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Too Fast, Too Furious... Could Lead to Auto Insurance That’s Simply Too Expensive

Sporty cars are great fun, but if your driving even remotely approaches what you see on the big screen and you get ticketed for it, you could wind up paying more for your auto insurance premium.

Auto insurance rates are based on each company's expected cost of doing business, which includes the cost of paying claims. The claims data used by each company generally include the number of accidents and the cost of those accidents. And, the claims data used varies from company to company, which leads to a pretty big spread in rates available to the same consumer for comparable coverages from different companies.

We assemble data about the accident experience of people who have been insured with us and other information we think may help us (industry accident data, for example) and we analyze it to determine what pieces of information can help us to understand the likelihood that someone will have a future claim or accident and the likely size (dollar amount) of that claim.

There are things about you and your driving history that help us to understand your future likelihood of being involved in a claim. For example, we recently reviewed the information of more than a half million drivers and found that those who had a speeding ticket in the past three years are generally twice as likely to have an at-fault accident. This data help us to understand the likelihood that someone will have a future claim or accident, so we use it in pricing.

If you're Too Fast and Too Furious, you may wind up with a moving violation or other ticket. Know that this may affect what you pay for auto insurance. And, let's face it, auto insurance is expensive enough as it is.

Here's how some violations affect some people's premium. Does this mean the same violation will cost you the identical amount of money? No -- auto insurance rates are individualized. How a speeding ticket or other violation affects your premium and your next-door neighbor's premium will probably be very different.

One way to find out what a violation would cost you is to get a quote on progressive.com -- the web site lets you play "what if" with your auto insurance quote -- you can add drivers, vehicles, change coverages, etc. to understand what the changes will do to your rate. Let's say you don't want to know how much a ticket will cost you, but you want to know how much it will be to insure one of those very cool Mitsubishi Eclipse Spyders like in the movie? You can do that, too.

If you have a Too Fast Too Furious car, and you customize it with cool wheels and a hot stereo, remember to tell your auto insurance company or your independent agent. Insurance companies typically classify these additions as 'custom parts and equipment.' Regardless of what they call them, know that if you don't tell your insurance company about them, and add them to your policy (yes, it's probably going to cost more), your insurance company may not be obligated to cover them if you're involved in a crash. Many insurance policies provide coverage only for the parts and equipment that came on the car when it was manufactured -- not additional equipment you've put on. So, if you want those things covered by insurance, be sure to get them on the policy.

For more information on auto insurance quotes in florida, or other financial matters visit the links below.

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