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insurance with points
How much an endorsement will cost you
updated
30 August 2007
More than two million motorists' driving licences will be endorsed with penalty points over the next 12 months.
Back in 2004 we carried out our first survey of motor insurers to try and find out the real cost of those points on their licences would be to those motorists (see here). The results showed that with 6 points on your licence for two minor speeding offences you could expect to pay between 28% - 44% more for your car insurance than if you had no points.
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Cheaper Insurance
for
We like to check the
services we recommend, so in July 2007 at the same time as we carried
out the survey referred to on this page, we compared Quoteline's quote
for a standard fully comprehensive insurance policy for a driver with 6
points on their licence (the same SP30 and SP50).
Why not give them a
try? |
We thought it was time that we updated that research,
so we have carried out an even more extensive survey (July 2007), and despite
some insurers' claims that they are not automatically loading premiums for
drivers who have points on their licence, our research confirms that this is
still the case.
We got motor insurance quotes for the same ficticious person, the same car and
the same type of cover, and then simply amended the initial "clean" application
to include two recent fictitious speeding offences resulting in fixed penalty
punishments (6 points - an SP30 and an SP50). We then amended the application further to
include another 3 points for an SP30, making a total of 9 points on the
applicant's licence. We then compared the results.
For those of you who have completed an insurance application form, either online or off, you will know that the insurers always ask if you have had any endorsements for motoring offences within the last 5 years. Failure to disclose such a conviction could result in your insurance being invalidated. It means that any endorsement you receive will affect the insurance premium you pay every year for at least 5 years.
Our new survey suggests that with two straightforward speeders (the minimum 3 points each) your motor insurance is likely to increase by an average of 25%. We found only 1 company out of the 29 that gave us a quote who kept the premium the same (although their original quote was the 28th most expensive and with no increase they were still more expensive than 13 others), and one that increased it by only 4% (they were 25th most expensive with no points and only got up to 14th best with 6 points). The other 27 increased their premiums automatically by between 15%-56%.
With 9 points on your licence only 18 of the 29 companies would give us any sort of cover and the average increase on the "normal" premium was a massive 45%, with the 2 worst performers increasing their premiums by more than 100%.
If you have points on your licence it pays to use a broker to shop around for you. Try this link to Quoteline Direct, the online arm of Wilsons Insurance Group. They specialise in "non-standard" motor insurance for car drivers and bike riders.
If you'd like full details of our survey results please email us and we'd be pleased to email them back to you.
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