British motorists have been landed with a £144.6 million bill in the past year as a result of increasing numbers of speed cameras being set up across the UK, according to Swiftcover.
The insurer claims that there has been a 26 per cent increase in the number of speed cameras on the roads in the past year, leading to a £700,000 increase in fines faced by drivers.
A total of 1.91 million fixed-penalty notice fines were issued to motorists in England and Wales between 2005 and 2006, affecting around one in 12 drivers. Combined with increased insurance premiums, this adds up to a total expense of £144.6 million.
Despite these heavy costs, 40 per cent of car users still believe it is acceptable to speed on a quiet road, according to the research.
Andrew Blowers, chief executive of Swiftcover, said: "Despite the steadily increasing number of speed cameras on our roads, it seems motorists are still happy to flout the threat of fines if they feel the road conditions are safe.
"Motorists are not only forking out more than ever before in speeding fines but are also fiscally penalised twice through increased car insurance premiums following a conviction."
The insurance company estimates the increase in motor insurance premiums for people who have been caught by speed cameras in the past year to be £30 million.