability, property damage liability, uninsured motorist coverage, medical payments coverage, collision coverage, and comprehensive coverage. However, the coverage limits and deductibles on a high risk policy may be higher than on a standard policy.

How Much Does High Risk Insurance Cost in Ontario?

The cost of high risk insurance in Ontario can vary significantly depending on the driver’s risk profile. A driver with multiple at-fault accidents and moving violations will typically pay more than a driver with a clean record. The cost can also depend on the type of vehicle being insured and the amount of coverage purchased.

In general, high risk insurance can be expensive. However, it is important to remember that it is designed to protect drivers from financial losses resulting from an accident. This can be a valuable form of protection for high risk drivers.

Conclusion

High risk insurance is an important form of protection for drivers who are considered too risky to insure by more traditional insurers. In Ontario, high risk insurance is regulated by FSCO and offered by insurers who specialize in this type of coverage. The cost of high risk insurance can vary depending on the driver’s risk profile and the amount of coverage purchased. However, it is important to remember that this type of insurance can provide valuable protection for high risk drivers.