When it comes to buying car insurance one of the factors that can affect the cost of your premiums is the insurance group your vehicle falls into. Insurance groups are set by the Group Rating Panel a body made up of representatives from the insurance industry and the Association of British Insurers.
There are 50 car insurance groups in total with Group 1 being the cheapest to insure and Group 50 being the most expensive. The group your car is assigned to is based on a number of factors including –
- The car’s value when new
- The cost of replacement parts
- The car’s performance and top speed
- The car’s security features
- The car’s repair costs
Generally the lower the insurance group your car is in the cheaper your insurance premiums are likely to be. This is because cars in lower insurance groups are seen as being less risky to insure as they are typically cheaper to repair and less likely to be stolen.
On the other hand cars in higher insurance groups are considered to be higher risk and insurance companies will charge higher premiums to cover the increased likelihood of claims.
How to find out what insurance group your car is in
If you’re unsure what insurance group your car falls into you can easily find out by using an online insurance group checker. All you need to do is enter your car’s make and model and the checker will tell you what group your car is in.
Alternatively you can check with your insurance provider who should be able to tell you what group your car is in and how this affects your premiums.
How to lower your insurance premiums
If you find out that your car is in a high insurance group and you’re looking to lower your premiums there are a few things you can do –
- Choose a car in a lower insurance group If you’re in the market for a new car consider choosing a model that falls into a lower insurance group to save money on your premiums.
- Improve your car’s security Adding security features such as an alarm or immobilizer can help to lower your premiums by reducing the risk of theft.
- Build up a no claims bonus By avoiding making claims on your insurance policy you can build up a no claims bonus that will help to lower your premiums over time.
- Consider telematics insurance Telematics insurance also known as black box insurance uses a device installed in your car to monitor your driving habits. Good drivers can benefit from lower premiums with this type of policy.
- Shop around for the best deal Don’t just stick with your current insurance provider. Shop around and compare quotes from different insurers to find the best deal for you.
Understanding car insurance groups can help you make informed decisions when it comes to buying car insurance. By knowing what group your car is in and the factors that affect this you can take steps to lower your premiums and potentially save money on your policy.
Whether you’re in the market for a new car or looking to reduce the cost of your current policy knowing about car insurance groups is a valuable tool in getting the best deal on your car insurance.
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