What are car insurance groups?

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Car insurance groups are the different groups that models of cars fall into when it comes to insuring them. The car insurance groups are decided upon by the Group Rating Panel and assigns new car models with an insurance group number that ranges between 1 and 50.

The lower the number that the vehicle receives, the cheaper the insurance bracket. So if you buy a vehicle that falls into insurance group 23 then you will pay more in insurance premiums than if your insurance group was 19. Typically the more expensive your vehicle and the higher its performance abilities, the higher the car insurance group it will be assigned. This is due to the fact that the cost of repairs to vehicles accounts for more than half of the money that is paid out in insurance claims.

The different insurance groups for vehicles are decided based on how much the Group Rating Panel expect to be paid out in costs by insurers in most insurance claims. The factors that are used to assign new vehicles their car insurance group, according to research carried out by Thatcham, are damage and parts costs, new car values, repair costs and times, car performance, safety, parts prices, car security and bumper compatibility.

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