According to consumer intelligence, drivers with a speeding conviction could be paying an extra £101 a year for their car insurance. The number was determined after comparing 36,000 insurance quotes.
On top of the minimum fine of £100 and 3 penalty points, the insurance premium will climb on average by £50. However the biggest increase came from over speeding on the motorway, the so-called SP50 offence which adds £101 to the annual cost.
Moreover motorists above the age of 50 faced a tougher punishment too, with car insurance premiums increasing by £58.
Speeding fines in the UK can go up to £2,500 and in the UK the number of fixed penalty notices issued has increased by over 30% between 2011 to 2016.
Speeding endorsement remains on the motorist’s license for 4 years and insurers ask drivers to declare motor convictions that have happened with the last 5 years.
Overall driving over the speeding limit is not only expensive due to the fine, but also due to the increase in car insurance premiums.
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