Car insurance premiums are set to rise for the increasing number of people getting convictions for speeding, states a new report.
According to AA Insurance, approximately one in four households has a driver who has at least one speeding conviction.
These traffic offences not only lead to a £60 fine but also can have a long-term negative effect on how much drivers pay for their insurance premiums.
In most cases the first speeding offence will not lead to an automatic rise in insurance premiums, but the offence stays on the driver’s record for five years, making it more likely that if caught for a second offence, their insurance premiums will rise.
“You would pay even more if you transgress twice in the same year,” adds Janet Pell, motor insurance manager, for the insurance company.
“And add a CD10 conviction for driving without due care and attention (for example crossing a red traffic light) and your insurance bill could almost double – or you may find it difficult to obtain cover at all,” she added.
However she warns drivers to not even consider not informing their insurance company about any driving convictions they receive.
“If your insurer subsequently discovers your offence, they may apply a significant penalty,” she said.
Furthermore, if involved in an accident that is somehow related to the previously undeclared offence, the driver’s insurance could become invalid.
© Adfero Ltd