The Total Cost of a Speeding Ticket
I got my first speeding ticket in about 10 years last year. It was just a dumb move on my part as I wasn't paying close attention to my car's speed.
I paid $139 for the ticket after court costs and other fees. I expected my next insurance bill to be slightly higher, but wasn't sure what to expect.
Our annual car insurance bill in 2012 went up $172.05 to $963.17 for my wife & I. I believe 100% of the increase is due to my speeding ticket as I can't find any other indication of a rate increase, but I guess there is a chance some of it is a rate increase.
I did a quick search at it looks like a speeding ticket typically affects your insurance rate for 3-5 years. The premium due to the speeding ticket might decline a bit each year, but I haven't found anything from my insurer that would indicate this so far
My estimated cost for this speeding ticket:
$139 for the ticket + 3 years of $172.05 increased insurance premiums = $655.15. Speeding is expensive. This is good motivation to keep my speed well in check going forward.
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