WalletHub, Financial Company
@WalletHub
Yes, speeding tickets affect insurance rates in most cases. One speeding ticket raises car insurance premiums by about 25%, on average, although the exact amount depends on several factors, including the driver’s record and how fast they were going. Speeding tickets resulting from a traffic camera, on the other hand, generally do not affect insurance, as most states classify them as non-moving violations similar to a parking ticket.
It is possible to avoid a spike in insurance premiums after a minor speeding ticket, but the leeway is usually reserved for a first offense. If your driving record is otherwise spotless and you were going less than 15 mph over the speed limit, for example, your insurance company might not raise your rates. But if you previously qualified for a good driver discount, you’ll almost certainly lose it. And if you’ve received two or three speeding tickets within the last three years, your insurance company will be much less forgiving.
How Speeding Tickets Affect Insurance Costs
Amount Over Speed Limit |
Rise in Premium |
6 - 15 mph |
20% |
15 – 29 mph |
22% |
30+ mph |
30% |
Reckless Driving (amount over speed limit varies by state) |
71% |
If you receive a speeding ticket, you likely won’t see it impact your rates until it’s time to renew your policy and your insurance company checks your driving record. Even if you decide to switch insurance companies, the ticket will still appear on your driving record and lead to a higher premium. But if you practice safe driving habits after receiving a speeding ticket, your premiums will eventually lower after 3-5 years.
Charles J. Stevens, Principal, evergreen financial, LLC
@CharlesStevens
I'm fairly certain that any application for auto insurance will ask for information about your driving record. At the foot of the application, you will probably attest to the fact that all the information you've furnished is accurate. If you omit speeding tickets, your application is false and can be declined for that reason alone. In addition, the company to which you are applying will have access toy our driving record based on the information you give them.they will find the true record regardless of what you tell them. Again, failure to disclose is grounds for refusal to insure.
Dmitriy Fomichenko, President, Sense Financial
@dfomichenko
Yes, you will need to disclose this information.
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