Serial Speeders Drive Their Way to Sky High Insurance Premiums

CHESTER, England, March 28, 2011 /PRNewswire/ — Motorists convicted of speeding could see the cost of their motor insurance premiums rocket by 54 per cent(1) according to research by moneysupermarket.com.

Britain’s number one comparison site found there is a huge difference to the cost of insurance premiums for those with speeding convictions compared to those without. A driver with a speeding conviction and six points on their license could pay 19 per cent more on average than someone with a clean license. Those who repeatedly flout speed laws will find themselves bearing the brunt of even heftier increases in premiums, with a staggering 54 per cent potential increase for those with 9 points on their license.

Peter Harrison, car insurance expert at moneysupermarket.com said: “Insurers clearly take a dim view on policy holders who speed and this is reflected in higher car insurance prices. Even going just above the speed limit can add huge additional costs to your car insurance, and for repeat offenders, some insurers may even refuse to cover you, so motorists should take extra care to ensure they stick to the speed restrictions.

“We have witnessed sharp increases to the cost of car insurance premiums recently. moneysupermarket.com research found premiums rose by 44 pence per day in 2010 on average(2), and this trend is set to continue, especially with the recent ECJ ruling on the legality of using gender to calculate insurance premiums. Not only are motorists who flout the law by speeding risking the lives of other road users and pedestrians as well as their own, they also run the risk of adding to the existing headache of sky high car insurance premiums.

“My advice to motorists concerned by the cost of their car insurance is to always scour the market for the best deal for your circumstances.”

Top tips for reducing the cost of car insurance:

— Shop around – This is one of the easiest ways to save money. Don’t

assume that your current provider is giving you the best renewal quote;

look at other insurers using the moneysupermarket.com car insurance

comparison tool and see if you can save.

— Buy online – Many car insurers offer discounts to customers that buy

online.

— Reduce your mileage – When applying for insurance, you estimate the

number of miles you’ll do each year. If you aren’t travelling much then

you’ll usually pay less. That means that if you car share with a

colleague or decide to take the train a couple of times a week, you can

bring down the price.

— Keep it safe – Insurers look at the risk every driver presents, so

you’ll get a better deal if you can reduce that risk. By keeping the car

off the road at night in a garage or on a drive you make it safer,

meaning your premiums will come down.

— Car security – Make sure you have an alarm and immobiliser.

— Drive a car with a smaller engine – If you’re struggling to pay your

insurance then give some thought to the car you’re driving. The bigger

and faster the vehicle, the more it will cost to insure.

— Up the excess – Agreeing to pay a higher excess, such as 500 pounds

instead of 100 pounds, can reduce your premiums. Don’t forget that this

is what you will need to pay in the event of a claim, so be sure you can

afford it.

— Add an older driver – If you have a partner or parent who is more

experienced behind the wheel, adding them to the policy can sometimes

reduce what you pay. Whatever you do, don’t make them the named driver,

though. This is called fronting and could invalidate your insurance.

— Ensure it’s adequate – As you look for the lowest price, don’t be

tempted to scrap things you really need. It might cost more to have a

courtesy car or legal fees paid, but if you need it then include it.

Skipping extras that you can’t do without will be a false economy if you

do need to claim.

(1) Example of insurance premium charges for speeding based on top 5 quotes returned for each scenario:

30 year old male teacher in Manchester driving a 2006 Ford Focus, 10,000 miles a year with 5 years NCD. Parked on driveway.

Clean 3 points on 6 points on 9 points on Provider Licence licence licence licence 499.39 550.65 642.87 847.70 Insurer 1 pounds pounds pounds pounds 651.98 641.98 651.98 963.99 Insurer 2 pounds pounds pounds pounds 693.91 693.91 873.80 987.35 Insurer 3 pounds pounds pounds pounds 723.98 808.11 889.94 1,166.17 Insurer 4 pounds pounds pounds pounds 765.62 811.96 894.97 1,168.93 Insurer 5 pounds pounds pounds pounds 666.98 701.32 790.71 1,026.83 Average pounds pounds pounds pounds

Sourced by www.moneysupermarket.com 14.03.2011

(2) Based on over 3 million car insurance quotes from January 1st 2011 – February 9th 2011

Nicki ParryPR OfficerTel: 01244 370 [email protected] LawlerPR Manager (Financial Services)01244 [email protected]

moneysupermarket.com’s customer commitment

— No other site compares more prices or products

— We are independent so only find the best deals for you

— The price you see is the price you pay – you don’t need to go direct and

you won’t get a better deal doing so

— Your details are safe with us and we won’t sell them to anybody

moneysupermarket.com compares (at 24th February 2011)

— 100 car insurance providers and 76 home insurance providers

— 20 broadband providers and 18 energy providers

— 27 unsecured loan and 5 secured loan providers

— 65 mortgage lenders and 33 credit card providers

— 65 savings providers and 32 current account providers

— Over 865,000 mobile phone deals

We promise to be clear and impartial

— All the products in our full search results tables are displayed in a

completely unbiased manner.

— We don’t add fees or commissions on to the prices we compare.

— There may be times when another site compares more companies than us on

a particular product, perhaps because of market changes or technical

issues. You’ll be able to see this and know we are working hard to fix

it.

We promise to be trustworthy

— We never use your data to make unwanted sales calls or send you spam.

— We never pass your personal information to third parties unless you give

us permission to do so.

— Even if you choose to receive additional information from us, you can

opt out at any time.

— We promise to be supportive.

— You can use our community forum to get information and help from other

customers.

If you need further help or support, you can contact our sales advisors, customer services agents.

moneysupermarket.com

CONTACT: Nicki Parry, PR Officer, Mob: +07872-379-549

Web site: http://www.moneysupermarket.com/