I disagree there Rob, it is a risk factor in my mind if the fine is higher then the majority would be less likely to gamble and take the risk driving dangerously.
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True there are the few who are oblivious to the danger they put others in and don't even bother to look but it would make the majority take note.
I agree with Fixedwheelnut.
And God help me for making this further point, but its true. What holds a lot of drivers back from aggressive and dangerous behaviour is the consequences of damage to their cars' bodywork - both the financial costs of bodywork repairs and insurance going up, and the thought if the precious car being damaged.
I know of no studies of figures to back up my thoughts, but I'd say most drivers are reluctant to squeeze through a gap if there's danger of scrapes to their car or parked cars. But would give the same room to passing a cyclist.
This also feeds into the urban 4x4 choice - the Nissan Navara 'gets you respect' adverts, ie. my bodywork is tougher than yours, I will come off better if you hit me.
Further, look at the etiquette in this country for pedestrians crossing the road. Its taken as a given that pedestrians will defer to the car. Look at drivers expectations when driving along - pedestrians are expected to cross as quickly as possible, and get out of the way. How often do cars slow in reality for pedestrians in the near distance?
But if its a honking great Artic at the same distance, you can bet the car slows.
So I agree with Fixedwheelnut - the consequences of some mangled metalwork outweigh the consequences of some mangled person.
And I speak as someone who till recently drove 20000 miles a year, and quite happily owns a car which I enjoy.