Speeding on a motorway will increase your car insurance by £101 a year

New study finds the average cost of speeding convictions is an extra £50 on car insurance premiums, with over 50’s getting hit the most for breaking the speed limit.

speed cameras on motorwayNew analysis from market research experts Consumer Intelligence has shows that receiving a motorway speeding conviction will add an extra £101 to your yearly car insurance premium.

The new study involved analysis of almost 36,000 insurance quotes over the past year, and found that the average cost of a speeding conviction is an extra £50 added to your insurance bill – on top of the minimum fine of £100 and three penalty points for speeding.

Consumer Intelligence found that drivers with no speeding convictions are quoted an average of £693 for car insurance, but that increased to £743 for drivers with a speeding conviction. The biggest increase on car insurance premiums comes with those who are caught speeding on a motorway – called an SP50 offence – who pay an average of £101 more for car insurance.

Speeding on a public road is known as an SP30 offence, and this will add an average of £36 to your insurance.

Consumer Intelligence looked at quotes for drivers aged over 25 with speeding convictions, and found the knock-on effect on car insurance prices is higher for drivers aged over 50.

Over 50’s will see their car insurance premium rise by £58 on average for a speeding conviction, and pay an extra £166 per year for a motorway speeding offence.

Read more…

The maximum fine for driving over the speed limit can be as much as £2,500 depending on the severity of the offence and how much over the speed limit drivers are caught.

Recent data from the Government shows that 1.9 million penalty notices were issued in 2016 for speeding offences in 2016, an increase of 32% since 2011. However not all penalty notices result in fines as many drivers are offered a speed awareness course instead.

If you receive a speeding endorsement on your licence it remains there for four years from the date of the offence, and car insurers stipulate that all driving convictions within the past five years are declared.

Consumer Intelligence’s pricing expert John Blevins said:

“Our analysis shows that the cost of speeding is not just the fine but the higher insurance bill.

“At more than £100 a year for being caught exceeding the limit on a motorway or £50 on a public road it is substantial considering insurers ask about any convictions in the past five years.

“Insurers understandably take the view that drivers who break the speed limit are potentially a greater risk and as a consequence put up the cost of motor insurance. Premiums may be heading down again after years of increases but drivers who break the law will not benefit from any price reductions.”

The table below shows the average premiums and cost of speeding.

TYPE OF DRIVERCOST WITH NO CONVICTIONSCOST WITH ANY SPEEDING CONVICTIONSCOST WITH SP30 CONVICTIONSCOST WITH SP50 CONVICTIONS
All drivers£693£743£729£794
Under-50s£795£840£836£865
Over50s£469£527£483£635

Source: https://www.consumerintelligence.com/

Read more…