It would be more effective to eliminate the current insurance laws and charge any driver that damages other persons property with equal criminal charges. Any driver causing the death of another person should be charged with manslaughter. Any driver causing damage to another person's property should be required to pay for the damages.
We all know that speeding causes the deaths of people, should we put all speeders in prison for a year for the first offense and 10 years for their second offense?
For serious speeding, yes. When someone is racing and weaving down a crowded highway at 90 mph, I don't think we should have to wait for him to kill someone before meting out a punishment sufficient to convince him not to ever do it again.