Have you ever been late for an appointment where speeding seemed like a good idea? Or, perhaps you’re one of those drivers who has a lead foot and routinely tries to break the sound barrier on the road. Regardless of which group you fall into, if you’re not driving over the speed limit and receive a speeding ticket, the points on your license will affect how much you pay for Auto Insurance.
Many factors are used to determine the rate an insurance company charges you for Auto Insurance. These can include where you live and how much driving experience you have. Another primary influence on how much you pay is your driving record, which includes speeding violations.
How Insurers View Speeding Tickets
It’s no secret that many people like to drive fast. According to the Bureau of Justice Statistics, there are more than 26 million traffic stops annually. Over 46% of those are for speeding. When insurance companies calculate your Car Insurance rate, they consider your driving history and your driving record. They particularly look at accidents and speeding tickets. When an insurer sees that you have a speeding ticket, they view you as more likely to get into an accident and therefore a higher risk to insure.
The Impact of Speeding Tickets on Your Auto Insurance Rates
Whether or not your Auto Insurance premium will increase after you receive a speeding ticket depends on several factors. The first is how much you were exceeding the speed limit. Drivers ticketed for speeding 15 miles or more over the speed limit receive higher rate increases.
Another factor is how many traffic violations you have on your record. If you receive multiple speeding tickets, regardless of severity, you’re probably going to see a significant rate increase. Many states use a points system for moving violations and insurers associate risk with these points. The more points you have, and the longer they are on your record, the higher your Auto Insurance rate.
Speeding tickets can not only result in increased rates, but there are other consequences, as well. You can lose out on safe driving discounts that you would have otherwise earned over time with your insurance company. Also, if you get enough traffic violations, your insurance company might cancel your policy. If that happens, you’ll need to seek coverage through your state’s risk plan. This type of plan is usually more expensive than a standard policy.
What to Do if You Receive a Speeding Ticket
Fortunately, not all speeding tickets result in a higher Car Insurance premium. In fact, insurance companies have to pay to pull motor vehicle records and only do this with new policies and renewals. While you might get lucky and slip through the cracks if you’ve had a speeding ticket, you can also be proactive to protect your rates.
If you receive a speeding ticket, assess your options before admitting guilt. You might be able to enroll in traffic school or take a defensive driving course, which will remove the ticket from your driving record. This can save you from a spike in your Car Insurance. Of course, this option is generally only available to first-time offenders. Essentially, safe driving and following the speed limit is your number one defense against rate increases.
No one enjoys having their Auto Insurance rates increased, but speeding tickets happen to a lot of drivers. If your rates do go up, the amount will vary by insurance company. There are some other ways to lower your rate after a speeding ticket, like discounts and switching carriers. Our Insurance Specialists can help you find all price breaks possible. To get a free Car Insurance quote, call (855) 919-4247 or go online here.
The information in this article is obtained from various sources. This content is offered for educational purposes only and does not represent contractual agreements. It should not replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. The definitions, terms and coverage in a given policy may be different than those suggested here. Such policy will be governed by the language contained therein, and no warranty or appropriateness for a specific purpose is expressed or implied.
