Car Insurance Groups Table
If you are looking at purchasing a new or newer vehicle it’s a good idea to look into
a car insurance groups table. There are many different UK car insurance groups and they all have their policies. So it’s a good idea to take the price of the insurance cost and factor that into the price of your new vehicle.
Previously most new vehicles fell into an insurance group which was rated from 1 to 20 by the UK car insurance groups.
However, since January 1st 2010, the insurance groups system has changed and vehicles are now in insurance groups from 1 to 50. This new grouping system was designed to take into account lots of the newer ranges of vehicles like off roaders and people carriers. Plus, it also takes into account the cost to repair a vehicle after it's been in an accident.
A lot of vehicles will see the Insurance Group number double. So for example if you own a Ford Fiesta which was in Group 4, then under the new groups it is likely to fall into Group 11.
There are many factors that determine this and one of them is the risk that car portrays to the insurance company. Typically the lower the number the lower your insurance premium will be.
Even though UK car insurance groups have a say in it the insurance prices are determined Insurance Group Rating Panel which is made up of many different members. So let’s take a little look at what UK car insurance groups have listed as their ratings. Do keep in mind these ratings are only for guideline purposes and insurers are not obliged to follow them. Yet most insurers will take this into account as well as the information they have about you. So basically the insurance group for each particular make and model takes into consideration:
- Cost of the car (new)
- The vehicles performance (top speed and 0 to 60mph time)
- Repair costs to the vehicle
- Prices of replacement parts
- Car Security
The UK car insurance groups also have a list of security ratings as well to help determine the insurance cost. Group ratings now take into account the standard locks and security features of a car. Security ratings are denoted by letter and shown after the number rating of the car insurance group. Here are the rating s and their meanings.
- E – Exceeds the security requirement for a car of this type, and the group rating has been reduced- so a group 10 car that exceeds the standards listed as
- A – Acceptable security requirements for the cars group.
- P – This stands for incomplete data when the model was launched
- D- Doesn’t meet the security requirement for a car of this type and the group rating has been increased as a result- so a group 8 car that doesn’t meet the standard is listed as a 9D
- U – Unacceptable- the level of security is significantly below requirements. The car won’t be uninsurable, but some insurers may insist on a security upgrade before they cover you.
So when looking keep in mind there are many UK car insurance groups. Now that you aware of some of the risks that they factor in you can get a good idea what it will cost you. Remember you can always try to improve your insurance criteria as well by analysing a car insurance groups table for the insurance group that meets your requirements.
To find out which Insurance Group your call falls into then visit: http://www.thatcham.org/abigrouprating/index.jsp?page=343