High risk insurance Ontario

It depends on the type of insurance you’re buying.

But in general, if you’re a high risk insurance client, expect to pay more. 

That’s because the more risk you carry, the more likely you are to make a claim – which costs insurance companies. 

So in return for taking on more risk, you pay a higher rate than average. 

Insurance rates can be hiked up based on several different factors. 

For example, here’s how much you can expect your rates to increase after making claims as a car insurance client:

• Two accidents in three years: Expect an increase of around 40% (to note: it could be more)

As a high risk home or business insurance client, your rate can increase based on claims history, the structure of your building, the neighbourhood you live or operate in, and more. 

Looking for ways to save on your high risk insurance?

The best thing to do is to give your broker a call to advise you. 

We can help with that. 

Ready for a quote?

Call us.

High risk insurance is calculated using the same factors as any other type of insurance.

For example, here are a few of the common factors that determine home, car and business insurance rates:

1. Home: Your neighbourhood, the property’s year of construction, and your credit history. 
2. Car: Your driving, payment and claims history, age, gender, and the make and model of your car. 
3. Business: Annual revenue, number of employees, and the industry that you’re in. 

So, how you score based on each of these factors (and more) will determine whether or not you’re considered “high risk.”

Ready for a quote?

Call us.

We’ll be honest. High risk insurance and “cheap” don’t really go together. 

In fact, as a high risk client, you’ll typically pay much more than the average insurance client. 

That said, here are a few things you can do to lower your rate if you fall into the high risk insurance category:

• Home: Renovate your home, install security systems, and choose a good neighbourhood.
• Car: Drive a cheap car, build a good driving history, and install telematics on your smartphone. 
• Business: Keep security systems up to date, and your claims low. 

Still have questions?

Need an insurance quote in Ontario?

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If you’re more likely to submit a claim based on your insurance profile, then you will be considered high risk when buying insurance. 

For example, here are a few factors that can make someone “high risk” in the eyes of insurance companies:

• A history of insurance claims 
• If you operate in a high risk industry (restaurants, certain trades, etc.) 
• Poor credit (this only applies to home & commercial insurance in Ontario)
• If you drive a risky vehicle 
• If you have a criminal record 
• If you live in a high crime rate neighbourhood

Generally speaking, if you’re a high risk insurance client, you’ll pay more than average in every category (from home, to car, to business). 

Ready for a quote?

Call us.

Not all insurance companies insure high risk clients. 

This is because, as a high risk client, you’re more likely to make an insurance claim (and cost the insurance company more money). 

So, some insurance companies stay away from high risk clients altogether. 

But if you’re looking for a high risk insurance company, the best thing to do is to shop around to see if they will insure you, and what rate and coverage they can offer. 

Once you’ve found the best price and coverage, you can start making a few changes to your insurance profile to get a lower rate. 

So basically, when looking for the best high risk insurance company for you, it comes down to which company will:

1. Insure you
2. Get you the right kind of coverage 
3. Get you the best price 

Give your insurance broker a call to see what kind of high risk coverage you need, and how to lower your premium. 

Need high risk  insurance?

Call us.