The citation and penalties for 'failure to control' varies depending on your state laws. Typically, when you plead not guilty you will have to attend a court hearing and defend yourself to the charge. If you are found not guilty it would generally benefit you by the charge being dismissed and thus not being recorded on your driving record.

Incidents such as accidents and citations can indeed affect your insurance rates. How it will affect you depends on how your specific insurance company decides on their rates since insurance companies differ on how they change or increase their rates. All insurance companies must file their rates with the state's insurance regulatory body so if your rates do rise you can check with this entity to find out about your insurance company's specific rating system.