Many drivers will occasionally drive faster than the posted speed limits and there are those who will speed every time they get behind the wheel. Clearly, there are not enough highway patrol officers to give speeding tickets to all those who speed. This means that the odds of not getting caught and ticketed always favor the speeder.
Most drivers give little thought as to how speeding would affect their insurance rates. The surprise usually comes when it’s time to renew their policy. In cases of extreme speeding, a driver’s cost of car insurance could actually double, even on a first offense.
Why is it that all insurance companies raise your car insurance rates after a speeding ticket? The simple answer is that the faster you go, the more deadly it is. Because you’re going so fast, there’s a higher chance of you causing a lot of damage to other people or property if an accident does occur. Higher rates are required to pay for these damages.
If you were caught speeding, your insurance company may raise your rates temporarily for 3 years. The raise can sometimes be as high as 35% for the first year, and then it’ll gradually drop over the course of 3 years. That is if you were to have no more moving violations.
Speeding may also affect insurance rates other than just your auto insurance. Insurance companies may look at your driving records when deciding whether you’re a high-risk customer or not and could charge you higher rates for life, health, disability or long-term care insurance.
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