From the smart motorways to the variable speed limits, so many get caught out speeding on these major roads. But, new research has found that it’s not just a fine you could be dealing with if you get caught speeding. No, it could, in fact, increase your insurance premium by hundreds of pounds!
According to research by Consumer Intelligence, speeding fines typically increase insurance premiums by about £50. But, when it comes to the motorways, you could be looking at adding more than £100 to your insurance.
This was found after an independent analysis was conducted on over 36,000 insurance quotes. From this, it was found that the average cost of speeding to insurance premiums was about £50. But, when it came to speeding on the motorway, this soon jumped to £101. This is due to being an SP50 offence.
Not only that, but their research also found that age played a part in the fee too. Within their data, they looked at the impact speeding fines had on those aged 25 and over. From this, they found that the cost was proportionally higher for those aged 50+.
In fact, it was found that on average, older drivers saw their bills rise by about £58 for general speeding convictions. And, when it came to speeding on the motorway, they were looking at about an extra £166 a year.
Of course, these are just averages and speeding fines can end up costing you thousands, depending on the severity.
Consumer Intelligence pricing expert John Blevins described: “Our analysis shows that 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.”
And, with work starting on the M4 with closed lanes and lower speed limits, it’s important to ensure you’re keeping within the speed limit because it won’t be just the fine you’re paying. So watch out!
So what do you think of this? Have you ever been caught out? Let us know in the comments below.
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