How 2 Speeding Tickets Affect Your Car Insurance Rates
Speeding might be tempting for some drivers, but it could also have serious consequences. Among those issues, getting a speeding ticket could go beyond paying the fine; it can also affect your insurance rates. In this article, you will learn how 2 speeding tickets can impact car insurance rates.
What are the Consequences of Two Speeding Tickets?
When you get one speeding ticket, you can move on relatively easily, and it will not have a significant impact on your insurance premium. However, when you get two speeding tickets, that is a completely different story. Those two tickets could potentially result in major consequences that would affect your driving record and your insurance rates for years to come.
How Do Car Insurance Companies Determine Your Rates?
One key thing to understand is that car insurance companies determine insurance rates based on the risk they perceive when insuring you. Specifically, insurance companies determine risk by assigning a risk factor score, which is calculated based on several factors.When you get a speeding ticket, there is an assumption that you are a risky driver. If you get two or more tickets, the perception will be that you continue to take unnecessary risks while driving. As a result, your insurance company will re-calculate your risk score and adjust your rates as needed.
How Much Can Your Insurance Rates Increase?
When it comes to determining the amount that 2 speeding tickets impact your car insurance rates, there is no rule of thumb. Different car insurance companies will handle this issue differently.However, in our experience, it is common for a driver with two or more speeding tickets to see an increase of between 20% and 40% in their insurance rates. This increase can be significant and could potentially impact your budget.If you find yourself in such a situation, it is important to explore options to lower your insurance rates, including shopping around for a different insurance provider or negotiating a discount with your current insurance company.
How Long Will Your Rates Stay Elevated?
The duration of the impact on your car insurance rates will most likely depend on the state you live in. In general, insurance companies will consider violations in your driving record over a three-year period when calculating your risk score.After three years have passed with a clean driving record, it is likely that your rates will go back to normal. However, it is important to keep in mind that some motor vehicle violations, such as DUIs, hit-and-runs, or severe speeding violations, could have an impact on your insurance for a longer time.
Tips to Minimize the Impact of Speeding Tickets on Your Car Insurance
While it is impossible to go back and undo the harm caused by speeding tickets, there are some steps you can take to minimize their impact on your rates:
Shop Around for Insurance
Different insurance companies will calculate your risk score differently. Therefore, it is always a good idea to shop around with other insurance providers when you face higher rates.
Take a Driving Course
Many car insurance companies offer a discount when you complete a certified defensive driving course. This can help demonstrate to the insurance company that you are committed to improving your driving skills and might help lower your rates.
Consider Increasing Your Deductible
Increasing your deductible (the amount you pay out of pocket when an accident happens) can help to lower your monthly payments. However, it is important to ensure that you can afford the deductible should an accident occur.
The best way to avoid the impact on your insurance rates is to avoid getting speeding tickets. If you drive safely and obey traffic laws, you can minimize the risk of getting a ticket and keep your insurance rates low.
Getting 2 speeding tickets could be just the beginning of your financial worries – they can potentially impact your insurance rates for years. Not to mention, 2 speeding tickets could also impact the cleanliness of your driving record and could potentially lead to license suspension or revocation.It is important to avoid speeding and always remember to obey traffic laws. In case you do get a speeding ticket, remember to shop around for different insurance rates or take steps to lower your rates as much as possible.