Points on License and Insurance Premiums

[chim450]

Does any one on here know how insurance companies "penalise" drivers with points on their license. I picked up 3 points and £60 fine last year for doing 90 on the M1.
I have been doing "test" quotes using internet quote systems and the majority of companies have been adding anywhere between £100 to £250 per year!!!!!!
Now, we have to declare our convictions for 5 years so I work out that I will be paying anywhere from £500 to over £1000 extra in premiums and that does not include cover on Mrs Chims car.
So in reality I was not fined £60 for doing what 99% of drivers do every day, but was really fined over £1000.
Feck!!!!!

[Big Chris]

Thats about what i got when i renewed, Tesco added £250 to my quote when i put on my 3 points.

is what we should do to all insurance brokers

[raceboy]

Would you have to inform your insurance company when you get points midway through a policy or just at renewal time? In theory you could be driving with 9 points for 11 months and the insurance company think you have a clean licence

[M-Five]

You need to inform your insurance company of any change in circumstances that could affect your cover (e.g. points, bans, medical conditions, etc.).

If it's just three points, they usually just take a note of it and raise the premium next time.

The inverse is not true though. When you remove points from your license, the premium tends to stay the same.

[Big Chris]

I think insurance companies just hate me. When i first got my points, being a good citizen, i told them recieved a lovely bill midway through the policy.

Surely its about time everyone pulled together and put a stop to insurance companies monopoly on drivers! They really can dictate what car you drive and can in the end keep you off the road- this is not right.

[Oi_Oi_Savaloy]

You do get penalised for having points on your licence BUT you don't have to tell them about any points until you renew your policy. Small point but will avoid any mid term demands for money....

[icamm]

What a rip off (even more than I thought before). I thought insurance companies allowed 1 or 2 speeding fines before costs changed.

Let face it, there is no real reason for them to increase your premium for this. You have made a claim or increased your chances of having an accident. Especially if it's the first ticket, or the first one for along time. It just means you got caught for the first time.