How Do Speeding Tickets Affect Insurance in Ontario?

Receiving a speeding ticket in Ontario can lead to various consequences, including fines, demerit points, and even a suspension of your driver’s license. However, one of the main concerns for drivers is how this will affect their insurance premiums. In this blog post, we will discuss the impact of speeding tickets on car insurance in Ontario.

What Are Speeding Tickets?

Speeding tickets are issued to drivers who exceed the posted speed limit on roads and highways. In Ontario, the speeding tickets are categorized based on how much the driver has exceeded the speed limit. For example, if the driver is going 1-19 km/h over the limit, they will receive a minor speeding ticket, but if they are going faster than 50 km/h over the limit, they may face more severe penalties.

How Do Insurance Companies Handle Speeding Tickets?

When you receive a speeding ticket, the information is added to your driving record, which is accessible to insurance companies. Insurance providers use this record to calculate your risk level as a driver and determine your insurance premiums.Typically, a minor speeding ticket will have a minimal effect on your insurance rates. However, frequent speeding tickets or a major ticket for excessive speeding can result in a significant increase in premiums.

How Much Will Your Insurance Premium Increase?

The amount that your insurance premium will increase depends on a variety of factors, including the severity of the offense, your previous driving history, and your current insurance policy. On average, a minor speeding ticket will result in a 5-10% increase in your insurance premiums. However, if you have a history of accidents or violations, your premiums may increase more significantly.A major speeding offense, such as driving over 50 km/h over the limit, can result in a 50-100% increase in insurance premiums. In some cases, the insurance company may even choose to cancel your policy.

How Long Will a Speeding Ticket Affect Your Insurance?

In Ontario, speeding tickets will remain on your driving record for at least three years from the date of the offense. During this time, your insurance company will consider the ticket when calculating your premiums. After the three-year period, the ticket will be removed from your record and your rates should return to their previous level.

Can You Avoid an Insurance Premium Increase?

There are several ways to minimize the impact of a speeding ticket on your insurance premiums. One option is to take a defensive driving course, which can improve your driving skills and demonstrate to your insurance company that you are taking steps to become a safer driver.Another option is to negotiate with your insurance provider. If you have a good driving record and have been a loyal customer for several years, your insurance company may be willing to offer lower rates or waive the premium increase.In conclusion, receiving a speeding ticket in Ontario can result in a significant increase in your insurance premiums, especially if you have a history of violations. However, by taking steps to become a safer driver and negotiating with your insurance company, you may be able to minimize the impact of a speeding ticket on your premiums.