Unless you have prior accidents, just one point on your record won't affect insurance too much but I'd check with your insurance agent just in case.

If the officer doesn't show up but the court doesn't automatically dismiss the case for a trivial violation such as lane change or speeding, you should be asking the judge to dismiss ("failure to prosecute" if the judge asks the reason), NOT a mere fine reduction. You need to object then and there to any attempt to reschedule and raise the issue on appeal if the court won't budge. Unless both you and the officer made a prior appearance together and you were granted a continuance for whatever reason or you were given prior notice rescheduling the trial, the judge ordering a continuance when you showed up and the officer didn't would make a decent case for abuse of judicial discretion on appeal, IMO.

As for your case, it would be a tough one to argue if the cop showed up. It wouldn't be easy to explain to the judge why driving 20mph over posted limit of 35 on a road with street parking at night was safe. It's not impossible, but it's an uphill battle.

That being said, the first step would be to go ahead and file the 'i am not guilty' declaration and have a look at the officer statement if he replies.