Motor insurance website Tiger.co.uk has released data into the real cost of a speeding conviction for young drivers on their car insurance quotes
. The results indicate that a single speeding conviction can inflate a young drivers insurance cost by as much as 13%.
Tiger.co.uk has conducted a study based on a selection of sample motor insurance quotations to demonstrate how a speeding conviction on a young drivers licence can have more of a profound effect than just a 'one-off' penalty fine. The driving profile used were based on male and female drivers, working as a supermarket sales assistant, living in East Anglia and looking to buy comprehensive cover for a 1.1 Citroen Saxo, registered in 2002.
The first profile, a 19 year old, male driver, with a year’s driving experience who has a single SP30 (the conviction code for exceeding the speed limit on a public road). This resulted in an average increase of 13% in the car insurance quotation. In terms of the premium itself, the SP30 speeding conviction added £150 extra to the best price quoted.
The second profile, a 20 year old male driver (using the identical details) also experienced an increase in premium. However the increase in price was less dramatic, the average price increased by 11% this time resulting in an increase of £50 to the best quote price.
For female motorists the experimental study served up similar results. Since the introduction of the EU Gender Directive in December last year gender can no longer be used as a rating factor when calculating car insurance premiums. The study reinforced this as female drivers of the same age as male drivers caught speeding are subjected to the same price rises as their male counterparts.
Andrew Goulborn Commercial Director at Tiger.co.uk commented: “We encourage all drivers to stay within the speed limit and drive safely when behind the wheel. Aside from the inherent danger and the risk of losing their licences, our study shows significant increases in car insurance costs for young drivers caught speeding. Despite these price increases it is important to declare any recent convictions that you have had on your licence; failure to declare convictions may lead to insurance being invalidated. If motorists have a driving conviction on their licence Tiger.co.uk can still help you find affordable car insurance