How Speeding Conviction Affects Your Car Insurance?
For car owners who have been convicted of speeding, cost of car insurance might just get twice. Most car insurance companies estimate that speeding is one of the main factors of car accidents and keeping this estimation in mind, car insurance companies might increase the cost of motor insurance.
The Head of a car insurance giant said that speeding convictions signify license points that can double the premium along with a fine reaching up to £1,000. If you are convicted for speeding, you need to compare car insurance more than ever. Most of the car insurance companies would not increase the cost of your car insurance for just one conviction, but they would maintain the record for it and any future conviction could increase your premium by double.
At times, auto insurance companies stop covering for a car owner with regular blemishes in speeding area. Once rejected for speeding, car owners might find it difficult to get insurance companies who are ready to insure them. Convicted car owners find fewer options when it comes to car insurance providers.
According to a research, about 40 per cent of car drivers are expected to make a claim in one year of being convicted for speeding. The overall data reveals that drivers who have been convicted once claim 69 per cent more than they claim the drivers who have no convictions against them do. Insurance companies are playing on the need for car owners to reveal the license points to their insurance providers.
Insurance companies do not always reject the applications of convicted drivers, but they consider many things to come up with a sum of premium for them. As these convicted drivers are expected to claim more, the risk of such insured drivers is borne by the car insurance companies by determining a high premium cost for them.
Article written by the marketing division of Car Insurance Wizard.