Guest Blog | Speeding Motorists Urged to Slow Down or Face Rocketing Insurance Premiums

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While many speeders think that the only thing they risk, at the very worst, is a fine and some points on their license, research from price comparison website moneysupermarket.com reveals that drivers also risk paying up to an unbelievable 54 per cent more on their existing insurance premium.

The UK’s leading price comparison website conducted research across five different insurance companies, based on the model of a 30-year-old male teacher in Manchester with five years’ no claims discount. A 2006 Ford Focus driven 10,000 miles per year and kept on a driveway would cost £666.98 with a clean licence, compared with £1,026.83 with nine endorsement points.

A MoneySupermarket insurance expert, Peter Harrison, commented: “We have witnessed sharp increases to the cost of car insurance premiums recently. moneysupermarket.com research found premiums rose by 44 pence per day in 2010 on average, and this trend is set to continue, especially with the recent ECJ ruling on the legality of using gender to calculate insurance premiums.”

He also warned speeders that a continuation of reckless speeding habits would eventually result in sky high premiums.

With endorsements for careless and dangerous driving remaining on a license for between four and 11 years depending on the severity of the incident, drivers are reminded that they could incur severe penalties in the form of higher premiums for an extended period, which could amount to tens of thousands over an endorsement’s lifetime.

According to an article by the Metro, nearly a quarter of Britain’s 30-million strong driving population were penalised for speeding between 2003 and 2007, with around £500 million in fines having been paid out by seven million drivers over that time.

Alarmingly, one million of those drivers who were caught breaking speeding laws had been caught and convicted of doing so more than once, with figures from the DVLA revealing that 8.4 million endorsements for speeding were incurred by 7.08 million motorists.

MoneySupermarket have issued some moneysaving tips to drivers who are suffering from the recent insurance and petrol price hikes. Buy online, and make use of the moneysupermarket.com car insurance comparison tool to find the cheapest the quote around; park off road overnight; add a more experienced driver as a named driver (but NOT a main driver); fit a Thatcham-approved car alarm and immobiliser; arrange a higher excess figure; reduce your estimated mileage – try using your car less to get it down, if you can.

[Images: here]

 

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Posted by admin   @   19 April 2011

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