Insurance Group For Cars
This means that the insurance group can give you an idea of relative insurance costs when comparing different models.
Insurance group for cars. They take into consideration several factors including size of engine weight security performance and cost of repairs. The van groups are organized from group 1 to group 20 with the lower end being the cheaper insurance. 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. These were ditched and replaced with a wider 1 50 rating system to represent a more accurate reflection of the increased range of cars available on the market.
How car insurance groups work. Most new cars are assigned to an insurance group a rating between 1 and 50 that indicates the level of risk as seen by the insurers. 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. Insurance groups were first introduced in the 1970s as an easy to understand way for people to get an idea of how big the premiums were likely to be for a specific vehicle.
A basic 420d model with a 2 0 litre diesel engine can be as low as group 29 but a 435d xdrive m sport is a group 42 and an m4 is a group 50. Insurers take many factors into account when setting premiums but with all else being equal the lower the group number the lower the insurance premium should be. How many cur insurance groups are there. Prior to 2010 insurance groups ranged between 1 20 with the lowest being the cheapest to repair and insure.
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