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Last updated on April 17, 2014 at 14:28 EDT

Brits Speed Towards Higher Premiums

July 9, 2012

CHESTER, England, July 9, 2012 /PRNewswire/ –

        - Two thirds admit to breaking the speed limit when driving[1]
        - Serial speeders could see their insurance premiums more than double[2], warns
          MoneySupermarket

Two thirds of motorists knowingly break the speed limit while driving, risking
increased car insurance premiums as well as the lives of themselves and others, according
to new research from MoneySupermarket.com [http://www.moneysupermarket.com/car-insurance
].

The UK’s number one comparison site polled over 3,000 site users on whether or not
they break the legal speed limit when driving; two thirds (64 per cent) admitted that they
did. Nearly one in five claim to only speed when on a motorway (20 per cent), while a
further 37 per cent break the limit when they deem it to be safe. Eight per cent say they
only speed when they think they can get away with it, while eleven per cent admitted it
takes a lot of restraint to keep within the legal limits.

Analysis shows there is a vast difference in the cost of car insurance premiums for
those with a speeding conviction compared to those without. For example, a young male
driver with nine points on his license could expect the cost of a premium to be around 118
per cent higher than a driver of the same age with a clean license. The biggest jump in
insurance premiums is for those drivers caught speeding twice. The analysis showed a
30-year-old male with three points on his license would pay GBP439 for a year’s cover,
whereas six points would mean paying GBP702 – a 60 per cent increase.

Peter Harrison, car insurance expert at MoneySupermarket
[http://www.moneysupermarket.com ], said: “Let’s face it – we all live life in the ‘fast
lane’, but British motorists are really putting pedal to the metal. Our poll speaks
volumes about peoples’ need for speed, but the consequences are far reaching; not only in
terms of the fine and points on your license, but also the impact on your budget when the
cost of cover soars. Insurers clearly take a dim view on policy holders who speed.

“Not only are motorists who flout the law by speeding risking the lives of other road
users and pedestrians as well as their own, but for repeat offenders, they run the risk of
insurers refusing to provide them with cover in the future.”

Notes to editors:

[1]Do you break the legal speed limit when driving?

        - Yes, but only on a motorway - 19.2%
        - Yes, when I deem it to be safe - 36.9%
        - Yes, when I think I can get away with it - 7.7%
        - No, but it takes a lot of restraint sometimes - 11.1%
        - No, I don't want a fine and points on my licence - 15.2%
        - Never, speeding is dangerous and illegal - 7.3%
        - No, I don't drive - 2.5%

Web poll conducted on 21st June – 1st July 2012. Total votes: 3,258

[2]Examples of insurance premium changes for speeding:

21 year old male teacher in Kent driving a 2009 Ford Fiesta, 10,000 miles a year with
2 years NCD. Car parked on driveway:

                      Clean    3 points on  6 points on 9 points on
         Provider    Licence     licence      licence     licence
        Provider 1  GBP970.37  GBP1,116.38  GBP1,857.83 GBP2,094.59
        Provider 2 GBP1,023.88 GBP1,177.44  GBP2,069.39 GBP2,333.13
        Provider 3 GBP1,023.98 GBP1,177.55  GBP2,069.60 GBP2,333.13
        Provider 4 GBP1,084.44 GBP1,178.83  GBP1,319.23 GBP2,437.62
        Provider 5 GBP1,089.47 GBP1,246.14  GBP1,907.36 GBP2,144.71
         Average   GBP1,038.43 GBP1,179.27  GBP1,844.68 GBP2,268.64

Sourced by http://www.moneysupermarket.com 25.06.2012

21 year old female teacher in Kent driving a 2009 Ford Fiesta, 10,000 miles a year
with 2 years NCD. Car parked on driveway:

                      Clean    3 points on  6 points on 9 points on
         Provider    Licence     licence      licence     licence
        Provider 1  GBP728.96   GBP791.30    GBP884.03  GBP1,630.93
        Provider 2  GBP732.30   GBP842.07   GBP1,241.01 GBP1,397.07
        Provider 3  GBP772.51   GBP888.40   GBP1,381.90 GBP1,555.94
        Provider 4  GBP772.58   GBP888.49   GBP1,385.04 GBP1,556.10
        Provider 5  GBP833.06   GBP951.27   GBP1,289.02 GBP1,445.62
         Average    GBP767.88   GBP872.31   GBP1,236.20 GBP1,517.13

Sourced by http://www.moneysupermarket.com 25.06.2012

30 year old male teacher in Kent driving a 2009 Ford Fiesta, 10,000 miles a year with
2 years NCD. Car parked on driveway:

                                                         9 points
                      Clean    3 points on  6 points on     on
         Provider    Licence     licence      licence     licence
        Provider 1  GBP376.89   GBP444.32    GBP498.20   GBP559.80
        Provider 2  GBP378.67   GBP425.51    GBP589.53   GBP654.43
        Provider 3  GBP380.96   GBP439.42    GBP837.03   GBP925.26
        Provider 4  GBP381.08   GBP439.51    GBP837.11   GBP925.36
        Provider 5  GBP386.88   GBP446.18    GBP751.72   GBP831.05
         Average    GBP380.90   GBP438.99    GBP702.72   GBP779.18

Sourced by http://www.moneysupermarket.com 25.06.2012

30 year old female teacher in Kent driving a 2009 Ford Fiesta, 10,000 miles a year
with 2 years NCD. Car parked on driveway:

                                                         9 points
                      Clean    3 points on  6 points on     on
         Provider    Licence     licence      licence     licence
        Provider 1  GBP326.44   GBP365.46    GBP500.95   GBP549.05
        Provider 2  GBP329.32   GBP373.96    GBP433.15   GBP451.06
        Provider 3  GBP367.43   GBP412.10    GBP655.83   GBP724.18
        Provider 4  GBP367.53   GBP412.22    GBP655.96   GBP724.33
        Provider 5  GBP375.00   GBP412.22    GBP479.80   GBP499.22
         Average    GBP353.14   GBP395.19    GBP545.14   GBP589.57

Sourced by http://www.moneysupermarket.com 25.06.2012

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        Nicki Parry
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SOURCE moneysupermarket.com


Source: PR Newswire