• New proposals mean drivers could lose their license after two speeding offences
• Over five years, you could waste over £3,000* in extra premiums with points on your licence

In the latest Road Safety Bill proposed by the Government, motorists caught speeding at 45mph in a 30mph areas could have six points added to their license.

Whilst, Richard Mason, director of insuresupermarket.com is cautious to point out that speeding is dangerous and motorists must watch their speed when driving, he also explains that speeding could cost you dear. ?Driving dangerously won?t just cost you points on your licence; your premium will significantly increase with six points and after just two speeding offences, you could lose your license.

?Our research has shown that premiums could increase by as much as £476.39* after one speeding offence (6 points) under the new proposals, and once you?ve had your license revoked, it will cost you almost £860** to get insurance. With the old system, most insurers turned a blind eye to three points on your license, but with six points for a first offence, insurers will hike premiums dramatically due to the increased risk of you speeding again and having your license revoked.?

Mason continues, ?When you?re in a rush to get home from work at the end of the day, think before you put your foot down, getting caught speeding once is bad luck but twice and you could lose your license. For car insurance premiums, points really do mean pounds ? and lots of them.

Whilst the points stay on your licence for three years, you?re legally obliged to declare the points to your insurer for five years. That means you?ll be paying higher premiums for five years. Ignoring an increase in premiums, getting points on your licence could end up costing you almost £3,075.85*** in higher premiums. That?s definitely an incentive to slow down.?

*Hastings Direct Annual Premium with 9 points (total accrued 15 points), minus annual premium with 0 points:
£855.79 - £240.62 = £615.17 x 5 = £3,075.85
**Hastings Direct Annual Premium with 12 month Ban and 9 points (total accrued 15 points)
***Hastings Direct Annual Premium with 6 points.

posted by UK Insurance Index  @ 9:16 PM