07 May 2024 , 10:48
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Motorists have been warned that this driving mistake could add over £120 to their car insurance premium.
Under the current rules, when you renew your car insurance policy you must tell your insurer about any fixed penalty notices, penalty points on your licence, or motoring convictions you received during the policy term, including for speeding.
According to recent research from the price comparison site Go Compare, drivers with no speeding offences on their polity pay around £390 for comprehensive cover, compared to £511 for those with a speeding violation. This increases by another £153 for those with multiple offences on their policy, resulting in a median of £664.
Go Compare says that over 97,000 policies bought through their site last year included a speeding offence - a 1.71% increase on the year prior. However, this is still a 4% decline from 2020, when the number was over 101,000. Drivers in London (4,047), Bristol (1,637) and Birmingham (1,369) admitted to the most speeding penalties on their policies.
According to the price comparison site, drivers in England and Wales spend at least £84.4 million on speeding fines every year. This estimate is based on the minimum speeding penalty of £100, and Home Office figures on the number of fines paid in 2022. However, as more severe offences can result in bigger fines, Go Compare says the true figure that was paid is likely even larger.
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Tom Banks, a car insurance expert at Go Compare, noted that speeding is one of the "biggest safety risks" on the road, so it was appropriate that the penalties surrounding it are so strict. He added: "Getting caught can have a serious impact on your wallet, as you’ll suffer a fine and the knock-on effect of higher insurance prices. With this in mind, it’s shocking to see that so many drivers are still taking the risk, with a collective fortune being lost as a result. Millions are being chucked down the drain due to exceeding speed limits, so it’s clear that many motorists need to exercise more caution when travelling.
“If you ever see other motorists driving dangerously, you should report them to the police as soon as it’s safe to do so by pulling over and dialling 999. It’s also important to avoid straying over the limit yourself so that you don’t put the safety of yourself and others at risk.”