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What impact does a speeding offence have on your insurance?

2.39 million motorists were caught speeding in 2018-19, according to Home Office data, with 811,000 of those drivers (34%) receiving fixed penalties. This figure was up 4% from the previous year and was reportedly the highest rate of speeding violations since 2011. It was also found that the majority of those caught speeding were caught by cameras (97%).

It probably goes without saying that the best way to ensure you don’t get caught speeding is to ensure you don’t exceed the speed limit. By knowing the speed you’re travelling at and the speed limit for the road you’re on you can ensure you won’t ever need to pay a fine or deal with the effect a speeding violation can have on your insurance premium.

If you have recently been caught speeding though, you are probably wondering how much this motoring offence might cost you.

The minimum fixed penalty amount you’ll face is a £100 fine, but unless you’re offered the opportunity to take a speed awareness course you’ll also have three points added to your licence. You’ll only be offered a speed awareness course if the speed you were travelling was less then the speed limit plus 10% plus 9mph.

If you aren’t offered the course it will be those new penalty points on your licence that will have an adverse effect on your car insurance premium. But by just how much is a speeding offence likely to increase your insurance? Let’s take a look.

Average cost of car insurance for drivers with speeding offences on their driving record
speeding offences insurance

Note: SP30 refers to a speeding offence where the motorist was caught speeding on a public road, while an SP50 refers to a speeding offence on a motorway.

The true cost of speeding

When a motorist is caught speeding there is sure to be financial repercussions, but a bigger cost could be the risk of injuries or even fatalities if the speeding violation results in a road traffic accident.

Although speeding fatalities have been steadily decreasing in recent years, in 2018 speeding was still a factor in 26% of all road traffic fatalities in England and Wales. To put that into perspective, an average of 25 people per day lost their lives because of speeding in 2018.

Think twice before putting your foot down; not only could this save you money, it could well save a life.