The latest revelations that drivers with speeding points on their licence fork out up to £1,000 on a car insurance quote is hardly surprising. The basic premise of car insurance is to provide the lowest risk to the insurer as possible, therefore obtaining a cheap premium. However, the cost of insuring a driver with driving infringements sky-rockets regardless of whether they are reformed and more careful as a result of previous convictions.
As well as the risk to the insurer, brokers are also raising premiums to penalise convicted drivers in an attempt to salvage a return after a difficult couple of years for the car insurance industry during the recession.
There is a modicum of common sense involved by car insurance providers, with drivers holding just one speeding conviction still able to receive a competitive quote as opposed to serial offenders.
When you push and break the speed limit to reach your destination just a few minutes faster, consider the overall effect this could have on your driving licence and any future financial outlays on your car insurance.
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