How One Speeding Ticket Can Wreck Your Wallet in Colorado

When was the last time you got a speeding ticket? For me, it has been years. Usually, I keep with the speed limit, but if you know anything about the interstates here, you have got to keep with the flow of traffic.

How Speeding Tickets Affect Insurance Rates

Those who like to speed on Colorado roads know the risk of getting a ticket, but they might not realize how it can affect their auto insurance rates. Incidents such as collisions, DUIs, and more can drastically affect the price you pay when it comes to auto insurance.

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According to Lending Tree, even a minor speeding ticket in Colorado can raise your rates significantly. Colorado is ranked as one of the top ten states for premium increases after receiving a citation for speeding 10 to 15 miles over the speed limit.

What Colorado Drivers Pay After a Ticket

The average annual auto insurance premium for a Colorado driver without a speeding ticket is around $3,200. After being busted for driving 10 to 15 miles an hour over the speed limit by law enforcement, that premium goes up to around $4,100.

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That equates to approximately 26.5 percent more for auto insurance every year. I don't know about you, but every dollar in my bank counts for something. Which means I would rather go the speed limit than risk spending nearly $1,000 more per year on car insurance.

How Colorado Compares to the Leading State for Increases

The state with the highest annual rate increase after a speeding ticket is California. The average annual auto insurance premium is $2300. After a speeding ticket, the price jumps 42 percent. Ironically enough, the price of an auto insurance premium after a speeding ticket in California is only $100 more than what your average Coloradan pays for insurance without a speeding ticket. It appears that not everything is more expensive in the Golden State than in Colorado.