Typical Car Insurance Costs Per Group
Understanding Typical Car Insurance Costs By Vehicle Group
The cost of car insurance can vary greatly from one vehicle group to another, so it is important to understand what kind of car insurance costs to expect when shopping for your car insurance policy. Vehicle groups are determined by the Insurance Group Rating System, which categorizes vehicles by risk. Knowing the average cost of car insurance for each vehicle group can help you find the right policy for your needs.
Insurance Group Rating System
The Insurance Group Rating System is a tool used by insurance companies to assess the risk associated with each vehicle. Vehicles are assigned to a group based on factors such as performance, cost of parts, repair costs, security features, and potential repair costs. Each group is assigned a number, from 1-50, with 1 being the lowest risk and 50 being the highest. The higher the number, the higher the risk, and the higher the car insurance premiums.
Typical Car Insurance Costs By Group
Group 1 vehicles tend to be the cheapest to insure, as they are smaller and cheaper cars that pose a lower risk to insure. Typical car insurance costs for Group 1 vehicles can range from £200-£400 per year. Group 2 vehicles are mid-sized cars that are slightly more expensive, and the typical car insurance costs can range from £400-£700 per year. Group 3 vehicles are larger cars and SUVs, and the typical car insurance costs range from £700-£1000 per year.
Group 4-7 Vehicles
Group 4-7 vehicles are more expensive, luxury vehicles, and the typical car insurance costs range from £1000-£2000 per year. Group 8 vehicles are high performance vehicles, and the typical car insurance costs range from £2000-£3000 per year. Group 9 vehicles are the most powerful and expensive vehicles, and the typical car insurance costs range from £3000-£5000 per year.
Factors That Affect Car Insurance Costs
In addition to the Insurance Group Rating System, there are other factors that can affect the cost of car insurance. These include the age of the driver, the type of vehicle, the driver’s driving record, and the area in which the vehicle is driven. Drivers who have a clean driving record and a good credit score will usually pay less for car insurance than those with a bad driving record and a poor credit score.
Finding the Right Car Insurance Policy
When shopping for car insurance, it is important to understand the typical car insurance costs by group and to take into account all the factors that can affect the cost of car insurance. Working with an insurance broker can help you find the right policy for your needs and budget. An insurance broker can compare the different policies available and help you find the best policy for your needs.
