Speeding convictions add £100 to car insurance cost
A speeding conviction can add £50 on average to the price of an insurance policy, but if you’re caught putting the pedal to the metal on a motorway it could add an extra £101 to the bill.
Consumer Intelligence, a market research firm, analysed 36,000 quotes in the year to April and found that drivers without a speeding conviction paid £693 on average a year for cover. With a speeding conviction, this rose to £743 a year. Getting caught exceeding the limit on a motorway will set you back £794 on average for the year.
For older drivers, the damage can be more severe. They pay the biggest price in terms of insurance for a speeding conviction, with a motorway speeding offence adding an extra £166 a year to an over-50’s insurance bill, while driving over the limit on a public road will add £14 extra a year.
The maximum fine for speeding can be as much as £2,500 depending on the severity and how far over the limit drivers are caught.
In 2016, 1.97 million fixed penalty notices for speeding were issued – a 32% increase since 2011. But not all fixed penalty notices result in a fine as some drivers are offered a speed awareness course.
A speeding enforcement can remain on a driving licence for four years from the date of the offence, but according to Consumer Intelligence, insurers ask drivers to declare motoring convictions within the past five years which means it can impact premiums for years after the offence.
John Blevins, Consumer Intelligence pricing expert, said: “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: