Insurance Group For Cars Explained
Car insurance groups explained insurers base their risk assessments on multiple elements such as fuel type style and age doors length of ownership and purchase price.
Insurance group for cars explained. What s in this guide. Every car belongs to one of 50 car insurance groups which band cars from the cheapest to the most expensive to insure starting with group one the cheapest and ending with group 50 the most expensive. The more powerful expensive and rarer your car the higher the group it will be in. The association of british insurers abi determine a car s insurance group.
Car insurance groups are broadly set by the group rating panel and administered by thatcham research. Admiral considers these recommendations when calculating our car insurance prices. With group 2 being one of the lowest insurance groups the cars that fit in this category usually score well in factors used to determine the group ratings such as having good car safety features being inexpensive to repair and possessing less powerful engines. However one aspect to consider when understanding how your premium is calculated is your car s insurance group.
When a customer requests a quote for car insurance the insurance companies use these group ratings along with other factors to calculate the price of their policy. Cars in insurance group 2 are often the cheapest to insure. Car insurance groups are set by the group rating panel which includes members of the association of british insurers abi and lloyds market association lma. What are the insurance groups and what do they mean.
The groups range from 1 to 50 with the lower groups being the cheaper option to insure. What are car insurance groups based on. What are car insurance groups. Group rating system the group rating panel administered by thatcham research assigns new car models to an insurance group from 1 cheapest to insure to 50 the most expensive.
What are car insurance groups.
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