How do speeding tickets affect auto insurance rates?
When you’re charged with speeding (or another type of traffic violation) points appear on your driving record. Different violations are assigned different point values as are different degrees of a violation’s seriousness. The values assigned to different violations are determined by your state’s laws. Accumulate too many (again, as determined by your state’s laws) and your driver’s license will be suspended.
Typically, serious violations are assigned higher point values than less serious ones. In the case of speeding, the number of points you’ll be penalized is based on how much over the posted speed limit you were traveling. The faster you were going, the more points you’ll get. In other words, driving 50 mph over the posted speed limit will trigger more points than if you were driving just 10 mph over the speed limit.
Unless you’re able to remove the points by taking a state-approved driving course, a single speeding ticket will very likely increase your auto insurance premium for the next several years.
Why?
Before determining the price you’ll pay for auto insurance, an insurer will check your driving record. This record check typically occurs when you’re applying for new insurance or when your current policy is up for renewal. When an insurer sees points on your record, you’re categorized as a higher risk driver. The penalty for being a higher risk driver is usually higher auto insurance premiums.
You can lower your premium
After a few years, points can be removed from your record, provided you maintain a clean driving record going forward. State laws vary, but points for speeding usually are removed after 3 to 5 years. By maintaining an incident- and point-free record during this time, you may again be eligible for a Safe Driver Discount. That’s how you can lower your premium.
Other discounts can further lower your auto insurance premium, so check with your insurer to find out all discounts for which you qualify.