Drivers add £121 to their car insurance policy after taking ‘risk’

Speeding drivers risk adding £120 to their car insurance policy. According to recent research by price comparison website Go Compare, drivers with no speeding offenses on their policy pay around £390 for full cover.

This is compared to £511 for those with a speeding offence. This rises by a further £153 for those with multiple offenses on their policy, resulting in an average of £664, Gocompare warned, as the UK’s cost of living crisis continues.

Tom Banks, motor insurance expert at Go Compare, noted that speeding is one of the “biggest safety risks” on the road, so it was only fitting that the penalties surrounding it were so strict. He added: “Getting caught can have a serious impact on your wallet as you will suffer a fine and the knock-on effect of higher insurance prices.

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“With this in mind, it is shocking to see that so many drivers are still taking the risk, losing a collective fortune. Millions are thrown down the drain due to speeding, so it’s clear that many drivers need to be more cautious when travelling.

“If you ever see other drivers driving dangerously, you should report them to the police as soon as it’s safe to do so by pulling over and dialing 999. It’s also important to avoid going over your limit so you don’t put your safety and others in danger.”

The minimum penalty for speeding is a £100 fine and three points on your licence, although this can increase. You will have to go to court if you plead not guilty, and if you are then found guilty, the fine rises to £1,000, or £2,500 if it was on a motorway.

Go Compare research shows that Warwickshire is the biggest speed hotspot in England and Wales.