Car Insurance Groups
Car Insurance Groups
When choosing a new car many areas must be explored, allowing you to decide whether or not it is the right vehicle for you. Its practicality must be measured, as well as its engine size and how fast the vehicle will depreciate in value. Where these are the details you must be happy with the are also the features that insurers wish to know, allowing them to arrive at a premium that best reflects the car’s requirements.
It is safe to say that the most important question to be answered is what insurance group your chosen vehicle will fall into, allowing you to gauge the amount the car will cost for effective insurance coverage.
At High Gear we work with the administration of the Association of British Insurers (ABI), making use of their Group Rating System when compiling quotes for customers. This is an advisory system used to illustrate to insurers the relative risk each car poses, allowing premiums to be made in accordance.
Car insurance premiums are labelled between one and fifty, seeing that insurers can work in a quick and effective manner once learning the group number each car is placed. Insurance rates are calculated with the car’s criteria in mind, taking into account many different features of the vehicle. The level of security plays an integral role in the outcome of the calculation, with the ABI deciding whether or not the car in question is in risk of theft. The cost of vehicle repairs also has a bearing on the insurance category your vehicle will be placed in, allowing the insurer to be prepared for risks.
The Group Rating Panel is comprised of members of the Association of British Insurers (ABI) and Lloyds Market Association (LMA). With regular meetings the group are always up-to-date with new vehicles and their features, offering accurate and honest details that insurers can make use of. If you wish to learn more about insurance groups or would like to receive a free quote for car insurance then get in touch today and speak with one of our policy specialists.
Here’s a quick tool for you to check the Car Insurance groups.