How long does a speeding ticket affect my auto insurance policy rates?

A speeding ticket will affect auto insurance premiums in Albertville, MN, even if you have never been involved in an accident. The reason is related to the risk. If you are speeding, then you have a higher risk of getting into an accident. The impact of the ticket will last for some time, but the exact duration will vary based on the company.

Short-Term Surcharges

Some insurance providers handle a ticket by adding a surcharge to your current policy. The impact is an increased rate on your policy that will reduce after a set amount of time as long as you do not get into an accident or obtain a new ticket for speeding within the set period of time.

The short-term surcharges are usually added to your policy for one year. After that period, your rates will usually reduce.

Long-Term Changes

Even though companies may offer short-term options, some insurers will extend the period of time. Insurance providers have different methods of handling the situation based on the problems that you can expect to face.

It is not unusual for a company to charge a higher rate for coverage for three years or more due to the increased risk associated with a speeding ticket. If the company does not offer a short-term option, then you can expect to pay a slightly higher rate for a few years. Most companies will reduce your rate after three years if you have not gotten a new ticket or been in an accident.

A ticket will affect auto insurance rates by increasing the amount that you pay for your premium, but the duration of the change can vary. Call us today to speak to an agent for more details about your auto policy.