If you’re interested in getting cheap car insurance, you may discover when shopping around that some companies offer high-deductible policies with low premiums. However, due to a prior incident, you've been advised to purchase high-risk insurance. Aren't the two one and the same? You can count on 1st Choice Insurance of Fairfield, OH, to explain everything you need to know about car insurance to make the right decision for your unique situation.

High-Risk Insurance Vs. High Deductible Insurance

High-Risk Insurance Covers Drivers With a Spotty Record

If you’re an inexperienced driver or if you’ve accumulated many points on your driving record due to traffic violations, DUI incidents, or being caught without insurance in the past, you are considered to be a high-risk driver by the insurance industry. This means you are more likely to file a claim than if you were a low-risk driver. High risk usually translates into higher premiums, making your policy more expensive when you ask around for auto insurance quotes.

High Deductibles Will Lower Your Premium—Not Your Coverage

It is possible to find a high-risk policy that also offers high deductibles, which means if you are in an accident, you will pay $1,000 or more out of your own pocket before the insurance company covers the difference of needed repairs and medical expenses. The more you are willing to pay out of pocket for the deductible, the lower the premium goes. If you don’t have much money in savings, this is not always the best option, as you would need cash on-hand to cover the deductible at any given time.

When shopping for high-risk insurance, make sure that you can afford the premium as well as the deductible. To learn more about your insurance options—including high-risk policies and SR-22 insurance—call 1st Choice Insurance in Fairfield at (513) 860-0666 or visit their website for additional information.