If you’ve got a few dings on your driving record – or even one big ding, like a dui conviction – it can be tough to find a car insurance company willing to insure you at a fair price.Or even at all.The fact is that every car insurance company has different appetite for taking on drivers they perceive as “high risk.”obviously, that includes everyone with a recent dui, dui, dwai, duid, or reckless driving conviction.And Many of the companies that are the most reluctant to take on higher-risk drivers are the household names.But here’s a dirty little car insurance secret for you: You Don’t even have to have a bad driving record for the insurance company to categorize you as “high risk.” and Jack up your premiums.Your car insurance company May dump you in the high-risk bucket and substantially increase your premiums for these reasons, too:Most states have a state high risk pool, also called the “assigned risk pool” that takes on especially high-risk drivers. These risk pools are sometimes called the “insurer of last resort.”
And that’s exactly what you want these risk pools to be: A last resort, for when you need to drive, and therefore absolutely need to carry car insurance. But premiums in these risk pools, by design, are absurdly high.
Insurance companies choose whether or not to participate in the high risk pool. If they do, they agree to take on any driver the state assigns to them when thy apply to the assigned risk pool. Since the insurance carriers can’t use their own underwriters, carriers assume the worst, and premiums are set higher than they are in any of their own risk tiers.
Furthermore, in the state assigned risk pool, every insurance company must charge the same premium.
So there’s no competition for this business.
If you’ve been turned down by a few name brand insurance carriers, or their premiums offered seem absurdly high to you, don’t give up and go to the high risk pool!
Lots of agents for large insurance companies are “captive.” That means they can only represent a single life insurance company.
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