New figures reveal drivers with a speeding conviction will see the cost of their insurance go up by almost a quarter.
Go.Compare has calculated that the average premium for a driver with no speeding convictions is £391 a year. However, those with a speeding conviction on their driving licence pay almost a quarter more – premiums jump an average of 23% to £482 a year.
With the number of speeding convictions rocketing since 2021, it means convicted drivers could be paying a whopping £291m a year more for car insurance, compared to those with no speeding penalties.
“Our data shows that when you’re caught speeding, your car insurance is likely to become significantly more expensive,” says Go.Compare’s Tom Banks.
“Speed limits are set for a very good reason… that being said, it’s a known fact that many drivers struggle to stay within the speed limits, as we can see by the number of penalty points that were issued last year.”
Banks added that if you are involved in an accident and are proven to have been speeding, this could have an effect on your car insurance claim. “Insurers would likely argue you were at fault.”
Recent figures have shown a dramatic increase in the number of speeding convictions, and latest data has revealed the number of driving licence points issued to UK drivers rose 12% last year alone.
Ask HJ
Do I need to tell my insurance that I have received a fixed penalty notice?
After 52 years of driving, 19 years claim free and just 2 FPNs (1984 and 2006) I was annoyed last night to receive one. No question of the 36mph in a 30mph zone which just about all the local roads are here but a road closure with no diversion signs led my satnav to take me into areas totally unknown and seemed to be taking away from my home and I was totally lost. I was so intent on trying to make sense of the screen map that I did not see a speed sign or indeed the camera until it flashed. Am I right in thinking that until I actually receive the notice I don’t need to notify my insurance company? Or if I contest it with extenuating circumstances I can wait until the result of the appeal and if unsuccessful then advise them?
Until you have appealed or accepted the Fixed Penalty Notice you cannot provide your insurer with the outcome of the prosecution, but it may be sensible to contact them for information at this point and go back to them once you can inform them with the outcome. The exact terms and conditions of your policy may explain when you are required to notify your insurer, but in many instances you need to inform them either at renewal or when taking out a new policy.
Answered by David Ross