You could be speeding your way to higher insurance premiums

Motorists convicted of speeding could see the cost of their motor insurance premiums rocket by 54 percent, warns moneysupermarket.com. Repeat offenders could find themselves uninsurable.

The number one British comparison site found a huge difference in the cost of insurance premiums for those with speeding convictions compared to those without them. 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 limits will find themselves bearing even heftier increases in premiums, with a staggering 54 percent potential increase for those with 9 points on their license.

"Insurers clearly take a dim view on policy holders who speed and this is reflected in higher car insurance prices,” said car insurance expert Peter Harrison. “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.”

Car insurance premiums have increased recently as moneysupermarket.com research found premiums up by 44 pence per day in 2010 and the trend continues, especially with the recent ruling on the legality of using gender to calculate premiums. Not only are motorists who speed risking the lives of other drivers and pedestrians, they may also add to the headache of sky high car insurance.

"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 any car insurance comparison tool.

• Buy online as many car insurers offer discounts to such customers.

• Reduce the mileage you drive – when applying for insurance, you define the number of miles you drive annually. You'll pay less the less you travel. That means if you ride share with a coworker or take the train a couple days a week, you can cut 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 your risk. Keeping the car off the road at night in a garage or driveway makes it safer, reducing your premiums.

• Car security – besides being cool features, an alarm and immobilizer will save you money.

• Drive a car with a smaller engine – another way to save money not only at the pump, but with the insurer as well. The bigger and faster the vehicle, the more it will cost to insure.

• Raise your deductible – agreeing to pay a higher deductible, such as $1,000 instead of $500, can reduce your premiums. This is what you’ll 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. Don't make them the named driver, though. This is called fronting and could invalidate your insurance.

• Be sure it's adequate – as you look for the lowest price, don't get rid of 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 you can't do without will create a false sense of economy.

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