Insurance companies are allowed access to your driving record, which they do check from time to time. They take note of moving violations such as speeding tickets, as they can indicate the likelihood of a future claim. Thus, a speeding ticket generally results in an increased insurance premium.
However, the amount of increase and the long-term effects of the speeding ticket on the driver’s insurance policy may vary widely depending on a few factors. These include:
● The insurance company itself.
● The speed at which the driver was going.
● The location where the speed violation occurred.
● The driver’s prior driving record.
● The time that has elapsed between the most recent speeding ticket and the one before that.
● The age of the driver could play a role in certain insurance companies.
How Exactly Do Speeding Tickets Affect Your Car Insurance?
According to research, getting a single speed violation ticket could raise your insurance premium by about 15-21% on average if you were driving more than 29MPH above the speed limit and if you’re in your late 20s or early 30s. This is a rough estimate–it could go higher for a younger and less experienced driver, or lower for drivers driving just about 5 to 15MPH above the speed limit. The specific state also sometimes regulates the amount insurance companies can raise the price of your premium. Thus, depending on where you live, the increase to your premium may fall well below that 15-21% estimate.
Also, acquiring speeding tickets can reduce your chances of receiving a future premium reduction. In fact, if you get too many tickets within a short time period, your car insurance company might even choose to drop your policy altogether.
The best way to avoid getting a hike in the price you pay for insurance is to drive carefully, but if you’ve already gotten one or more speeding tickets on your record, here are a few tips for reducing their effect on your policy.
Tips For Reducing The Effects Of Speeding Tickets On Your Insurance Policy
• Try to avoid getting more tickets.
Sometimes, an insurance company will forgive one speeding ticket, especially by an inexperienced driver in their early to mid-30s. So maybe that one speeding ticket wouldn’t have an effect on your finances after all, but just try as much as you can not to get more.
• Ask your agent if your insurance company offers violation and accident forgiveness.
It will cost you a little extra, but it will protect you against an increase in the overall price you pay for insurance in the case of a minor accident or traffic violation. Some insurance companies already have a default violation and accident forgiveness policy for experienced drivers who have driven violation-free for over five years.
• Consider taking a driving course.
Some states allow drivers to take a defensive driving course for the benefit of dropping a speeding ticket from your record, thereby preventing your insurance company from increasing your rate. Some of these courses can even be done online. It is worth noting though, that the courses can be expensive. You may have to choose between the cost of taking the course and the cost of the increase in your insurance premium over the next few years.
For all your insurance needs, reach out to the experts at AimPro. We are an insurance agency dedicated to finding you the best insurance deals and saving you money on your premium. Call us today!