Slow and steady can save you money on car insurance, researchers say.
Florida’s superspeed law could result in jail time for high-speed drivers
A new Florida law says driving 50 mph over the speed limit or 160 mph can result in jail time and a $500 fine.
- Speeding tickets and points on your license can significantly increase your auto insurance costs.
Putting the pedal to the metal may feel good in the moment, but it could also land you with a hefty speeding ticket. Additionally, some tickets come with points on your license, which can increase your annual car insurance costs.
The cost of being caught speeding varies by state. Speeding can cause drivers to experience a significant increase in their auto insurance.
One speeding ticket can skyrocket your annual insurance premium.
Just one speeding ticket can cost drivers across the country more than $500 in additional insurance costs per year. According to a study by online lending marketplace LendingTree, “a speeding ticket for driving 11 to 15 miles per hour over the speed limit increases your interest rate by an average of 22.7%.”
Some states, such as California, have increased speed limits by more than 22.7% on average. According to LendingTree’s analysis, the Golden State has the highest percentage change in auto insurance premiums after receiving a speeding ticket (42.0%). What does this mean for drivers?
Car insurance companies are strict about speeding. Even with an affordable plan, one speeding ticket can significantly increase your premiums. Drivers who are ticketed for speeding (11 to 15 miles per hour over the speed limit) can be charged hundreds of dollars in additional fees each year.
How to lower your car insurance premiums after speeding
According to Consumer Reports, if your insurance premium increases because you get caught speeding, there are steps you can take to reduce costs in the long run.
Steps to reduce your car insurance premium after getting a speeding ticket
- increase the deductible amount
- Take a defensive driving course (ask your provider for approved courses)
- Get quotes from other providers
Increasing your deductible (the amount you pay out-of-pocket for eligible claims) is one way to quickly lower your premiums. Additionally, drivers can contact their insurance company and request an approved defensive driving course that can reduce their premiums. Many of these classes are completely online and relatively inexpensive.
Finally, if your premiums increase significantly after a speeding ticket and your insurance company won’t help you reduce costs, you may want to get a quote from another car insurance company. This can help reduce short-term auto insurance costs as you work to repair your driving record.
Why Americans should avoid speeding
According to the National Highway Traffic Safety Administration (NHTSA), speeding will kill 11,775 people in 2023. The consequences of driving over the speed limit aren’t necessarily just financial. They can also be deadly. According to NHTSA, 29% of all traffic fatalities in 2023 were caused by speeding.
The Insurance Institute for Highway Safety (IIHS) says, “Lowering speed limits reduces the number of injuries caused by accidents.” Obeying speed limits and traffic laws helps keep drivers safe and reduces the likelihood of paying higher insurance premiums. Additionally, many auto insurance companies offer safe driving incentives that reward drivers for responsible driving habits.
