Are Your Driving Skills Draining Your Bank Account?

You may not realize just how much you spend as a driver. In addition to the maintenance costs, registration fees, and regular gas fill-ups, how you drive can be costly you much more than you can afford to pay.

There are many reasons you should always practice safe driving techniques and obey the laws of the road. Namely, your safety and the safety of others are the priority when you are on the road. But there are many people living fast-paced lives do not have the patience necessary to use caution behind the wheel.

Here are some of the most common ways you dump money down the drain when you misbehave behind the wheel:

Speeding Tickets

If you haven’t received a speeding ticket recently, you may not realize just how costly these tickets can be. Just a ticket or two a year can cost you several hundred dollars. If you wish to fight the ticket, you’ll lose time off from work to go to court where you may or may not come out with a victory. Additionally too many tickets and you can jeopardize your driving privileges which can cost you additional income loss when you can’t get to work or extra fees for public transportation.

Insurance Rates

In addition to the harm on your wallet speeding tickets do, they can also drastically increase your insurance premium rates. Reckless driving and auto accidents can certainly increase how much you have to pay in insurance. Safe drivers with no record often are eligible for additional discounts where savings is significant. With the high cost of insurance now, it seems ridiculous to have to pay even more.

Accidents

If you are driving too fast, too angry, or too distracted you may end up causing an accident that can cost you thousands or more. Injuries and fatalities of passengers in your vehicle or for those in other vehicles can be financially devastating for the rest of your life. If you cause injury to yourself in a single vehicle accident, you are out of income if you can not work and the expense of medical care can leave you further in debt than ever. Additionally, if you total your vehicle or someone else’s, you have even more costs to cover.

Lawsuits

Again, accidents with injuries or deaths can be a legal nightmare – one that may be so expensive you can never financially recover regardless of your insurance coverage. You also have to pay attorney fees and court costs. Plus the emotional factor of the accident can be a life-long catastrophe.

Vehicle Deterioration

When you drive erratically, starting, stopping, weaving in and out of traffic, you are putting a lot of pressure on your vehicle. Regular wear and tear on a vehicle can be expensive enough but if you are treating your vehicle like a race car each and every day, you can expect higher maintenance fees and potentially the need for a new vehicle sooner than you can afford.

Fuel Expenses

Auto manufacturers recommend driving at safe, consistent speeds in order to get the most fuel efficiency. However, if you are speeding and driving erratically you are wasting gallons of gas. With fuel costs already so high, it can hurt your budget if you have to fill up more than normal.

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