Four Ways Being A Speed Demon Could Hit You In The Wallet

Image via Unsplash

Sometimes, the need for speed calls your name, and as drivers know, cars are becoming not only more technologically advanced but also a lot faster. As our cars are capable of more speed, so we push that speed to the limit, but the consequences could be hitting us where it hurts – in the wallet. Depending on the type of driver you are, driving too fast isn’t only a potential hazard for your person, it’s also a hazard for your pocket. Here’s why…

Speeding Tickets

Although they can seem quite frustrating, speed limits exist for a reason. We know they are there to stop accidents occurring, but sometimes temptation gets the better of us and we forget to ease off on the accelerator. If you do get caught going over the speed limit, you can expect to receive a fine, points on your licence or sometimes even an outright ban – you could even find yourself in court. All of this is horrendously stressful, but it can also cause your car insurance premium to go up as well – not brilliant news for anyone.

Damage To Your Car

Driving at excess speed not only accelerates the wear and tear on your beloved ride, it can also result in extensive vehicle damage. At speed, your stopping distances is greatly reduced, and this means you’re far more likely to hit something, be it a stationary object, another vehicle or even a person. Getting into trouble with a Bike Accident Lawyer encouraging a claim from a cyclist is also a possibility. Aside from the unbelievable tragedy you might cause in seriously injuring someone or even causing a death, your car is likely to sustain major damage and may even be written off. Even if the repairs needed are less severe, it’s still likely to require a lengthy, stressful insurance claim. And that’s just your vehicle. If you cause third party damage, it could be even worse. Even if the result is less severe than you thought, it will still mean a hike in your insurance cover price or perhaps even a refusal of cover.

Causing Injuries

The range of bodily injuries you can sustain in a major accident is extensive- that’s if you’re lucky enough to escape with your life. Not only can a life-changing accident like that require costly complex ongoing care and perhaps large medical bills, but it could also lead to a massive loss of income if you are no longer able to do your job. If other parties have also been injured due to your speeding or careless driving, then you may also find yourself with a costly court battle, payouts to make and legal fees to cover.

Going To Jail
In severe cases, speeding could land you with jail time. Not only will that leave you with a massive income hit – and quite likely unemployment – but a stain on your record such as conviction is enough to damage your future prospects for years to come. The long term hit to your earning potential could be severe, meaning that leaving the past behind you could be more financially difficult than you think. That’s a whole heap of consequences for getting a little lead footed.