Penalty points mean insurance price hike

More than four million motorists would pay to swap their penalty points with a friend or relative, a survey has found.

According to online insurance portal Confused.com, they would prefer that course of action to receiving points that could see the cost of their car insurance sky rocket.

The study found that a driver with three points on their licence can expect to see the price of their premium rise by seven per cent.

For drivers with six points, the price of their car insurance can go up by as much as 25 per cent, while for drivers with nine points the increase can be as much as 50 per cent.

In further bad news for drivers with nine points on the licence, the number of car insurance providers willing to take them on will be roughly halved.

Debra Williams of Confused.com says attempting to offload penalty points is “a dangerous lottery to play”.

It is also difficult, as 96 per cent of respondents to the survey said they would take penalty points from someone else in exchange for cash.

The British Insurance Brokers’ Association (BIBA) recently advised that both men and women should shop around for their car insurance, as they will benefit financially from approaching as many different providers as possible.

© Adfero Ltd

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