Research carried out by MoneySuperMarket and the Institute of Advanced Motorists into the impact on car insurance premiums as a result of getting penalty points for speeding makes for interesting reading. There is no doubt that if more people were aware of the financial impact that there would hopefully be fewer people that would break the law by going above the speed limit.
It is estimated that motorists are paying an extra £132 million each year in higher premiums for their motor insurance. Those with between 1 to 3 penalty points on their license are paying an average of 5.1% extra for their car insurance. If you have between 4 to 6 points then you could be paying an average of 25.8% extra. If you happen to have between 7 to 9 points then you can expect to pay around 45% extra on average. If you have between 10 to 11 points then it could cost you an extra 81.8% on average and if you have 12 points and above then the additional cost could be as much as 89.3% on average.
So, as you can see, there is a significant increase in premiums the more points that you get on your driving license that is not a surprise. As well as that, you will have to pay a fine.
It is interesting that the research shows that those people driving in London, Glasgow and Birmingham have had to pay the most in increased car insurance premiums. For instance, those in London paid £8,079,529, those in Glasgow paid £4,080,190 and those in Birmingham paid £3,423,840.
Obviously, if you do get points on your license then it may be worth shopping around for your car insurance to see if you can lessen the impact of the increased cost with your existing insurer. You can quickly do this by using the likes of a price comparison website that has an extensive panel of different insurers thus giving you a greater opportunity of obtaining a competitive quote.