Toynton St Peter Parish Council put a petition together after they were approached by residents and would like to see a lower speed limit enforced on Eastville Road.
The campaign was launched despite evidence from Lincolnshire Road Safety Partnership (LRSP) suggesting motorists do not speed on this road.
Chairman Coun Geoff Lees said: "We had several complaints about the speed of traffic and concerns for the children. There are more and more heavy goods vehicles coming through and when they take the bend they take up the whole road."
The petition was launched during an open day in the village and already more than 100 people have signed it.
Coun Lees added: "If we cannot get a limit in place we should at least get signs saying slow down, speed kills or please drive carefully to make people aware."
Parish clerk Bill Ruddlesdin has also had concerns. He said: "Cars rush through the village and there are children playing on the side of the roads. Residents are behind the campaign and none want it leaving as it is."
LRSP carried out an investigation into traffic flow and vehicle speeds in the village in July.
From the test they found the average speed was within the 40mph limit on Eastville Road travelling in both directions.
Communications manager Brian Burns said: "The test was done between Wednesday to Sunday and during that period around 3,500 vehicles went through the village, which is not a huge amount."
Mr Burns added: "Having assessed the information we cannot put additional signage up based on the speeds from the survey."
There has been only one person injured on the roads in recent years which Mr Burns said does not necessitate extra signs.

Do you think additional road safety signs would help? Tell us what you think. Email the Editor rebekah.gunn@jpress.co.uk