Motorists will no doubt be aware that if they are caught speeding then it is likely to result in the cost of their motor insurance policy increasing. Needless to say, this is something that people would rather not be faced with so the solution is not to break the speed limit.
So, what impact from a financial perspective does a speeding fine have on the cost of your car insurance? Well, according to research carried out by Consumer Intelligence, it has a significant impact.
Its research of not far off 36,000 quotations for motor insurance in the 12 months to April 2018 made for interesting reading. On average, having looked at all speeding fines relating to these quotes it discovered that motorists were faced with an average increase of £50 per annum in the cost of their motor insurance. We are sure that you will agree that is a significant increase.
Of course motorists caught speeding were also faced with a minimum of a £100 fine plus having 3 points added to their driving licenses.
Apparently, the average premium paid by a motorist without having been caught speeding was £693 per annum but someone with a speeding conviction would have to pay an average of £743 per annum. However, for those motorists receiving a speeding offence when they have exceeded the speed limit on the motorway, he or she was faced with having to pay, on average, an extra £101 per annum.
Nowadays, motorists driving on motorways are frequently faced with having to drive for long periods of time through a set of road works where the speed limit has typically been reduced to 50 mph but sometimes this limit may be lowered to 40 mph or even 30 mph. There will no doubt be people who break the speed limit on such stretches of the motorway with some not realizing that they have done so. Many cars these days have limiters enabling you to limit your maximum speed to just below the maximum permitted.
So, if you don’t want to be faced with being fined, receiving penalty points added to your driving license and seeing the cost of your car insurance increase make sure you keep within the speed limit.