Speeding and Insurance
We’ve all been there, you’re late to a meeting or an event and without realizing it your speed creeps up over the speed limit a little (or a lot…). Suddenly the flashing lights snap you back to the present and you look down as you slam on the brakes. Congratulations, you’ve just won a “performance award”, aka a speeding ticket.
So, what are the consequences?
Your insurance company will typically review your driving record before each renewal, so there may not be any impact for 6 or even 12 months depending on whether you have an annual or semi-annual policy. By the way, it works both ways, so even when you ticket has dropped off your record, you won’t see an impact on rates until your next renewal.
If you are under 25, you will probably only see a slight increase in your rates IF its the only violation you have. The effect on insurance rates tends to be cumulative and exponential — the more you have the greater the increase in your rates.
Why Do They Raise Rates?
According to the National Highway Traffic Safety Administration (NHTSA), for the last decade speeding has accounted for over 30% of all fatal traffic accidents. In 2012, 34% of all motorcycle fatalities involved speeding. The faster you are moving the more likely you are to have an accident and accidents involving faster speeds contribute to greater vehicle damage and fatalities.
Slow Down, Save Lives and Money
Speeding greatly increases your chances of being involved in an accident, and makes that accident more likely to involve fatalities. The resulting speeding tickets will eventually impact your insurance rates – sometimes to a great degree. It can hang around on your driving and insurance records for over three years. It’s just not worth it.
Need a quote on your auto insurance? Give us a call.
About Kevin Panter Insurance
Located in Blue Ridge Georgia, and serving all of Fannin and surrounding counties, Kevin Panter Insurance is one of the leading independent insurance agencies in Northern Georgia. Representing the finest auto and home insurance carriers and the leading business insurance companies, Kevin Panter Insurance can provide you with the best in insurance value.