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26 Jul, 2018|

Speeding – what is the impact on your insurance premium

Speeding isn’t an uncommon offence for drivers to be stopped for on Britain’s roads – figures from the Home Office show 1.97million speeding notices were handed out in 2016 alone!

However, what you might not be aware of is the impact that a speeding offence could have on your insurance premium. A recent study from Consumer Intelligence found that on average a speeding offence adds £50 to the annual cost of insurance. In addition, they found that the amount that insurance premium goes up by varies by the type of speeding offence, as well as, more surprisingly, the age of the driver.

Get caught speeding on a public road and you could see up to £36 added to your insurance premium but get caught speeding on a motorway and you could see as much as £101 added to the cost of your annual motor insurance. And, for the over 50’s this could be even higher as the research found older drivers with motorway speeding fines paid on average an extra £166

These costs are significant, and with recent changes to speeding penalties which saw fixed fines being replaced with a banding system depending on the severity of the offence it’s more important than ever to abide by the rules of the road.

Here at Anthony Jones, we will work hard on your behalf to obtain the right insurance for you at the best possible price, but this is timely reminder to drivers, professional drivers and fleet managers of the importance of maintaining a clean driving licence given the severe penalties associated with speeding – both from the initial fine and the knock-on effect on insurance premiums.