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Speed your way to higher insurance premiums!

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Have you driven past the yellow box on the side of the road, looked at your speedometer and thought 'I am driving too fast' only to see the flash, flash, flash as you are caught speeding? If you have the chances are that a letter will soon drop onto your door mat asking you to explain the reason for your excessive speed.

Apart from having to pay the speeding fine and potentially visit the law courts there is another cost. Although insurers claim they are not cracking down on speeding drivers, there has been some evidence to suggest that a speeding fine will have a detrimental effect on your motor insurance premium.

If you are convicted of driving over the speed limit you should expect more than just a speeding fine. Recent research by insurers has shown that a speeding fine adds, on average a ?196 to an insurance premium. A second fine will increase your premium by a further 30% (?254) and a third fine will sky rocket you r premium by a further 60%, (?406)!

The Department for Transport estimates that there are approximately 3,500 speed cameras in the UK. The Government intends to considerably increase the number of speed cameras on our roads starting this January with 7 more police forces set to join the 42 forces that already receive compensation for setting up speed cameras.

For fast drivers the news does get worse! Believe it or not insurers will continue to take into account your fine(s) for a year past the official registration period of 4 years. The Association of British Insurers (ABI) has defended the decision citing the Rehabilitation of Offenders Act. Under the act drivers are legally required to disclose their offences for 5 years after being fined.

In a further blow to drivers, the Home Secretary David Blunkett recently announced a plan to add a ?5 surcharge to speeding fines to finance support schemes for victims of crime.

Is there any good news for drivers? Although you are required by law to disclose any offence that resulted in penalty points being added to your licence or which contravened DVLA codes, you do not have to disclose any non-endorsable offences. Non-endorsable offences include items such as parking fines or using a mobile phone while driving. However, the best way to avoid high insurance premiums is to avoid getting a speeding fine in the first place.

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All of the insurance products and services mentioned on this page are introduced by Insurancewide.com Services Ltd, which is authorised and regulated by the Financial Services Authority. Insurancewide?s service is subject to its terms and conditions


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