I just got a speeding ticket. How much will it affect my auto insurance premium?
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Asked May 27, 2010
This is not a simple question to answer. The number of tickets you have had will be a factor, of course, but the insurance company also has to take a number of other factors into consideration, including how many drivers are listed on the policy, the number of cars in the family, and what your previous driving history looks like.
If this is your first speeding ticket, you may not see any change in your premiums at all, especially if you are over the age of 25. State laws define when and how much an insurance is able to raise your rates, and a single speeding ticket may not qualify for an increase. Bear in mind, though, that how fast you were going also plays an important role. If you were clocked at more than 15 miles over the posted speed limit, the charge automatically becomes a more serious one, and accrues more points. Since your premiums will increase based on the points accumulated, going extremely fast can result in your premiums going up after a single ticket.
Not all insurance companies will check your driving record every year. They will check your driving history when you take a new insurance policy, and if you drive a commercial vehicle or hold a CDL your insurance company is probably required by law to perform yearly checks. You cannot count on the insurance company not performing a check, but take heart in knowing that a speeding ticket may not have any immediate effect.
As for how much your premiums will rise, there is no single answers. A rule of thumb is that 4 points assessed against your driver license could result in a 40 to 50 percent yearly premium increase. Depending on your past driving history, the laws of the state you live in, and the operational policies of your insurance company, this increase could be slightly higher, or substantially lower. The only way to find out for sure is to check with your insurance company. If you want to do this without alerting your insurance company to the ticket, get an online quote from your insurance company. The resulting quote may not be exact, but it will allow you to gauge the amount of the increase.
Answered May 27, 2010 by Anonymous