How Much Does Car Insurance Go Up After an Accident? QuoteWizard from quotewizard.com
Introduction
When it comes to driving, most people know that speeding tickets can lead to hefty fines and points on their license. However, many drivers wonder if getting a ticket for speeding can also increase their insurance rates. In this article, we will explore whether or not insurance companies take speeding tickets into account when setting rates.
How Insurance Companies Set Rates
Insurance companies use a variety of factors to determine how much a driver will pay for coverage. These factors typically include things like age, gender, driving history, and the type of car being insured. However, not all insurance companies use the same criteria, and some may place more importance on certain factors than others.
Do Speeding Tickets Affect Insurance Rates?
In most cases, the answer is yes. Insurance companies generally view drivers who have been ticketed for speeding as being at a higher risk for accidents. As a result, these drivers may see an increase in their insurance rates.
How Much Will Rates Increase?
The amount that insurance rates increase after a speeding ticket can vary depending on a number of factors. These factors may include the driver's age, the severity of the offense, and the driver's previous driving history. However, it is not uncommon for rates to increase by as much as 20-30% following a speeding ticket.
How Long Will the Increase Last?
In most cases, the increase in insurance rates following a speeding ticket will last for a period of three to five years. This is because insurance companies typically look at a driver's history over this period of time when setting rates.
What Can You Do?
If you have received a speeding ticket and are concerned about the impact it will have on your insurance rates, there are a few things you can do. First, consider taking a defensive driving course. Many insurance companies offer discounts to drivers who complete these courses, and it may help offset the increase in rates.
Conclusion
In conclusion, speeding tickets can have a significant impact on insurance rates. While the exact increase will vary depending on a number of factors, it is not uncommon for rates to go up by 20-30% following a ticket. If you have received a ticket, consider taking a defensive driving course to help offset the increase in rates.