Insurance For Your Driving Licence

Here’s a rather dubious idea – insuring your driving licence.

LicenceGuard, which is underwritten by Ilse of Man Assurance, will pay out for travel costs if you manage to rack up enough speeding points to have your licence taken away.

LicenceGuard justify the insurance by claiming that there are nearly 1 million people in the U.K. who are one conviction away from losing their licence, and that many of them rely on being able to travel to earn a living.

It’s an interesting idea, but I’m not sure it’s something that will (or should?) catch on. It’s almost condoning speeding.

Of course, if you do get banned from driving, you will also see your standard car insurance premiums go through the roof. In some cases a speeding conviction can push your premiums up by 20%, and some insurers may even refuse to cover you.

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