Administered by the Motor Insurance Repair Research Centre, new car models are assigned to a category, with insurance group 1 cars being the cheapest to insure. To make insurance fairer and easier to compare, all insurance Companies use the same car insurance groups to work out the premiums for different cars. More than half of all money paid out by insurance companies is spent on car repair costs.
There are 50 different car insurance groups, those in insurance Group 1 are the cheapest cars to insure while those in insurance group 50 are the most expensive. The insurance groups don’t vary from insurance company to insurance company. If you cause an accident your insurance Company will pay out to cover the costs. If your vehicle doesn’t have these safety features it may be wise to invest.
Car Insurance Groups Guide
There are now no less than 50 different insurance groups, where group one is the least expensive and 50 is the most expensive to insure. There are 50 car insurance groups, with those in group 1 the cheapest cars to ensure and those in group 50 the most expensive. It may be cool to ‘Pimp your ride’ but it ultimately will cost more money.
There are 50 insurance groups and the higher your car’s grouping is the more expensive it will be to insure. The Group Rating Panel, administered by Research, assigns new car models to an insurance group from 1 (cheapest to insure) to 50 (the most expensive). More often than not, the insurance group a car falls into will be used to get the ball rolling.
List Of Cars In Insurance Group 2 That Are Cheap To Insure
The cheaper cars to insure will be located in the lower group numbers, such as from Group 1 to 10 categories. Generally speaking, the lower the insurance group your car falls into, the lower your insurance premium will be. Some policies allow you to make a claim in set circumstances without it affecting your no claims bonus. Companies offer discounts for multicar policies because they benefit from economies of scale.
Be sure to shop around and compare car insurance and get the best deal possible, even if your car has a high insurance group rating! Therefore, for example, a high-performance sports car will tend to have a higher insurance group than a family hatchback, and cost more to insure. Insurers are known to charge increasing amounts each year in the knowledge that inertia will stop policyholders from switching.
Car Insurance For Young Drivers
All know that, when it comes to the driver, factors like their age, gender and driving history are used to calculate car insurance costs. Insurance automatically ends when the odometer limit (recorded on the car’s insurance Id card) is reached, unless more distance is bought. They fit a black box in your car to assess your driving style.
New and younger drivers can save money on their car insurance by opting for Black Box Car Insurance. If you’re thinking of a way to save money on your car insurance, you could so by choosing a car in a lower insurance group. All these developments mean that cars with smaller engines can be just as powerful as those with larger engines.