When purchasing a new car the cost of your car insurance is often a determining factor, especially for young drivers. In order to help you find out how much insurance you will pay insurers have grouped vehicles together into 50 separate brackets which all have associated prices. However, many people still find themselves asking the question: “what insurance group is my car?” which is why we have created a tool to help you identify which group your vehicle is in. Please remember though that isn’t to say that everyone who owns a vehicle in group 10 will pay the same amount!
Each make and model is classified into one of these groups. This, along with a number of other factors including no claims bonuses, the age of the driver, where the car is parked at night etc. will determine how much each driver pays for their insurance.
Insurance Groups Explained
Now you know which insurance group your vehicle falls into, you need to know what this means. Read below for insurance groups explained!
Each car is placed into one of 50 groups by the Group Rating Panel; the higher the group, the more expensive the vehicle is to insure. They decide on which vehicle should go into which group based on the following criteria:
• Cost of Repair – this takes into account the cost of both parts and labour
• The price of the car when it first enters the market
• It’s performance – this is where acceleration and top speed are accounted for
What do these groupings mean for my car insurance premium?
Insurers are not obliged to use the groupings provided by the Group Rating Panel as they are just recommendations, however many do. Bear in mind that some insurers
use their own grouping system, but if you want to check the Group Rating Panel grouping of your vehicle use our tool!
How to reduce my car insurance premium
If your vehicle is appearing in one of the higher groups your insurance policy is going to be more expensive than if it was in the lower groups. Although you can’t physically move a vehicle from one group to another there are options you can choose to move down the groups. For instance, try purchasing a more popular vehicle as if your vehicle is mass produced so are its parts, which means they are more readily available and cheaper to source. If your vehicle is no longer in production or there were very few versions of your vehicle made then parts are harder to find and therefore are often more expensive.
If there is a particular make and model that you have your heart set on you might find that there are different versions available in terms of performance. If there is an option for a slightly less powerful version of your car you might find that it is in a lower insurance group therefore making it cheaper than its more powerful counterpart.
The grouping of your vehicle isn’t the only factor for that determines the price of your insurance. There are other factors that come into play such as the age of the vehicle and the driver, the amount of claims made and so on. For example, a driver in their 60s looking for an insurance policy for a vehicle in group 30 with 40 years no claims is likely to pay a lower premium than someone of 17 with no years no claims and who just passed their driving test, even if the vehicle is in group 20.