How does a speeding ticket affect your insurance?

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Originally published August 26th 2015

A speeding conviction can land you with points on your licence, a fine of up to £100 and an increase in your insurance costs. And if you’re wondering exactly how much difference getting caught speeding makes, we ran some tests to find out.

Car insurance quotes are based on how risky an insurance company thinks you are based on the information you provide them with - the more of a risk your insurer considers you, the higher your premium will be.

How will having a speeding conviction affect my insurance quote?

To work out how much a speeding conviction could add to the cost of your cover, we ran a series of quotes using a 1.2L Vauxhall Corsa, testing different age groups without convictions before testing them again with an SP40 (exceeding passenger vehicle speed limit) conviction, which comes with three points added and a £100 fine.

The findings are based on the cheapest available insurance quotes:

  • For a forty year old there could be an increase from £498.86 to £582.37
  • A fifty year old could expect costs to rise from £397.29 to £589.42

And it generally follows that the more severe your driving conviction is, the more your car insurance will cost.

Insurers can impose these price hikes because they have data that connects minor motor offences with the probability of a claim – not only do some argue that an individual with one conviction is 40% more likely to make a claim than someone with a clean licence, motorists who do claim will probably do so within a year of receiving their conviction.

How can I save on my car insurance if I do have a speeding conviction?

As an alternative to a speeding conviction, you may be offered the chance to attend a speed awareness course, and this may be worth considering as not only could it help you avoid a rise in your insurance costs, it can also help you get a better understanding of what it takes to be a safe driver.

These courses do have an upfront cost but this is often less than the original fine and you could end up saving this amount if your insurance costs are lower.

A telematics insurance policy is also encouraged by companies following a speeding offence, it provides a small black box installation into your car to measure your driving style and your speed.

This suggests to your insurer that you are aware of driving safely and they can keep tabs on you to make sure you are. And if you find your insurance quotes are still too steep following a conviction, it’s worth shopping around and considering those insurers that specialise in covering drivers with driving offences on their record.

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