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How Much Does A Speeding Ticket Affect Auto Insurance Premium?

A first time speeding ticket will not significantly affect your rates. In fact, you may not notice any change in your premiums. However, there is no comprehensive answer to this question as we have to consider a number of factors as well as the state that you are from. Below is information that outlines the factors that determine when and how your rates will be increased.

Most states have different rules and regulations that govern the conduct of auto insurance firms. Some states have stringent rules that prohibit insurers from arbitrary raising premiums after just after a single speeding ticket. The insurance regulators have set laws that define when insurance companies can change their policy and to what extent they can increase their rates.

Not all insurers operate in the same way. Some will raise your rates depending on the severity of your violation while others will consider each violation to determine by how much your rates should be increased. Before increasing your rates, they have to consider different things such as the circumstances that led to you getting the ticket, your past driving history among others. However, on average, you can expect to pay $30 to $50 more depending on your insurer and the state where you live. Consider the example below:

In New York, the average car insurance policy costs about $1500 annually. You can expect to enjoy a discount if you are a senior citizen, have a clean driving record, among other factors. The discount usually ranges from $25 to $30 of the total premium. Therefore, when we use these percentages, a driver who qualifies for a discount can expect to save about $375.

When you get your first speeding ticket, the discount will be removed and your base rate will be raised by 2%. This means an increase to $405 a year. Since companies usually surcharge for 3 years, this means you will pay $1215 during the period.


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