Michigan Speeding Ticket Can Cost You $2,700 After the Fine

You know that sinking feeling when flashing red and blue lights appear in your rearview mirror? In Michigan, the financial punishment may continue long after the officer hands back your license.

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Because nothing says "lesson learned" like your insurance company sending you a bill for the next three years.

Michigan Speeding Tickets Can Raise Insurance Rates 36.5%

time lapse photography of man riding car

According to a new LendingTree study, Michigan has the nation's third-largest percentage increase in car insurance premiums following a speeding ticket.

Researchers found that average annual premiums jump 36.5%, from $2,486.90 to $3,394.10.

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That's an additional $907.20 annually, or $75.60 every month. Keep paying that difference for three years, and you're out $2,721.60.

That's enough money for a decent vacation. Instead, you're financing a brief encounter with a radar gun.

Michigan Ranks Among America's Costliest States for Speeding

close-up photo of black car inside tunnel

Only North Carolina and California saw bigger percentage increases. Michigan also ranked sixth nationally for the biggest annual dollar increase.

Nationwide, a speeding ticket pushed average premiums up 23.8%. Drivers in their twenties aren't getting a break, either. The study found 20-year-olds face an average annual increase of $1,185 nationwide.

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Before you panic over that time you drifted above the limit, the study specifically examined a first ticket for driving 11 to 15 mph over the posted speed limit. Your actual insurance increase could differ.

That said, LendingTree insurance expert Rob Bhatt says insurers may need several years of ticket-free driving before viewing you as less risky.

So that speeding ticket may cost considerably more than the fine. The officer gives you one ticket. Your insurance company may turn it into a three-year subscription.