Will a Speeding Ticket Affect Insurance? Here’s Everything You Should Know

Speeding is inherently dangerous and is usually at the root of most serious accidents. High-speed crashes are more severe and more likely to result in serious injuries or death. Unfortunately, speeding violations are one of the most common driving convictions in the US. And if you’re wondering, “will a speeding ticket affect my insurance?” the simple answer is yes in most cases.

However, that is dependent on various factors such as: how fast, and over the speed limit you were going, where you live, your insurance company, and if you have any previous violations. 

Read on to learn how exactly each of the above will affect your insurance and what you can do when your insurance premium goes up.

How Fast and Over the Speed Limit Were You Going

Different insurance companies and states have different methodologies for gauging speed violations and how severely these violations will affect your insurance by considering how fast you are driving. Some companies would not increase your premiums unless you went past 15 mph over the speed limit.

Where You Live

Different states determine the severity of your speeding violation differently. A similar speed violation will have different insurance premiums depending on your state. Premiums increase may be higher in some states and lower in others. The more severely your state categorizes your speeding violation, the higher your insurance premiums will rise.

Location of the Violation

Location is another significant factor that influences how a speeding ticket will affect your insurance. For example, suppose you’re caught speeding in a school area or a densely populated place. In that case, this is considered a more serious violation and will result in a bigger fine and higher premium costs on your insurance. The reasoning here is that overspeeding in these areas creates a bigger risk to the population.

Therefore, speeding on the highway will cost you less than in the aforementioned areas.

Previous Violations

Your first speeding ticket will not significantly affect your insurance. Depending on your insurer, you may receive a slight increase in your premiums or no increase at all. On the other hand, having multiple violations will significantly impact your insurance with hefty increases in your premiums. It also depends on the amount of time that has passed since you got your previous speeding ticket. Your insurance company will care less about a speeding ticket you got over 20 years ago than they will over a speeding ticket you got a few months ago.

Your Insurance Company

Different insurance companies have different ways of going on about speeding tickets. Insurance companies base their premiums on the degree of risk, and each insurance company has different algorithms for determining how much your premiums should increase. The higher the risk is, the more your premium will be. Speeding poses various risks to you, other drivers, and pedestrians. This translates to a higher probability of the insurance company paying a claim, and for that reason, they will charge you a higher premium.

Your premium may not be affected after a single speeding violation, but this, as we have stated above, is entirely dependent on your insurance company. Some will slightly increase your premium, while others will heftily increase it. In some instances, the insurance company may opt to drop your insurance policy altogether when you accumulate too many violations.

How High Will Your Premium Go After a Speeding ticket?

Your premiums will rise depending on the insurance company you are under, the state you are in as well as the severity of your speeding violation. The more severe the offense, the more negatively your insurance is affected. Insurance companies take into account all factors involved in your speed violation before calculating the increased rates in your insurance premiums.

How Long Will Your Speeding Ticket Affect Your Insurance?

The period differs depending on states and insurance companies but mostly lasts for about three to five years.

What Should You Do When Your Insurance Premium Goes Up?

When you get a speeding ticket, your premium rates will only be increased after your policy renewal when your insurance company reviews your driving records. Therefore, it is wise to stay with your insurance company until your policy is about to expire, then you may consider switching to another insurance company. While shopping for the insurance company to switch to, consider their premium rate increase since you now have a speeding violation and choose one that best suits your budget.

Actions to Take If You Have Received a Speeding Ticket

Here’s what you can do when you are handed a speeding ticket:

  • Contest the speeding ticket. This could be a long shot and a gamble, but if you win the case, your insurance will not be affected.
  • Learn your lesson and slow down. Now that we have seen getting many speeding tickets will have a more significant impact on your insurance, the best way to avoid additional speeding tickets is by maintaining your speed at the required limit.
  • Take a defensive driving course. Some states will consider dropping your speeding violation if you take a driving course.  

Key Takeaway

The best way to avoid speeding tickets is by being more careful on the roads and maintaining your speed at the required limit. If you get a speeding ticket, it will affect your insurance but how significantly your insurance will be affected depends on factors such as; the state you live in, your insurance company, your previous speeding tickets, or how fast you were going.

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