You may have come across this term before, especially if you’re a driver that has multiple tickets or accidents – “high risk insurance.”
That term sounds kind of scary. But what exactly is high risk insurance?

No Definition

Defining high risk insurance is not so straight forward. You know why? Because there is no set definition of what would make you a high risk driver. It all depends on the appetite of each individual insurance company.
Each insurance company in Ontario is different. A high risk driver for one car insurance company may not be a high risk driver for another insurance company. It all depends on each individual insurance company’s underwriting rules.

High Risk Underwriting Rules

Here’s how car insurance eligibility works in Ontario – Every car insurance company has set parameters as to the drivers that they will insure. Any driver that does not fit into their parameters is considered a high risk driver and that specific insurance company will decline to insure them.
Every car insurance company in Ontario is required to file their underwriting rules with The Financial Services Regulatory Authority of Ontario. That means that each individual insurance company’s rules are public.
Here are a few examples of one specific insurance company’s underwriting declination rules that they filed with The Financial Services Regulatory Authority of Ontario:
1. Any listed operator has had 1 or more serious/criminal convictions in the preceding 3 years.
2. Any listed operator has 1 at-fault accident in the preceding 6 years and 2 or more minor convictions within the preceding 3 years.
3. Any automobile with a value over $150,000 where the principal operator is licensed less than 10 years in Canada.
As you can see, the underwriting declination rules are very specific. If you fall under any one of the rules, you will be considered a high risk driver for that specific insurance company and you will need to get high risk insurance.

How To Get High Risk Insurance

Getting high risk insurance is pretty simple – You just have to talk to a high risk insurance broker. The broker will be able to quote you with one of Ontario’s high risk insurance companies, like Jevco or Nordic.
Getting a high risk quote is easy. You can do an online search for high risk insurance brokers and call any one of them. All of the brokers will be able to give you a high risk car insurance quote over the phone. The quote will be based on many factors. Some of those factors include the number of minor tickets on your record, the number of at-fault accidents on your record, and any car insurance cancellations for non-payment on your record. These items are specific to your driving record. Other factors will include your address and postal code and what type of car or truck you drive. Find a high risk insurance broker online and getra quote; it’s easy.