Speeding can triple car insurance costs

Wednesday, 15 March 2006 12:00

Being flashed by a speed camera can triple the cost of your car insurance, new figures reveal.

Anyone having six points added to their licence for speeding - whether through one offence or two - can see car insurance premiums triple, comparison service insuresupermarket.com reveals.

And under the proposed Road Safety Bill, even going 15 miles per hour over the limit could add six points to licences.

But it is not just speeding that could add to car insurance premiums, with anyone who has been disqualified facing far stiffer financial penalties.

"Driving dangerously won't just cost you points on your licence; your premium will significantly increase with six points and after just two speeding offences, you could lose your licence," said Richard Mason, director of insuresupermarket.

"Our research has shown that premiums could increase by as much as £476.39 after one speeding offence (six points) under the new proposals, and once you've had your licence revoked, it will cost you almost £860 to get insurance.

"With the old system, most insurers turned a blind eye to three points on your licence, but with six points for a first offence, insurers will hike premiums dramatically due to the increased risk of you speeding again and having your license revoked."

While insurance is available for £240.62 a year with a clean licence, adding six points can see this cost rise to £717.01 and nine penalty points accompanied by as 12-month ban will see this cost rise higher still to £855.79, figures from the comparison site reveal.

"When you're in a rush to get home from work at the end of the day, think before you put your foot down, getting caught speeding once is bad luck but twice and you could lose your licence," Mr Mason noted.

"For car insurance premiums, points really do mean pounds - and lots of them.

"Whilst the points stay on your licence for three years, you're legally obliged to declare the points to your insurer for five years.

"That means you'll be paying higher premiums for five years. Ignoring an increase in premiums, getting points on your licence could end up costing you almost £3,075.85 in higher premiums. That's definitely an incentive to slow down."

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