June 25, 2004

One speeding ticket can double insurance costs in Ontario

Toronto, Ontario – Summer speeders in Ontario who get caught could take a nasty hit to their insurance, says Lee Romanov of the Insurance Hotline. “Take this 35-year old male with a 2001 Chrysler Intrepid – just one ticket could send his insurance soaring by $3,163,” she reports. “If he had an accident, which almost always means a ticket as well, he could face up to an $8,186 hike in his premium – depending on which insurance company he’s with,” says Romanov.

Driving Record             Low      High      Difference

Clean Record               $1,621   $2,752    $1,131 
1 Ticket                   $1,621   $4,784    $3,163
2 Tickets                  $1,871   $5,424    $3,553
1 Accident                 $2,805   $11,301   $8,496 
1 Ticket and 1 Accident    $3,115   $11,301   $8,186

“With one ticket and one accident, he could wind up paying a whopping $11,301. That’s $8,000 too much,” says Romanov. For details, see www.insurancehotline.com.

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