Speeding could add £101 to a policyBy Charlotte Whyatt - Fri 15th Jun 2018
A speeding conviction can add up to an extra £101 to the price of an insurance policy, according to market research firm Consumer Intelligence.
An analysis of 36,000 insurance quotes revealed that on average, motorists without a speeding conviction pay £693 a year for cover.
This figure rises to £743 a year if you’re caught speeding on a standard road and then again to £794 a year if you’re caught speeding on a motorway.
Their new study also highlighted the fact that those motorists who’re over 50 and get caught speeding on a motorway will face an even greater price hike of up to £166 a year.
They’ll only need to pay another £14 a year if they’re caught exceeding the speed limit on a standard section of road however.
Although a record of a speeding offence will remain on a driver's license for four years from the date of the offence, insurers can ask you to declare any driving conviction you've recieved over the past five years as part of their policy application.
“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,” said John Blevins, a pricing expert at Consumer Intelligence.
1.97 million fixed penalty notices were issued for speeding 2016, a 32% increase on all figures recorded across 2011.
Source: Your Money