MOTORISTS who speed even a few mph over the limit often see their auto insurance premiums rise.
Any driver having a speeding fine, no matter how serious, could be instructed to shell out more money to get out on the highway, a report finds.
While driving convictions will invariably increase the to your insurance charges, even drivers who have been given a small Fixed Penalty Notice (FPN) for speeding will be instructed to pay more.
According to Consumer Intelligence, drivers convicted of speeding on the motorway are hit with the biggest increase on their premiums.
Those with an SP50 fine for smashing the posted speed limit on the motorway can expect to become charged as much as 15 percent more the next time they renew their car insurance.
The average UK insurance bill for a motorists without any convictions is lb693 – but that jumps to lb794 for anyone with an SP50.
And older drivers are hit with even larger penalties than most.
Motorists over the age of 50 with a motorway speeding ticket added an average of lb166 to their annual premium.
Around 1.97million SP50 fines were passed out in 2021, having increased by 32 percent over five years, based on the most recent Government data.
And using the number continuing to increase, millions of drivers might be adding unnecessary costs to their insurance by smashing the posted speed limit by a small amount.
John Blevins, Consumer Intelligence's pricing expert said: “Our analysis shows that the price of speeding isn't just the fine however the higher insurance bill.
“At more than lb100 annually to be caught exceeding the limit on a motorway, it is substantial considering insurers ask about any convictions in the past 5 years.
“Insurers understandably go ahead and take view that drivers who break the rate limit are potentially a greater risk and as a result put up the price of motor insurance. Premiums might be heading down again after many years of increases but drivers who break what the law states won't take advantage of any price reductions.”