I got 3 points back in january for doing a 42 in a 30. Once you have sent the relevant paperwork they will just send you a form offering the option of a conditional fixed penalty of 3 points and a £60 fine or you can take it to court, which as said above could end up with worse.

Just take the 3 points pay the £60 and surrender your licence to them mate it wont affect your insurance much as you think