Many things will cause rates to rise, but are these citations one of them?
It’s bad enough when you realize you’re speeding and a police car’s flashing lights appear in your rearview mirror, because you’ll likely have to pay for a ticket, but what’s worse is wondering whether you’ll also be facing increased premiums as a result of this single event.
Many insured motorists are uncertain as to whether or not this type of ticket will cause higher coverage payments.
But do speeding tickets affect insurance rates? Especially when it is a first offense on an otherwise flawless driving record? The answer is actually complicated. For some drivers, there won’t be the slightest difference, especially if it is the first time that a ticket has been received. That said, if a safe driving discount has been applied to the policy, then that will likely be removed, so premiums may increase slightly as a result of that.
However, it usually takes more than one speeding ticket for premiums to be impacted. There are certain exceptions to that rule. For example, if the individual is ticketed for going a tremendous amount over the limit, to the degree that it is considered reckless driving, then premiums may be affected as a result.
Other issues that can make a difference in premiums occur when there are other offenses, as well.
For example, reckless driving increases premiums by an average of 22 percent. Rates will increase an additional 3 percent, on average, among individuals who are found to have been driving without a seatbelt.
Personal factors can also influence whether or not there is a rate change and by how much. For example, divorced drivers see increases that are an average of 7 percent higher than single drivers and 4 percent greater than married people.
Condo owners often see greater increases than those living in single family dwellings or people who are still living with their parents. In a case, for example, where an individual receives a ticket for tailgating, a condo owner would have a premiums hike of 10 percent more than that of people who live with their parents or who rent. It would be 4 percent higher than that seen by homeowners.
Asking the question “do speeding tickets affect insurance?” doesn’t lead to an easy answer, as it is decided by many different contributing factors.