Speeding can result in more than just a ticket. It leads to long term economic loss by higher auto insurance costs. You can also lose your driving privileges and even life.
The true cost of a speeding ticket is felt long after paying the initial fine and any court fees. For drivers under 25 years old, just one speeding ticket could cause insurance rates to skyrocket. Insurance companies issue insurance to customers based on their risk profile. Every insurance company has its own critera to deal with traffic related violations but one thing is clear: speeding tickets increases your risk to insurance companies and any traffic violation means a higher chance of a future violations. The only way to compensate for this risk is to increase your premium. Your insurance premium will go up 22-30% on average, after a speeding ticket, according to a rate analysis by CarInsurance.com. This could mean hundreds of dollars each year. Repeated violations will add up resulting in higher traffic penalties and higher insurance premiums.