Insurance news
Speeding no longer an insurance penalty
2 April, 2007
Speeding offences are now so common a number of insurers are ignoring them as an underwriting tool.
According to motor insurance comparison website, Gocompare.com, the growing number of speed cameras coupled with the authorities’ determination to prosecute even minor speeding infractions has produced a situation where some insurers are deciding that a speeding conviction no longer has any bearing on assessing whether a driver is a bad risk.
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Although this may appear to be good news for the UK’s 41 million motorists, Gocompare.com’s managing director Hayley Parsons says it’s no excuse for drivers to flout the law and urges them to drive carefully.
She said: “Simple measures such as being aware around tall lorries, which can obscure sped limit signs and cameras, watching out for speed limit changes – especially in contra flows – and leaving extra time to get to your destination will help avoid the dreaded camera flash.”
Her warning comes as more than 18 million people prepare to hit the UK’s roads for the Easter weekend, elevating the danger of accidents through speed-related offences.
Parsons said: “At present the UK’s motorways carry five times more traffic than they were originally built for and this volume increases significantly over the bank holiday period.
“Drivers often try to beat the motorway madness by taking detours on B-roads through towns and villages. Many may be unfamiliar with the route and will have left insufficient time for the journey, leading to stress and speeding-related offences, not to mention an increased accident risk.”
With around 6,000 fixed and mobile speed cameras in the UK generating an estimated £100 million a year in fines, some insurers view the first three point offence as a way for the authorities to generate revenue rather than as a barometer for measuring risk.
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Parsons said: “Several of the top insurers now ignore the first speeding fine and the first three penalty points when calculating a quote. For one leading insurer, even a second speeding fine and a further three points results in only a small increase in premiums.”
Since the introduction of speed cameras in 1992 there has been a dramatic increase in the number of speeding convictions in the UK. At present 16 per cent of all drivers now have penalty points on their licence and in the last two years a staggering 92 per cent of all motoring convictions have been for speeding offences alone.
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