Having a lead foot can certainly affect your auto insurance rates. Just a single speeding conviction going 10 or more miles over the speed limit can result in a rate increase of $150 or more. This rate increase goes up even steeper if you already have a ticket or an accident on you record. You don’t have to be brazenly violating the rules of the road to fall victim to a rate increase either. No matter what led to the ticket, insurers treat all tickets the same regardless of the reason. Compare car insurance rates now by using our FREE tool above!
When you’re applying for insurance, one of the first things the agent will ask you to qualify you for a product is whether or not you have tickets or accidents. Whatever you answer will be used to assign you to a risk class and rate your policy at the end of the quoting process. While the company might go with your word initially, any speeding points you don’t declare during your first meeting will be found if you decide to apply for the policy. This is where the company does the real research to find out what type of driver the company is extending coverage to.
Why Declaring Speeding Tickets is Important When Retrieving Quotes
When you’re requesting quotes through agents and brokers, you’re not obligated in any way to buy coverage through any of the companies that you reach out to.
Since auto quotes come with no obligation, companies will go by your word to give you premium estimates before you ever submit an application.
Running reports can get expensive. In fact, it costs the insurance company between $5 and $20 for each report that is run. Since a quote doesn’t guarantee that the client will apply, there’s no need to actually request records until a commitment is made. The quote phase is the only time the company won’t use databases and reports to verify what you’re saying is true and accurate because it doesn’t make sense financially to run the reports. This is why it’s important to be honest when you want the most accurate quotes.
What happens if you don’t declare speeding tickets when you’re getting a quote?
The rates that you’re quoted aren’t guaranteed until your application has been underwritten. After you submit your application, the information is sent to an underwriter who requests your Motor Vehicle Report and also your claims history report. As a consumer, you can request a report for free annually. The insurer, however, must pay for these before an underwriting decision can be made.
If you fail to declare a ticket or an accident, your initial premium estimates will be classified as a misquote. While agents can be to blame for misquotes, if the applicant fails to provide the right information, it’s technically the applicant’s fault. Any misquote that isn’t done intentionally is legally allowed under the laws passed by the Department of Insurance. Consequences for not declaring a speeding ticket could result in the following:
- A guaranteed increase in premiums if the ticket is within the chargeable period (typically within 3 years)
- A loss of your Good Driver or Safe Driver Discount after another ticket or accident
- Inability to find the lowest rates with insurers that have the best price in your risk class
- Cancellation or rescission of your car insurance policy for failing to disclose your infractions
How much will a speeding ticket affect your rates?
It’s impossible to guess how much a ticket will raise your rates primarily because the increase has a lot to do with your rate class and other personal rating factors. The actual increase varies from company to company, from state to state, and from household to household. Some states allow a larger surcharge than others, but most states only allow speeding tickets to have a bearing on your rates for up to 3 years after the conviction date.
If you have a single infraction, the charge will be a lot lower. It’s when you have multiple speeding convictions or a combination of tickets and accidents that rates can double or triple. Here’s some of the average increases for speeding infractions:
- Speeding 1-14 mph: 11%
- Speeding 15-29 mph: 12%
- Speeding 30+ mph: 15%
Do you need to update your insurer when you have a new speeding infraction?
If you’ve decided to go with a reputable insurer and you had a clean driving record, you’ll receive the best rates possible for the first term. Getting a speeding ticket during the term can’t have an affect on your rates in any way.
A speeding ticket will only drive your renewal rates up if you’re convicted before your renewal.
It’s not your duty to notify the insurance carrier when you have a speeding infraction or any other infraction. You do, however, need to advise your insurer if you have an accident and you’re issued a ticket at the scene. At the renewal, the company will run your motor vehicle report to spot new infractions. The only time infractions are chargeable are when there’s a conviction and not just a citation.
Tips for Avoid Rate Increases
The easiest tip to give you when you’re trying to keep your insurance rates low is to obey the rules of the road so that you can keep your record blemish-free. If you are cited for speeding or another type of infraction, take up the chance to take traffic school if it’s there. It costs money to take traffic school but it saves you more. Traffic school essentially erases the points that comes with the infraction so that your ticket won’t affect your rates for the following 3 years.
Getting cited for speeding can ruin more than just your day–it can ruin your clean insurance record for years. If you’re looking for affordable rates, it’s time to shop around Declare your speeding ticket through the online quoting system and you’ll be able to see firsthand which company is priced for consumers with marks on their record. Enter your zip code in our FREE tool below to compare car insurance rates now!