How to Compare High Risk Insurance Companies

If you are having difficulties getting the right kind of insurance for your needs and have to shop around for high-risk insurance, getting to know the companies offering high-risk products is going to help you select the best policy for your budget. Different high-risk insurance companies offer different opportunities for those who are labeled high-risk because of a past event or claim. When you are in the market for these specialty policies, some basic steps often recommended by insurance experts will serve you well and help you to compare high-risk insurance companies effectively.


  1. Image titled Calculate Your Insurance Coverage Amount Step 12
    Compare "apples to apples" coverage. A large part of evaluating high-risk insurance companies involves considering the products that they offer. Look at the policies that are being extended to consumers and think about how these will serve your insurance needs.
    • Assess any deductible that may exist on policies. The deductible is an amount that you will have to pay out before the insurance company starts picking up the cost of any claims. Also check whether the deductible is per event, per year, or related to some other limitation or time period.
    • Identify any exclusions or limitations existing in the policies offered by a high-risk insurance company. In order to really evaluate whether a policy is a good deal compared to others, you'll need to regard any exclusions. For example, this would be preexisting condition exclusions and health coverage, or restrictions such as a low-mileage requirements for an auto policy.
  2. Image titled Calculate Your Insurance Coverage Amount Step 22
    Figure out whether a high-risk insurance company's policy fulfills any existing requirements for state or court ordered high-risk insurance. Particularly in the auto insurance market, insurance customers look for high-risk policies after certain infractions, where they need special policies in order to be legally covered. In these kinds of situations, it's important to know what the state requires before shopping for a policy. # Compare your high-risk insurance quotes to quotes from state-assigned risk pools. In different kinds of insurance markets, like auto and major medical, many states and provinces of various countries operate risk pools that offer high-risk individuals coverage by requiring conventional insurance companies to give policies to them. This kind of system is especially prevalent in the United States. Always evaluate the premiums quoted by a high-risk company to see if state assigned risk pools will get you a better deal.
  3. Image titled Claim Personal Injury Compensation Step 10
    Think about customer service and the way the company handles a claims payment. When you're shopping for high-risk insurance or any other insurance product, cost is not the only factor in a prudent decision. Much of the value of an insurance policy is in your chance of getting any claims paid promptly and without delay or unnecessary obstruction. Some companies have relatively competent systems for paying claims, while others do not offer the same stability or quality to their customers.
    • Call up insurance representatives and ask the tough questions before signing a policy agreement. One way to figure out how the company handles various situations is to approach theoretical situations with company representatives ahead of time. Figure out some scenarios that you might be likely to confront and go through them in detail to get an idea of what the company's real policies are like.

Article Info

Categories: Insurance