If you are a good driver who pays a very low auto insurance premium a single speeding ticket can have a severe effect on your auto insurance. Although it is very difficult to predict the exact effect of a speeding ticket on your insurance, here are some generalities:
- The better your driving record is, and the lower your premium, the more likely it is for your insurance to go up significantly.
- If you have insurance through a preferred provider (an insurance company that specializes in covering only good drivers), a conviction is more likely to raise your insurance rates.
- If you are charged with speeding more than 20 mph over the speed limit (or in some cases more than 15 mph) you may see a significant increase in insurance premiums.
- Young drivers (under 25), drivers who recently acquired their current insurance policy, or drivers who recently qualified for a good driver discount are more likely to experience a dramatic increase in insurance premiums.
- Your DMV points and your insurance company’s point system are not related. You must talk to your insurance provider if you want to know how they weigh specific offenses.
When insurance rates are raised they usually remain at heightened levels for either three or five years. That means that if you get a speeding ticket for 75 mph in a 55 mph zone and your insurance goes up $500 a year, then you are looking at either $1500 or $2500 in extra insurance premiums over the next three or five years. That is a very significant cost. Make sure you consider the insurance costs before prepaying a speeding ticket.
If you are a good driver with low insurance rates and you are charged with speeding by more than 15 mph over the limit, you should have an immediate and frank discussion with your insurance provider about the potential effects of conviction.
Reducing Insurance With a Driver Improvement Course
Virginia law V.a Code 38.2-2217 requires insurance providers to reduce a Virginia driver’s premiums if that driver completes a DMV approved driver improvement course and if the driver is 54 years old or younger. The reduction in insurance premiums will last for two years and the course can be repeated once ever two years. The driver improvement course can also be taken for other reasons, including for a reduction in demerit points. However, taking the course to get 5 good points, will not reduce your insurance premiums. You can also take the course for point, once every two years; however, the course can be taken for points and then insurance every other year.