Id goto court, explain that although you had misjudged your speed you do accept that you were speeding and accept the consequences for such however you contend that you were not racing but simply trying to gain the attention of the other motorist and got briefly carried away, also then beg, plead and grovel
As for the insurance, if your mother had insured the car and yourself so that you had two policies covering the same vehicle that would be fraud (since you could claim on one without affecting NCD on the other, get a double payout, etc etc) however since you only have one policy its not fraud, that policy however is no use whatsoever. The only way it would be valid is if your mother was to sign the car over to you on the V5 and even then your on dodgy ground but they might not check the date the ownership was passed to you. You are not permitted to insure a car that is not your property (this is why other vehicle cover when your over 25 will only be third party and not cover the car you are driving)
As for the insurance, if your mother had insured the car and yourself so that you had two policies covering the same vehicle that would be fraud (since you could claim on one without affecting NCD on the other, get a double payout, etc etc) however since you only have one policy its not fraud, that policy however is no use whatsoever. The only way it would be valid is if your mother was to sign the car over to you on the V5 and even then your on dodgy ground but they might not check the date the ownership was passed to you. You are not permitted to insure a car that is not your property (this is why other vehicle cover when your over 25 will only be third party and not cover the car you are driving)

