Brits speed towards higher premiums

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.

The 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 £439 for a year's cover, whereas six points would mean paying £702 - a 60 per cent increase.

Peter Harrison, car insurance expert at MoneySupermarket, 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."