How Avoiding Speeding Helps tp Keep Your Insurance Rates Low
USA- Markets.businessinsider.com writes that speeding tickets play a part in a person’s car insurance rates. Millions of drivers get caught speeding each year, making speeding tickets one of the most common traffic violations. The fines drivers face for the actual ticket are not the only financial cost of a speeding violation.
When a person gets a speeding ticket, their insurance rates increase. Insurance rates are set based on a number of different factors. One thing companies consider isa person’s driving records. The companies are trying to determine how great of a risk these drivers present, and one way to determine the likelihood of a person being involved in a crash is to look at whether they have moving violations, such as speeding tickets.
One estimate indicates that a person’s insurance rates can increase by as much as 22 or 30 percent as the result of a speeding ticket. The rate increases are greater if a driver is caught speeding more than 15 miles per hour over the speed limit. Drivers who are ticketed multiple times will have even higher rates.
The states in which drivers see the greatest rate hikes after speeding tickets include Georgia, Florida, and Michigan. The rates for premiums can increase by well over $1,000 in each of these states.
Different insurers have different formulas they use to determine how much a person’s rates will go up after a ticket. The percentage increase can range from 12 to 37 percent.
Additionally, after getting a speeding ticket, you will likely lose any “safe driver” discounts. The impact of just one ticket can be extremely expensive.
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