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Using Vehicle Insurance Groups to Help You Buy Your Next Car and Staying Within Your Vehicle Budget

Using Vehicle Insurance Groups to Help You Buy Your Next Car and Staying Within Your Vehicle Budget

Using Vehicle Insurance Groups to Help You Buy Your Next Car and Staying Within Your Vehicle Budget


All vehicles are categorised with an insurance group that insurance companies use when providing a quote for your insurance cover.Vehicle insurance groups are decided by considering a range of factors, but most importantly the cost of repair or replacement if your vehicle is involved in an accident or stolen. You can look up the insurance group of any vehicle prior to purchasing, and insurance companies can give you an estimate or quotation of what your annual premium is likely to be. Your vehicles group rating is the single biggest factor in determining the cost of your policy.

So how are insurance groups calculated? This differs in different countries, but in the UK each car is given a rating between one and fifty, with one being the cheapest car to insure, and fifty being the most expensive. The ratings are decided by a group known as the Association of British Insurers or ABI for short. The ABI use the following factors when deciding what rating a vehicle should be given:

The cost of spare parts and how much damage a car will sustain in an accident: You make a claim on your vehicle insurance policy when you've had an accident, or when your car has been stolen. The cost of repair is both a consideration of how much damage a model of car is likely to sustain in an accident, and the price of spare parts.Using Vehicle Insurance Groups to Help You Buy Your Next Car and Staying Within Your Vehicle Budget


How long will a repair take? Another significant factor in the cost of repair is how much labour is required to restore the car to original condition. Cars that are more complicated, or have more features, and hence more parts, will take longer to repair.

What engine characteristics does the car have? High performance cars are statistically more likely to be involved in an accident. The insurance group is therefore higher for cars with faster engines and faster acceleration rates.

Finally security is taken into consideration. What security features are fitted to the car as standard? Does the car have an alarm, or an immobiliser? Anything that will reduce the chance of the car being stolen will also reduce the vehicle's insurance group.

One example of this calculation system at work is to consider a 2010 Ford Focus, which can have a group as low as 6 for cars with a 1.4 litre engine, and as high as 19 for their 2.0 litre sport models.

Using the insurance group as a method of selecting which car to buy can be a useful way to save money when planning your budget for your vehicle. Insurance costs, fuel costs and tax can be hidden costs which people don't consider upfront, and are later surprised with high bills. Another thing to study is the fuel efficiency of your vehicle, which I will explore in my next article.
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Using Vehicle Insurance Groups to Help You Buy Your Next Car and Staying Within Your Vehicle Budget