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The True Cost of that Speeding Ticket

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Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency...

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Reviewed byJoel Ohman
Founder, CFP®https://res.cloudinary.com/quotellc/image/upload/insurance-site-images/truthaboutins-live/2020/03/joel-ohman.jpg

UPDATED: Mar 13, 2020

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speeding

So you were caught speeding, and subsequently issued a ticket.  Bummer.  I know, the car next to you was going faster; why didn’t they get pulled over?

Now you’re stuck paying a fine and you may need to go to traffic school to ensure the ticket doesn’t stay on your record.

But what if you’ve already taken traffic school or you fail to take advantage of such an offer?

Well, I can tell you that the speeding ticket will have a lasting impression…on your wallet.

Aside from the fine associated with the ticket itself, you’ll be paying a higher auto insurance premium for years to come.

While the cost may vary based on your driving record and the company you’re insured with, the cost won’t be insignificant.

I got a speeding ticket a few years back, and because I wasn’t eligible for traffic school, the ticket wound up on my record.

As a result, my insurance company charged me an extra $100 every six months, for three years (until it fell off my record).

So not only did I have to pay the speeding ticket, which was around $200; I also paid $600 over the course of three years for the infraction.

That’s about $800 lost thanks to a lousy speeding ticket.  So next time you think about speeding, think twice; it may not be worth it.

Keep in mind “preferred carriers” typically look back five years for tickets and accidents, whereas “non-standard” insurance companies only go back three years.

Tip: There’s some leeway when it comes to how long a ticket will bump up your rate, especially if you’re shopping for a new insurance provider.  Ask your current provider to drop the demerit a little earlier than normal to keep you on board (even if you’re not shopping around!).

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