No one likes getting a speeding ticket, and they can be quite expensive, so it makes sense that many Nova Scotians procrastinate paying their fines.
What many people don’t realize is that waiting until the last minute to pay off your ticket can end up costing you in the long run.
Here’s why: insurance.
When you get a speeding ticket, it goes on your driving record as a conviction. When you go to purchase a new insurance policy or your existing policy is up for renewal, that conviction can have a big impact on the rate you’re able to get on your insurance. Minor convictions, such as speeding tickets, no seat belt tickets, failure to stop at a stop sign tickets, and failure to signal tickets, affect your insurance premium for three years, and the difference in premium can be up to a few hundred dollars per year.
Here’s the kicker: these convictions affect your insurance premium for three years from your conviction date (the date you pay your fine), not the date you actually received your ticket. If you wait until the last minute to pay your fine, your ticket will affect your insurance premium for longer.
So get those fines paid folks, it could end up saving you on your insurance in the long run!