car insurance groups explained

cheapest insurance group attract lower premiums

car insurance groups explained

In case you're hoping to get a good deal and save money on your car insurance, you must check what car insurance group your car belongs.

What are car insurance groups based on?

Surprisingly, it's no longer just about value when it comes to the car insurance groups list. For example, a sports car well worth £30,000 is in all likelihood to be considered a higher risk than an estate car of the same price due to the truth the estate car is probably to be driven slightly differently. The truth the estate car is likely to be driven in a specific way means it might also go into a lower group. There are hundreds of distinct makes and models of car on the road in the UK, which makes working out what they price to insure a highly complex business. To make matters less complicated and fairer the insurance industry uses insurance groups for cars. Start Text After: Currently car groupings are on a one to 50 scale, where one is low risk and 50 is high risk. The scales have modified over time, they were initially one to 20, changing to one to 35. Admiral started the usage of the one to 50 in August 2011.

What car insurance group is my car?

Unfortunately, there’s no one dimension suits all rule when it comes to getting the nice vehicle insurance price. With insurance categories, it's now not even as easy as choosing a smaller car to guarantee a lower group. Although vehicles like Citroen C1s are generally grouped quite low and Ferraris are usually grouped very highly, you can also find that a specific variation of a model may be in a completely different group due its specifications. Even vehicles of the same type, such as family hatch-backs with comparable values, can end up ranking differently.

Insurance Group Rating

 Car insurance groups are set by the Group Rating Panel, which incorporates individuals from the Association of British Insurers (ABI) and Market Association (LMA). The Group Rating Panel, controlled by Thatcham Research, assigns new vehicle models to a insurance group from 1 (least expensive to insure) to 50 (the most expensive). cars in high groups, regularly superior, high performance models, are probably going to cost insurers the most in insurance claims. Insurers may use panel's recommendations to calculate insurance premiums, or they may decide to choose their own groupings. As for the Association of British Insurers, the cost of engine vehicle repairs accounts for over half of all the money paid out in motor insurance claims,, so fix costs feature strongly in defining groups. we consider Thatcham’s guidance when building our car insurance groups list along with the following:

Repair costs and times

As indicated by the ABI, the cost of motor vehicle fixes accounts about half of the total cash paid out in motor insurance claims, so it does make sense this is something that should be highly thought about while sorting out car insurance groupings. The longer repairing times mean higher costs, and the more likelihood of a higher gathering rating.

Damage and parts costs

This covers the likely extent of damage to each car model and the cost of the parts involved in its repair. The cheaper the cost, the more it's likely to be in a lower group rating.

New car values

The prices of new cars are taken into account, as they are often a good guide to the cost of replacement and repair.

Parts prices

A standard rundown of 23 of  common parts is used to analyze the cost of parts from one manufacturer to another. The lower these costs, the greater probability there is of a lower group rating.

Car performance 

Acceleration and top speed are essential factors. Insurers understand very well, from their claims statistics, that excessive performance cars often result in more common insurance claims – and therefore will usually be ranked higher.

Safety

 An Autonomous Emergency Breaking (AEB) system can help limit low speed front to rear accidents, and therefore cars fitted with AEB as standard may additionally have a lower insurance rating.

Bumper compatibility

 Cars with bumpers that are compatible with the insurer's standards will qualify for lower insurance plan ratings.

Car security 

Security features fitted as standard by motor producer might also sometimes help in reducing insurance claims costs. These aspects might also include high security door locks, alarm or immobilisation systems or locking devices for alloy wheels. However, there’s no way of guaranteeing certain motors will be regarded low insurance plan groups cars. A member of our pricing team at Admiral said: "It's well worth bearing in mind that the insurance grouping would possibly not be the only factor used when insurers consider your vehicle, for instance the vehicle value and age of the vehicle can also also have an impact".

Find out which insurance group your car is in Here