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Will a Speeding Ticket Affect My Auto Insurance Rates?

car insuranceIf you’ve been issued a speeding ticket, one of your first concerns will be whether it will affect your auto insurance rates. After all, you already have to pay an expensive fine. Will you be hit in the wallet twice?

The answer? It depends. Your auto insurance rates are determined by the amount of risk you are assessed to carry as a driver. If this is your first ticket, and you’re an experienced driver with a long track record of safe driving habits, you may get lucky. Your insurance company may not increase your rates due to one driving infraction, particularly if you’re a longtime customer who always pays your premiums on time.

On the other hand, if you’re a younger driver in your teens or twenties, you may be deemed to carry more risk. This is also true if you switch insurance companies every time you renew your policy. You don’t have an established relationship with your company, so you may be seen as carrying higher risk.

If the ticket does cause your auto insurance rates to go up, it may depend upon how fast you were going when you were stopped by police. If you were only going 10 miles per hour over the speed limit, you won’t have that many points taken off your driver’s license. On the other hand you look like a bigger risk.

If you do get a speeding ticket, you might have a great option to keep the infraction off your driving record altogether. The judge appointed to your case may allow you to attend driving school in exchange for waiving the ticket or reducing the points. In many of these cases your insurance company never has to find out you were stopped for speeding, particularly if it was your first offense.