codefund.com

Car Insurance Group - What is a Car Insurance Group?

103 24
Q: I have heard that the car insurance group I am in will decide how much my premiums will be.
What is a car insurance group and how does it work? A: In the United Kingdom car insurance rates are set, in part, by what car insurance group your vehicle is in.
Basically a car is out into a group based on engine size and performance.
There are twenty groups and a car placed in a higher group is a model that is usually a high performance vehicle.
The lower group your auto is in the less it will cost to insure.
Groups are set by Group Rating Panel, which is made up of the Association of British Insurers and Lloyds Market Association.
They meet on a monthly basis and classify each car that is marketed in the United Kingdom.
Car insurance companies are not required to use the group rating system, but most, if not all, do use it to calculate your quote.
You can find out what group a certain model is classified in before you purchase the vehicle so you will have some idea of what the insurance is going to cost.
Other factors that will be included when calculating your rate are your driving history, age, and more.
The car insurance group ratings are largely made up of how much the average repair costs for that specific model.
If you are looking for the lowest cost car insurance buy a model classified in groups one through five.
Good luck!
Source...
Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time
You might also like on "Insurance"

Leave A Reply

Your email address will not be published.