Will a Speeding Ticket Raise My Car Insurance Rates? 2023
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UPDATED: Jul 10, 2023
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Whether from a momentary lapse in attention or a total indifference to the speed limit, sometimes even the best drivers get speeding tickets. And now you are bracing for the sticker shock when you get your car insurance bill to see how much that ticket is going to cost you. With over 33,000 speeding violations issued per day in the U.S., there are a lot of drivers wondering the same thing.
Paying the fine and court costs for a speeding violation is often chump change compared to the long-term increase you’ll see in your car insurance payment. Insurance companies generally assess a higher premium for around three years following the date of the violation, so you can expect that minor indiscretion to stick around for awhile.
The extra premium you’ll have to pay all depends on your company and also the state you live in. It also depends on whether you had a prior speeding ticket, as some companies will hit you harder for subsequent violations.
How a Speeding Ticket Affects Your Car Insurance
Receiving a speeding ticket is a red flag to insurers, and here are some ways it could impact your car insurance:
- If you think you’ll get away with a ticket, think again. Once that violation hits your driving record, insurance companies will discover it thanks to their ability to monitor your motor vehicle report (MVR). Prior to issuing a new policy and before each renewal, your company can “pull” your MVR to find out if you have any recent violations, accidents, or serious convictions like a DUI or reckless driving. These incidents remain on your MVR for three to five years or longer, but each company has their own chargeable time frame.
- Violations indicate higher risk behavior. Some companies will let the first speeding ticket slide, but receiving multiple violations over a period of a few years is a good indicator that you are a high risk to insure. Insurance companies assume risk by insuring you, and speeding tickets correlate to higher risk for accidents. The higher the risk, the higher the insurance rate.
- Higher rates plus loss of discounts. Not only will your rates go up due to a surcharge for a violation, but you could also lose any discount you may be receiving for having a clean MVR. It’s a one two punch that results in significantly higher rates.
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Car Insurance Rate Increase for Speeding Tickets
As we stated earlier, the actual amount that speeding ticket will cost you varies by company and state. As an example, an Illinois driver with State Farm can expect only about a 3% increase after the first ticket, and no increase after the second. A driver in Florida insured with GEICO has a good chance of not seeing any rate increase after the first OR second violation.
The story with some other companies is different, however. Drivers in Florida insured with Progressive saw an increase of 30% after their first speeding violation, and another 26% after their second ticket. These increased took their premium from $2,185 before any tickets to $4,440 after two violations.
USAA had a jump of 11% after the first ticket and an additional 4% after the second. Farmers insureds get hit pretty hard, with a 23% bump after one ticket and another 16% after two, taking their rates from $1,657 up to $3,131. American Family had an 8% increase for both the first and second speeding violation.
To show you how speeding tickets and at-fault accidents can impact your car insurance rates, take a look at the chart below.
The chart shows that the average cost of an auto insurance policy per year with no accidents or violations is $1,092. Receive one speeding ticket and the average cost jumps to $1,271, an increase of $179 each year. Now add two at-fault accidents along with the one speeding ticket and the annual cost of auto insurance goes up to an average of $2,886. That’s an increase of $1,794 a year, or $150 per month, just due to a few lapses in judgement at the wheel.
What to Do After a Speeding Ticket
The first thing to do after receiving a ticket is to check to see if your state offers drivers the ability to take a safe driving class. In return for taking a defensive driving course, many states will void the speeding ticket as if it never happened. There are limitations on how often you can take the class, usually once per year. But the savings you get by not having the violation on your record is well worth the day spent learning to be a safer driver.
You may not see a rate increase on your next renewal, depending on how long it is until your policy expires. It takes some time for a violation to work its way through the system and onto your MVR, so you may buy some time until the surcharge appears.
Once you see the violation on your policy, which is usually indicated on the Declarations page under the insured drivers section, you’ll know how much extra you’re being charged. If you don’t see much of an increase over your last term, congratulations! You are one of the lucky ones.
If you do see a significant increase in rates, it’s a great time to shop your policy around and see if you can find a cheaper company. As we stated before, some companies hit you hard for any kind of MVR infraction, and others have more leniency. So if you got socked with a big increase, you may be able to save money by switching to a different company.
Case Studies: Impact of Speeding Tickets on Car Insurance Rates
Case Study 1: John Smith With Speedy Insurance
John Smith, a 35-year-old driver from Illinois, received a speeding ticket. He is insured with Speedy Insurance. After the first violation, John’s car insurance rates increased by approximately 5%.
Surprisingly, there was no further increase after the second ticket. His premium went from $1,200 to $1,260 after the first violation and remained the same even after the second violation.
Case Study 2: Emily Johnson With SafeDrive Insurance
Emily Johnson, a 28-year-old driver from Florida, received a speeding ticket. She is insured with SafeDrive Insurance. Despite the violation, Emily did not experience any rate increase after the first or second violation. Her premium remained steady at $1,500 throughout the entire period.
Case Study 3: Michael Davis With SpeedRacer Insurance
Michael Davis, a 42-year-old driver from Florida, faced significant rate increases due to speeding violations. He is insured with SpeedRacer Insurance. After the first speeding violation, his premiums went up by 20%.
With a second ticket, the increase rose to 35%, resulting in a premium jump from $1,800 to $2,430 after two violations.
Case Study 4: Sarah Thompson With Shield Insurance
Sarah Thompson, a 30-year-old driver and member of the military, received a speeding ticket. She is insured with Shield Insurance. For Sarah, the first speeding ticket led to a 10% increase in premiums.
With a second violation, an additional 5% increase was applied. Her premium went from $1,000 to $1,100 after the first violation and increased to $1,155 after the second violation.
Case Study 5: David Miller With SecureDrive Insurance
David Miller, a 45-year-old driver from California, experienced substantial rate hikes due to speeding violations. He is insured with SecureDrive Insurance. After one speeding ticket, his premiums increased by 25%.
With a second violation, another 15% increase occurred, taking his rates from $1,500 to $1,875 after two violations.
Case Study 6: Jessica Wilson With Careful Insurance
Jessica Wilson, a 32-year-old driver from Texas, saw an 8% increase in premiums for both the first and second speeding violations. She is insured with Careful Insurance. Her premium went from $1,200 to $1,296 after the first violation and increased to $1,400 after the second violation.
Frequently Asked Questions
How does a speeding ticket affect car insurance rates?
Receiving a speeding ticket can lead to an increase in car insurance rates. The actual impact on your premium depends on the insurance company and the state you live in. Typically, insurance companies assess a higher premium for around three years following the date of the violation. The increase in premium can vary significantly, ranging from a minor percentage to a substantial jump, depending on the specific circumstances.
How much will my car insurance rates increase after a speeding ticket?
The increase in car insurance rates after a speeding ticket varies by company and state. The specific impact can differ significantly depending on factors such as the insurance company’s policies, your prior driving record, and the severity of the violation. As an example, some drivers may experience a 3% increase after the first ticket, while others may face a more significant increase, such as 30% or more. It’s essential to check with your insurance provider to understand the potential rate increase in your specific situation.
Are there differences in how insurance companies handle speeding tickets?
Yes, there can be variations in how insurance companies handle speeding tickets. Some companies may be more lenient and impose a minimal increase in rates, while others may have stricter policies and apply a significant premium hike. It’s important to research and compare insurance companies to find the one that offers the most favorable rates and policies for drivers with speeding violations.
Can taking a defensive driving course help after receiving a speeding ticket?
In some states, taking a defensive driving course can provide benefits after receiving a speeding ticket. Many states offer drivers the option to complete a safe driving class, which can lead to the speeding ticket being voided or not appearing on your driving record. This, in turn, can prevent an increase in your car insurance rates. However, there are limitations on how often you can take such a course, typically once per year. It’s recommended to check with your state’s regulations and consult with your insurance provider to determine if this option is available and beneficial for you.
What should I do if I receive a speeding ticket and my insurance rates increase significantly?
If you notice a substantial increase in your insurance rates after receiving a speeding ticket, it’s a good time to consider shopping around for a new insurance policy. Different insurance companies have varying policies regarding speeding tickets, and some may offer more favorable rates despite the violation. By comparing quotes from multiple insurers, you may find a company that provides cheaper rates, potentially saving you money on your car insurance.
Can I avoid a rate increase if the speeding ticket doesn’t appear on my policy right away?
In some cases, there may be a delay between receiving a speeding ticket and it appearing on your policy. This delay can provide a temporary period without a rate increase. However, it’s important to note that the violation will eventually be reflected in your policy and may lead to a premium hike. The duration of this delay varies, so it’s crucial to stay updated on your policy and be prepared for the potential increase when the violation is added.
How can I find cheaper auto insurance rates after receiving a speeding ticket?
To find cheaper auto insurance rates after receiving a speeding ticket, it’s recommended to shop around and compare quotes from different insurance companies. Each company has its own pricing structure and policies regarding speeding violations. By obtaining quotes from multiple insurers, you can identify companies that offer more competitive rates for drivers with speeding tickets. This comparison allows you to make an informed decision and potentially save money on your car insurance.
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