Most drivers understand that they could receive a traffic ticket for violating the rules. People tend to think of traffic tickets as an inconvenience rather than a significant penalty. They may not recognize the long-term financial implications that even one serious traffic violation could carry.
Paying a ticket is essentially the equivalent of pleading guilty to a traffic infraction. Insurance companies that learn about a driver’s violations may increase what they charge for liability coverage. The surprising financial impact of a single traffic ticket is one compelling reason to fight a citation instead of paying it.
How much do premiums increase?
People might assume that a single traffic ticket might only increase their insurance premiums by a minor amount. However, industry research looking at insurance premiums indicates that drivers in Colorado face a much sharper increase in premiums than motorists in most other states.
Insurance premiums increase substantially for serious traffic violations, such as significant speeding tickets. A study that recently made the news found that a single ticket for exceeding the speed limit by 11 to 15 miles per hour can increase insurance premiums from an average of $3,280 to $4,149. That’s a 26.5% increase in costs.
In cases where drivers have multiple citations on their recent record, their premiums may increase even more. In some cases, insurance providers may even determine that a driver is high-risk and may force a driver to change to a different insurance provider.
Reviewing the circumstances surrounding a recent traffic ticket can help drivers evaluate their options. A lawyer can help a driver fight their ticket in many cases.