Thought you’d heard all the weird and wonderful forms of insurance cover available in Australia? Think again. Victorians can now insure themselves against speeding and parking fines.

At least, that’s what student Ryan Law says he can do. He has started a club called Finesecure to allow drivers to insure against parking and speeding fines.

Stop laughing. The system has signed up 56 people so far. It charges $69 a year for membership, which includes 50% reimbursement of parking and speeding fines. Businesses pay $110 a year. Mr Law, 22, gave up his advertising course to pursue the idea.

He says he expects the business to be profitable, although he’ll lose money if motorists claim more than one low-level speeding fine or two parking fines a year. “People may want to exploit the system, so we’re trying to focus on putting out the ‘drive safe’ message,” he said.

“We won’t be offering membership to people my age, even though I see myself as quite mature.”

He says because the scheme is run through a club, he doesn’t need to obtain an Australian financial services licence (AFSL).

“We’re not an insurance company and we’re not sure if the regulator will want to have a go at us,” he said. “We’ll just have to wait and see.”

An Australian Securities and Investments Commission (ASIC) spokesman says it will “depend on the nature of the relationship Mr Law has with members and whether or not he’s providing advice”. She said he may well require a licence and ASIC will be monitoring the situation.