What are car insurance groups? What do insurance groups mean? Do all vehicles have a group? But a quick check of the insurance group before you buy a car could save you getting a nasty shock when you go to insure it. There might be a similar make and model in a lower group that you could choose instead. Comparing quotes is the best way to find the most competitive prices for you. Ryan Fulthorpe - Motoring expert at GoCompare.
How are car insurance groups decided? New car value Cars with a higher price and specification give an indication of the cost of potential replacement and repairs costs. Bumper compatibility Cars with bumpers that are compatible with the insurer's criteria will qualify for lower insurance ratings. Makes, models and their insurance groups The Citroen C1, Fiat Panda and Vauxhall Corsa are all available in models that qualify for group one.
How is the cost of car insurance calculated? In the past, for example, a car would have mostly been constructed from steel. Today, the lighter properties of aluminium are more common, but aluminium is also more expensive to replace. Individual components such as bumpers carry more safety features today including reversing and parking sensors and multiple cameras. Wing mirrors now house turn signals and blind-spot monitoring devices. These items are now more expensive to repair or replace.
As technology becomes more prevalent, the resulting labour costs become greater as mechanics need to develop specialist skills to identify and repair issues. There are many other factors that determine how much your car insurance costs.
These include your age, occupation and driving history including how many claims you have made, plus how many points you may have on your licence. Remember, estimating how much your car will cost to insure still involves complex risk analysis. As well as how risky based on its rating your car is, there are other elements that affect how much insurance costs. Too much risk and there's no point even giving out a price. For example, a young driver wanting to insure a Porsche Cayenne Turbo insurance group 50 would be unlikely to get an affordable quote.
The risk is too great. As one of our Technical Analysts puts it, "The lower the car insurance group the more likely it is that the risk will be acceptable. Each insurance company calculates risk differently, hence the variations in price. The price you pay for your car insurance will, at least in part, be based on which group between your car falls into.
We'll go over how these categories are decided and how, whichever car you buy, you can make sure you get the best deal on your car insurance policy. Insurance groups are used by insurance providers as a guideline to work out the cost of premiums offered to customers. There are 50 groups in total, and cars in group 1 are the cheapest to insure, and those in group 50 are the most expensive. For example, a Peugeot will typically fall in group , making it relatively cheap to insure, whereas a BMW Z4 will likely fall in group and so will cost rather significantly more to insure, all other things being equal.
Having a car belonging to a cheaper group does not necessarily mean that you're guaranteed cheap car insurance and vice versa. Various other factors like the statistical likelihood of an accident occurring based on things like the age of the driver also come into play, as well as the status of the potential policy holder's no claims discount. The performance is another important consideration since a sports car that drives faster and accelerates particularly quickly is viewed as higher risk by insurers than a small car with a top speed of 80mph.
Just as keeping your car in a garage or using anti-theft devices like steering wheel locks can work to improve the cost of your insurance, having a car with already built-in security measures will push it down into a lower group, again reducing costs. A good alarm system or a visible Vehicle Identification Number among other things will work to reduce to probability of theft.
Your car's full insurance group rating will be listed with a number and a letter, e. One of the big ones is the "insurance group" that your car falls into.
The insurance group of your car is one of the things insurers look at when working out the price of your car insurance policy. The higher the car insurance group, the more it adds to the price of your car insurance. That's the general rule. Vans are also put into insurance groups. Since , the highest van insurance group has been Before that, it was You can look up your car's insurance group with our insurance group checker.
Only UK cars go in an insurance group. Imported cars don't. That's one of the reasons imported cars can be more expensive. You can check your car's import status with our free car checker. There's more to figuring out car insurance groups than just the value of your car. It's based on a lot of different things. The standard car insurance groupings are based on insurance group ratings from a company called Thatcham.
Every time a car is released in the UK, one of the cars has to be sent to Thatcham. They then spend all day crashing those cars and seeing what happens to them. Think crash test dummies.
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