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UK car insurance market classifies different cars into groups for assessing a correct level of insurance premium. Every vehicle is classified under a group ranging between one and 20 on the basis of similar characteristics. This simply means that different variants of a single model of a car may fall in different insurance groups. You can compare car insurance for different car models and notice the difference in premiums offered.
To calculate group ratings, several factors are considered including expenditure on repairs and new parts. These expenditures together account for almost three quarters of total insurance claimed. Several factors considered for rating the insurance groups are:
Parts cost and damage done
Each car’s likelihood to get severely damaged is computed and its repairing cost which accounts from purchasing new parts. The group rating will be lower if the total computed cost is lesser.
Repair time involved
Longer a vehicle takes to get repaired; the higher group rating it falls under. Modern vehicles come with different and time consuming paint finishes making them a high rate group car segment.
Value of the car
The new car prices showcase higher specifications of a model range. This makes them fall under higher insurance rating group.
Body Shell
The basic body structure of the car or the shell determines how badly your vehicle can get damaged in the event of a accident. These are considered to calculate group ratings to find out the dangers involved in a specific car model and type.
Performance
Top achievable speed of the car is is also considered as an important factor. High performance cars, as per the statistics, are more likely to get involved in an accident.
Security
Adding security features to the vehicles reduce their risk for an accident and hence the insurance claims.
Always compare car insurance groups if you are planning to buy a new car and are worried for its insurance. Compare car insurance with compare.com – the fastest growing comparison website.