Getting a speeding ticket can be a frustrating experience. The fine alone can be a financial burden for many people. However, anyone who has received a traffic ticket knows that the fine itself isn’t the only cost that is associated with a traffic violation.
From increased insurance costs to potential license suspensions, the true cost of a ticket can go far beyond a one-time fine.
Increased insurance costs
In many cases, the price of a fine is not as significant as the monetary penalties drivers can incur from increased insurance rates. According to a study conducted by Nerdwallet, Colorado residents that received a speeding ticket ended up paying an average of $135.61 more per year for car insurance.
Unlike a speeding ticket, increased insurance rates are a recurring cost that can affect you in the long term.
On the record
Another cost of a traffic ticket is the mark it can leave on your driving record. For those who depend on a clean driving record for work, one offense may be enough to cause a significant financial strain.
However, having an infraction on your record can cause serious problems for those who do not fall into this category.
Colorado has a point system attached to traffic violations. Receiving a traffic ticket adds points to your record. If you acquire too many points within a time period, you may face license suspension.
In addition to a reinstatement fee, a license suspension can drastically increase the daily costs of commuting if you rely on motor transportation.
Combating a ticket
When people get a ticket, they often only see the fine that’s attached to the ticket. Based on this cost alone, they may think that fighting a ticket isn’t worth the time.
However, for most people, this cost-benefit analysis would change if they understood the full scope of costs attached to a ticket.
This article is meant to be educational and should not be taken as a substitute for legal counsel.