Car Insurance Groups
The cost of car insurance depends on a number of factors and one of the important ones is the kind of car you drive. As you might anticipate fast expensive cars cost much more to insure than low cheap ones.
Insurance companies classify cars into insurance groups. These are assigned by the Insurance Group Rating Panel which is a committee from the Association of British Insurers and the Lloyds Market Association. Their decisions are based on data supplied by Thatcham. This is supplied for every private vehicle and includes the cost of repairing and the time it takes to repair the vehicle, along with how secure the vehicle is from theft. These figures are based on a low impact (15 Km/h) collision. Other considerations include the price of the car when new, the replacement cost should the vehicle be written off, the top speed, the 0 to 62 mph acceleration time, and the price of replacement parts.
There are 50 different insurance groups and the higher the group the more expensive the insurance. For young male drivers, cars in high groups can be prohibitively expensive or impossible to insure.
Examples of insurance groups: