Car insurance can be one of the priciest parts of owning a car. If you’ve had a few bumps or accidents over the years, then your premiums can cost you upwards of £400-£500 a year. Even if you’re a really careful driver, your premiums tend to hover around the same amount each year, even with a spotless record of no claims.

But did you know that the type of car you drive can affect how much you pay on your insurance? There are a whole range of factors that go into how insurers assess your car insurance premiums, and one of the biggest is the car insurance group.

 

What is a car insurance group?

The car insurance group is the name for the category each car on the road is divided into. There are 50 different insurance groups. Group one is the least expensive, and group fifty is the most expensive. At the high end, you will find the super-rare, very expensive cars. Think top of the range McLarens or Lamborghinis, that type of car.

How are insurance groups decided upon?

Car insurers across the UK all work with research companies to divide the cars on the road into the different categories. They will assess the car on a number of different factors, to work out how expensive it would be for an insurer to pay for repairs. These factors include the price of the car when new. How hard a car is to repair and how easy it is to source parts. The length of time it takes to repair a vehicle is also taken into consideration, as the more time a car spends off the road, the more a car insurer will have to pay for a courtesy car.

The speed and performance of the car is also assessed. A car that can drive faster is more likely to be in a bigger accident, just because of the speed involved. The safety features on a car are also assessed, with more driver assistance tech meaning a lower insurance group.

One of the final factors is the car security systems. A car with excellent anti-theft technology will mean it has a lower group.

How can I check a car’s insurance group?

While a dealer may have the information on a car’s insurance group, you can also find this out online. A quick search of your car’s make and model plus insurance group will reveal where it sits. But you will only find out where it is on the 1-50 scale. The insurance group is just one factor that will adjust your insurance premium. The more important factors are down to you and how you store the car.

What other factors affect insurance costs?

Other big factors that can affect your car insurance price include where you keep the car during the day and at night time, any previous claims you’ve made, any telematics that you have on the car, and how old the car is.

It’s also important how old you are. The younger you are, the more of a risk the insurance company will consider you to be. Rightly or wrongly, they see young drivers as being more reckless. So you might want to wait until you’re 25 to either start your car insurance journey, or come off your parent’s plan.

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