Insurance groups

groups of insurance

Come visit Parkers today to check out the insurance group on every car. The insurance tool is quick and easy to use. Which are motor insurance groups? Motor insurance groups are one of many factors used to determine the risk insurer for the coverage of a particular vehicle. Usually, the higher the insurance group, the higher the premium, since cars found in higher groups are more expensive to repair or exchange.

Motor vehicle insurance groups AA

When you are looking to make savings on your auto insurance, it is valuable to check which group your auto is in. The motor insurance groups are determined by the Group Rating Panel, which comprises members of the Association of British Insurers (ABI) and the Lloyds Market Association (LMA). Thatcham Research manages the Group Rating Panel which allocates new vehicle types to an insurance group from 1 (cheapest) to 50 (most expensive).

Automobiles in the highest groups, usually high-performance vehicles, are likely to be the most expensive for insurance companies. Insurance companies may take the Panel's advice into account when calculating insurance premium or use their own groups. The Association of British Insurance Providers states that more than half of all monies disbursed in auto insurance entitlements are spent on auto service fees, so the definition of groups strongly includes them.

These cover the likely scale of damages to each vehicle and the costs of the parts used for repair: the lower the costs, the more likely they are to be in a lower group valuation. Prolonged repairs increase costs, which leads to a higher group valuation. New vehicle pricing is taken into consideration as it provides a good indication of the costs of exchange and repairs.

There is a standardised 23 parts comparison chart to help benchmark the parts prices of different producers. A lower level of these charges makes a worse group credit assessment more likely. Statistical data on insurance cases show that high-performance vehicles often lead to more frequently occurring insurance-cases. Automobiles equipped with AEB as part of the series have a lower insurance classification as they help to lower the low speeds.

Vehicles with a bumper that is compliant with the insurer's criterion are eligible for lower insurance classifications. Safety characteristics of automobile producers can help to lower the cost of insurance cases. In order to verify the insurance group of a vehicle, register with MyVehicle at Thatcham Research.

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