So when you get pulled over doing 20km over the speed limit in Ontario the charge is $95.00. The $95.00 if only part of the cost to you! Do you know how this ticket will affect your insurance premiums?
As a Professional Insurance Broker, I see clients getting tickets all the time and then they get upset because their insurance premiums go up.
Let us say for example that the insurance premium you pay is $900.00 per year, and you have been Conviction(Traffic Ticket) free for 3 years. Let's assume that the company you are Insured with has a 10% Conviction Free Discount. Because you now have a Conviction on your record you lose this discount for up to 3 years. So with all things being equal you will for the next 3 years pay $1000.00 for your insurance premium.
So with this math your $95.00 ticket actually costs you $395.00.
Now we all know that insurance rates generally go up year after year, so the additional $100 per year in premium would be higher due to rates increasing.
So i do understand the concept behind people speeding, but when it all comes down to it, did that 15 minutes you might have saved by speeding, really be worth the cost of the ticket and increased insurance costs?
I would like to thank everyone for reading my posts, and I do hope that they are all informative. I would really enjoy any feedback and any possible topics you would like to hear about.
Sean McNamara
No comments:
Post a Comment