As of 2016, speeding is the third leading cause of all traffic accidents behind distracted driving and impaired driving, says Caddell Weiland. It is also the cause of 33 percent of the accidents involving a fatality. Up to 13,000 people die annually from crashes caused by speeding, and such accidents cost up to $40 billion annually.Continue Reading
Speeding is also costly in a variety of other ways, according to Caddell Weiland. For every 5 miles per hour over the speed of 60 mph, it costs a driver up to 24 cents a gallon. Speeding tickets can cost a driver from $150 to a $1,000 in fines. Speeding tickets are also violations that add points to a driver's license, which can lead to suspension of the license and its associated costs.
Young male drivers ages 15 to 20 are the most likely to be involved in an accident caused by speeding leading to a fatality, states Caddell Weiland. These drivers are involved in 39 percent of all fatal speeding accidents. Speeding is not confined to highways, given that up to 47 percent of drivers who speed do so in roads where the speed limit is 50 mph. More that 20 percent of speeding accidents occur on roads where the speed limit is 30 mph or less.Learn more about Driving Laws