How do speeding tickets affect your car insurance?

Perhaps you were running late, or maybe you got caught up in the flow of traffic and did not realize how fast you were going. Either way, North Carolina law enforcement issued you a speeding ticket.

To understand how the traffic violation affects your insurance, see what Forbes says on the matter. By arming yourself with knowledge, you may better prepare your finances and future coverage options.

Factors that affect insurance coverage increases

Insurance companies consider more than the existence of a speeding ticket on your driving record when deciding whether or how much your rates increase. Additional factors include where you were when you received the ticket, your driving record up until now, your speed when you received the ticket and the time between prior traffic violations.

How long you should expect an insurance coverage increase

If your current provider retains you as a customer after your traffic ticket and increases your rates, you may pay more for anywhere between three and five years, depending on your zip code. Consider contacting your agent to see whether you may reduce your increased premiums if you do not get another ticket for a while.

Potential ways to combat insurance coverage increases

Another question for your coverage provider is whether you may take steps to reduce your rates after a traffic ticket. For instance, you could ask about coverage discounts you qualify for or consider bundling multiple insurance plans. An approved safe driving course may eliminate a few points from your driving record and help lower your rates.

Arm yourself with facts to understand the full impact of a traffic violation. You could have more opportunities than you think.