VICTORIA, B.C. — Speeding is about to get much more expensive in B.C. according to the province’s Solicitor General, Rich Coleman.

He confirmed on Friday the B.C. Liberals are planning to dramatically raise the fines levied to drivers who exceed the speed limit by more than 40 km-h. While fines for excessive speeding are already between $345 and $460, the government says it will double the demerit points handed out in addition to substantially raising the financial penalties.

The increase in demerit points doled out will mean drivers will automatically have to pay a demerit premium to the Insurance Corp. of B.C. totaling at least $300 in addition to the cost of the ticket.

“Excessive speed at the top levels is one of the biggest contributors to serious and fatal motor vehicle accidents,” says Coleman. “This is not a significant impact on revenues. This is an impact on certain people going at a certain speed that they are putting their lives and others in danger.”

So far, there are no plans to overhaul the penalties given to drivers who are travelling less than 40 km-h over the posted speed limit, Coleman tells local media.

Inspector Don Saigle of the RCMP’s traffic services division says the province’s police forces are behind the movement.

“If people violate their privilege of operating a vehicle, then there needs to be an expectation that there is some punitive action that will follow as a result,” says Saigle.