If you're looking to save money on your car insurance, it's worth checking what group your car is in.
Car insurance groups are set by the Group Rating Panel, which includes members of the Association of British Insurers (ABI) and Lloyds Market Association (LMA).
Group Rating system
The Group Rating Panel, administered by Thatcham Research, assigns new car models to an insurance group from 1 (cheapest to insure) to 50 (the most expensive).
Cars in the highest groups, typically high performance models, are likely to cost insurers the most in insurance claims.
Insurers may use the panel's recommendations in their calculation of car insurance premiums, or they may choose to use their own groupings. According to the Association of British Insurers, the cost of motor vehicle repairs accounts for over half of all the money paid out in motor insurance claims, so repair costs feature strongly in how the groups are defined.
Based on its research, Thatcham defines the factors used to assess new cars as below.
Damage and parts costs
This covers the likely extent of damage to each car and the cost of the parts used to repair.The cheaper the cost, the more it's likely to be in a lower group rating.
Repair costs and times
Longer repair times increases the cost, resulting in a higher group rating. Types of paint finishes are also an important factor.
New car values
The prices of new cars are taken into account, as they're a good guide to the cost of replacement and repair.
A standard list of 23 common parts is used to compare the cost of parts from manufacturers. The lower these costs, the more likely a lower group rating.
Acceleration and top speed are important factors. Insurance claims statistics show that high performance cars often result in more frequent insurance claims.
Cars fitted with AEB as standard will have a lower insurance rating, as they help reduce low speed.
Cars with bumpers that are compatible with the insurer's criteria will qualify for lower insurance ratings.
Security features fitted by motor manufacturers can help to reduce insurance claims costs. Features include high security door locks, alarm or immobilisation systems and glass etching.
Find the insurance group rating of a car
To check the insurance group of a car, log in to MyVehicle at Thatcham Research.