Insurance Group For Cars Explained
The more powerful expensive and rarer your car the higher the group it will be in.
Insurance group for cars explained. Cars in insurance group 2 are often the cheapest to insure. What are car insurance groups based on. 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. 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. All car models have been classified by a panel of insurers known as the group rating panel into a number of different groups. An insurance group is a method to determine the cost of insuring your car based on which group they re assigned to. 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 association of british insurers abi determine a car s insurance group. Admiral considers these recommendations when calculating our car insurance prices. What are car insurance groups. 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.
These insurance groups range from group 1 the cheapest cars to insure all the way up to group 50 the most expensive. Car insurance groups are broadly set by the group rating panel and administered by thatcham research. 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 s in this guide.
The groups range from 1 to 50 with the lower groups being the cheaper option to insure.
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