Car Insurance- How to save money on future renewals
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AFAIK there is no "gradual" decrease in premium the longer you've had your points, they will carry the same weighting until they've been removed.The insurance will go down the older the convictions gets - they are at their worst now the points are fresh.
There is nothing you can do to lessen the perceived insurance risk, other than maybe changing your car to something of a lower insurance grouping.
Unless you're a young driver and the conviction was an SP30 (I'm assuming it was given it was in a 30mph zone), the number of points you've got doesn't make a dramatic difference, and most insurers accept a single SP30/50 as inevitable on most people's licences (I say this as a former insurance underwriter).
I don't think you have too much to worry about personally regarding insurance cost, unless you get caught again / the conviction is more serious than an SP30....0 -
AFAIK there is no "gradual" decrease in premium the longer you've had your points, they will carry the same weighting until they've been removed.
AFAIK no insurer explains how its premiums are calculated, except in very broad terms, for obvious commercial reasons.
Do you have some inside info?0 -
I can't prove a negative but from experience I've not seen any premium decrease based on a speeding offence the longer I've had it. Maybe we should ask the poster for his evidence to back up his claim that "the insurance will go down the older the convictions gets - they are at their worst now the points are fresh". I'm more than happy to be proven wrong.AFAIK no insurer explains how its premiums are calculated, except in very broad terms, for obvious commercial reasons.
Do you have some inside info?0 -
Am I missing something here because I passed my theory and driving test in 2005 and this is the first time since then I've received a penalty of this magnitude ? Have they reviewed the syllabus where students have to learn the offence codes and speeding fines because I can't recall this being in the syllabus back then ?
I used to be a motor insurance underwriter - it was my job to know.
You will know what offence you are being charged with, surely? If it's straightforward speeding I wouldn't worry too much - one speeding offence doesn't make your premiums astronomical, and most insurers do not rate based on the number of points received, only that you have a conviction. For example, a scheme I used to underwrite for a popular motor insurer used to ignore the first conviction and not give any premium loading.
I also used to work on a scheme specialising in high-performance cars which - by a bizarre quirk of the rating algorithm - used to give a hefty discount for a speeding conviction in comparison to someone with a clean driving history!
However, if the speed was judged excessive, the police might decide to award a more severe penalty - i.e.: Dangerous Driving (you will know if you are being charged with this, as it will mandate a court appearance). Then you will experience big premium hikes, and there is little you can do to mitigate this. If you are in this situation, a specialist broker rather than your straightforward algorithms might be more suitable (Adrian Flux for example).0 -
You could reduce the mileage you do? I know that sounds like non-advice, but the difference between 8000 and 5000 miles was a lot when I recently got my new banger and insurance. So I chatted to a friend of mine who I work with, to do lift sharing as we live relatively close. We now travel for a week in his car, and for a week in mine which has massively reduced the mileage I do.0
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I also used to work on a scheme specialising in high-performance cars which - by a bizarre quirk of the rating algorithm - used to give a hefty discount for a speeding conviction in comparison to someone with a clean driving history!
On the basis that every other insurer would give those people a high price so it was worth discounting to keep the business?0 -
At what point do points effect insurance?
I ask because about 5 years ago I get caught doing 43 in a 30 and got 3 points. I told my insurance company but it didn't seem to make any difference with my then insurance or any renewals since? Do you need to go over 6 points ?0 -
At what point do points effect insurance?
I ask because about 5 years ago I get caught doing 43 in a 30 and got 3 points. I told my insurance company but it didn't seem to make any difference with my then insurance or any renewals since? Do you need to go over 6 points ?
I think historically 3 points has made little or no impact on the actual quotes. Lots of people have had 3 points. Even more of us have done the courses (me included).
6 points suggests you're a risk taker. Someone who will either do it twice or drive significantly faster than the limit.0
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