Speeding is one of the most common moving violations. If you’re caught speeding, you may be wondering how it will affect your car insurance rates. After all, car insurance is one of the largest expenses for many drivers. In this article, we’ll take a look at how a speeding ticket can affect your insurance rates with Geico.
How Speeding Tickets Affect Your Insurance
If you’re caught speeding, it’s likely that your insurance rates will go up. How much they increase depends on your insurer, your driving record, and the severity of the offense. A single speeding ticket could cause your rates to jump by 10% or more. And if you have multiple tickets, or if you’re caught speeding in a school zone or construction zone, you could see your rates increase even more.
If you’re concerned about how a speeding ticket will affect your insurance, the best thing to do is to speak with your agent. They can give you specific information about how your rates may be affected. And they can also offer suggestions on ways to help keep your rates from increasing too much.
How Much Your Insurance Will Go Up
If you’re caught speeding, it’s likely your insurance rates will increase. Just how much they’ll increase depends on a few different factors, including your insurer, your state, and your driving record.
On average, you can expect your insurance rates to go up by about 20% if you’re caught speeding. However, this is just an average – some insurers will charge more, while others may not increase your rates at all.
If you have a clean driving record, you may not see as big of an increase as someone with multiple accidents or speeding tickets on their record. Your insurer may also offer discounts if you complete a defensive driving course after getting a speeding ticket.
In most states, drivers who are caught speeding will also receive points on their license. The number of points varies by state, but generally, the more points you have, the higher your insurance rates will be. If you accumulate too many points, you may even lose your license entirely.
So, how much will your insurance go up if you’re caught speeding? It depends on a lot of factors, but you can expect to see at least a 20% increase in your rates.
How Long the Increase Will Last
If you’re caught speeding, you’re looking at an insurance rate increase of about 10-15%. The good news is that the impact on your premium will generally only last for three years. After that, your rates should return to normal. If you have any other violations on your record, however, the increase could be much higher.
Of course, the best way to avoid a speeding ticket (and the resulting insurance hike) is to simply drive within the posted speed limit. But if you do get caught, don’t despair. The impact on your rates won’t last forever.
Which Companies Raise Rates the Most
After getting a speeding ticket, your insurance rates will likely go up. But which company will raise your rates the most?
Here’s a look at some of the biggest insurers and how much they’ll likely raise your rates after a speeding ticket:
GEICO: 26%
State Farm: 20%
Progressive: 18%
Allstate: 16%
Nationwide: 15%
As you can see, GEICO is the company that will raise your rates the most after a speeding ticket. So if you have GEICO insurance, be prepared to see a significant increase in your premiums.
How You Can Avoid an Increase
No one wants to get a speeding ticket. But if you do, it’s important to know how it could affect your insurance rates.
Here’s what you need to know about speeding tickets and insurance:
-Most insurance companies will consider a speeding ticket as a minor violation. This means that your rates may not go up as a result of the ticket.
-However, some insurers may view a speeding ticket as a more serious offense. If this is the case, your rates could increase.
-If you are concerned about how a speeding ticket will affect your insurance, you can contact your insurer to find out their policy.
Conclusion
A speeding ticket will certainly affect your insurance rates with GEICO, but there are a few things you can do to mitigate the impact. First, be sure to check for any discounts that you may be eligible for. Second, consider signing up for a defensive driving course, which could help lower your rates. Finally, make sure to shop around and compare rates from different insurers to make sure you’re getting the best possible deal.
