“Failure To Surrender Insurance Card”

I got pulled over yesterday for apparently going 99 in a 70 zone. This officer had pulled me over about a year ago and given me a ticket for going 30 over, and I lost 3 demerit points.

This officer was travelling the opposite direction as me, would he be able to even know my actual speed so quickly?

Secondly, he said he recognized my car and liscense plate (its a vanity plate) so when he pulled me over he said he was only going to give me a ticket for "failure to surrender insurance card".

Should I try fighting this? Or just take it...

I had my actual insurance card with me, he said he was just doing me a favor by giving me less of a ticket to pay.....

And finally will this cause my insurance rate to go up, and do I lose any demerit points from this ticket?