Everything You Need To Know About Car Insurance Groups List UK

What is a Car Insurance Group?

Car insurance groups list UK is a system used by insurance companies to calculate the cost of insuring a vehicle. The group list is compiled by the Association of British Insurers (ABI) and is based on the car’s value, engine size, repair costs and safety features. The higher the group, the more expensive the car insurance will be. It is important to understand the group system before you purchase a car as the cost of insurance can vary dramatically from one group to the next.

How are Car Insurance Groups Assigned?

The car insurance groups list UK is divided into 50 groups, with group 1 being the cheapest to insure and group 50 being the most expensive. The ABI uses a car’s repair costs, performance, security and value to assign it to a group. The more expensive the car, the higher the group it is likely to be assigned to. An example of this is that a BMW M5 would be in the highest group, while a Ford Fiesta would be in the lowest group.

What Factors Affect Car Insurance Groups?

The factors that affect car insurance groups include the value of the car, its engine size, the cost of replacement parts and its safety features. The more expensive the car, the higher the group it will generally be allocated to. Cars with larger engines will also be placed in higher groups due to the greater risks associated with them. The cost of replacement parts can also affect the group, with more expensive parts increasing the group. Finally, cars with more safety features are likely to be allocated to lower groups.

What is the Benefit of Knowing the Car Insurance Group?

Knowing the car insurance group of a vehicle can be beneficial for several reasons. The most obvious reason is that it can give you an indication of the cost of insurance. Knowing the group can also allow you to compare the cost of insurance between different vehicles. This can help you to make an informed decision when it comes to buying a car.

Can the Car Insurance Group Change?

Yes, the car insurance group can change. This can happen if the car’s value changes or if the cost of replacement parts increases. It is therefore important to keep an eye on the car insurance groups list UK to ensure that your car is in the correct group.

Conclusion

The car insurance groups list UK is an invaluable tool for understanding the cost of car insurance. It is important to understand the group system before you purchase a car as the cost of insurance can vary dramatically from one group to the next. Knowing the car insurance group can also allow you to compare the cost of insurance between different vehicles and make an informed decision when it comes to buying a car.