The Effect of Speeding Tickets on Your Insurance
Nothing ruins a good day like getting pulled over by the police for speeding. Not only do you have to face the embarrassment and hassle of dealing with the officer, but you also have to pay a hefty fine. And that’s not all. The speeding ticket will also go on your driving record and be reported to your car insurance company. This means that your insurance rate will likely go up as a result of your speeding violation. But how much will it increase, and is there anything you can do to prevent it? Here are some facts you should know.
How Speeding Tickets Affect Your Insurance Cost
Your insurance rate may not be the same as others who have a speeding ticket, because it depends on many factors, such as your age, vehicle type, anti-theft devices, and driving history. However, we can use Progressive’s data to give you an estimate.
The insurer says that the average price of a six-month liability-only car insurance policy is $100 per month in a state with medium insurance costs. Also, customers who got a speeding ticket for the first time in three years had their car insurance rates go up by an average of 15%. So, if you were paying $100 per month for a liability-only policy with Progressive and you got a speeding ticket after three years of clean driving, you would probably have to pay about $115 per month.
The Reason Behind Speeding Ticket Insurance Hikes
The more dangerous a driver is, the more chances they have of getting into a crash and making a claim. When you get a speeding ticket, you’re showing your insurer that you’re a high-risk driver. Why? The National Highway Traffic Safety Administration says that speeding has been a factor in about one-third of all car accidents for over 20 years. Also, there were more than 11,258 deaths caused by speeding in 2020. These crashes all make insurance companies lose a lot of money.
When you have a speeding ticket on your record, you have to pay more to cover the extra risk you pose. Drivers with many accidents and traffic offenses can even lose their insurance and their licenses.
The Duration of Speeding Tickets on Your Driving Record
The time a speeding ticket stays on your driving record varies depending on the rules in your state. For instance, in California, tickets expire after three years. In Colorado, it takes seven. You’ll have to check with your state’s motor vehicle agency to find out the limit that applies to you.
How to Help Reduce Insurance Rates After a Speeding Ticket
If you’ve got a speeding ticket but want to keep your car insurance as cheap as possible, here are a few things you can try:
- Find out if you can go to traffic school. If you’re eligible, you may be able to finish the program and keep the ticket off your driving record completely.
- Take a defensive driving course. Many insurers offer discounts to eligible policyholders who finish these courses. Contact your agent to find out if it can lower your rate!
- Try looking for a new insurer. If the ticket does hit your record and your rate goes up, you’re not trapped. You can still look around to see if any other insurers will offer you a better deal.
- Look for discounts. Most insurance companies offer a range of discounts. Look with your agent to make sure you’re using all those that apply to you.
- Review your coverage. You may be able to change your coverage types, amounts, or features to lower your costs.
Do you find this Article Helpful?
Hopefully, one or more of these can help to keep your costs down despite a recent speeding ticket. But remember, the best way to get the cheapest possible car insurance rates is to be a low-risk driver. Plan ahead, give yourself enough time to get where you need to go, and give the road your full focus when you’re behind the wheel. Want some more advice? Check out these five apps that can help you become a safer driver.
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