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Speeding tickets issued to motorists in England and Wales have hit record highs of 2.1 million in 2018, according to figures released by the government. The number of instances recorded is almost 100,000 up on the previous year’s figures, with speeding now representing 85% of all motoring offences.
This increase in speeding offences has a direct impact on future motoring, as insurance premiums rise in correlation, often regardless of whether you’ve paid a fine or taken a speed awareness course.
In order to keep policy prices down even with penalty points on your licence, the team at insurance comparison site
Quotezone.co.uk has put together four ways you can reduce how much you pay for car insurance.
Consider ‘black box insurance’ – Telematics can allow insurers to access data from your car, including your speed and acceleration, your handling and braking, your location and the times of day you tend to drive your vehicle. This data can help them better manage the risk they take on when they sell you a policy. Telematics insurance could prove more cost-effective than a standard policy.
Shop around – It is even more important if you’ve recently had your licence endorsed that you don’t automatically accept your existing insurance provider’s renewal quote. Comparing quotes could go some way towards easing the pain, because different insurance providers give different weightings to each of the factors that go into calculating premiums.
Compare different levels of coverage –
Many drivers assume that third-party only cover is going to be the cheapest option, since it’s the least comprehensive. That used to be the case, but some insurers have begun hiking the cost of third-party insurance in recent years (a process known as ‘premium loading’) to take into account the fact that riskier drivers tend to favour these policies. Therefore, some motorists may find that fully-comp is as cheap – or potentially even cheaper – than third party.
Pay annually – Many motorists opt to pay for their car insurance policy on a monthly basis, and if you’re worried about a sharp rise in your premium after receiving penalty points you may be even more tempted to spread this burden out over the year. However, if you have the funds available, it’s almost always cheaper to pay for the full year upfront. “With a record number of motorists in England and Wales caught speeding last year, it’s critical that drivers are aware of the significant impact it can have on their car insurance premiums,” explains Greg Wilson, founder of Quotezone.co.uk.
“Bear in mind that most driving convictions have to be declared to insurance providers for five years – even if the penalty points are removed from your licence after four years. While many drivers can avoid penalty points by taking a speed awareness course, if you are caught and your licence is endorsed you could be paying the price for a rather long time.”