Car-Insurance-UK-Supermarket.co.uk
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Car Insurance Groups at the Car Insurance SupermarketUpdate since we wrote this article: It is now compulsary for insurance companies to take account of the 1-50 Thatcham rating system. The 1-20 system was abandonned in Jan 2010. You can check your car's rating here:ABI Group Rating In the UK, new cars are allocated to groups numbered from 1 to 20 and this car insurance group is used to calculate the insurance premium. A lower car insurance group number is associated with lower cost insurance. The car insurance group number attributed by the Insurance Group Rating Panel is determined by Motor Insurance Repair Centre data relating to that particular vehicle type. The members of the panel that determines your car insurance group are drawn from LLoyds Market Association and the Association of British Insurers and are therefore a representative group for the UK insurance market in general. The car insurance group rating is for guidance only. There is no statutory obligation for insurance companies to take account of these ratings when calaculating your premium. Other factors, of course, influence the price you pay regardless of your car insurance group, including your age, sex, previous claims and where you live. It is a good idea to be aware of the car insurance group of a new car prior to purchase as this may influence your choice if you are keen to reduce your overall motoring costs. As you might imagine, the car insurance group rating is based on factors such as the price of the vehicle, the engine's size and power, parts costs in relation to both minor and major accidents, cost of the vehicle shell, replacement times and labour costs, and security / likelihood of theft of the car. Obviously, the smaller, cheaper cars have the lowest ratings. A Vauxhall Corsa, for example, is car insurance group 1. A Ford Focus, dependent on model / specification, is car insurance group 4 - 8. While group 20 cars are supercars that cost more than most people's homes. As well as the car insurance group rating, new cars also get a Thatcham Security Rating that relates to their safety in crashes. Cars are subjected to test crashes and the degree of driver and passenger protection is assessed, the best cars attracting a five star rating. This is an important determinant of family car choice in addition to the car insurance group rating. Cars that score five tend not to crumple significantly into the space occupied by those travelling in the car therefore injuries that would be fatal in cars with lower Thatchem scores are more likely to be associated with no or minor injuries. |
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