If you are considering buying a car you will need to insure it. There are many factors that affect how much your car insurance will cost such as your age, driving experience, where you live, what you do for a living, how many miles per annum you will drive the vehicle and the make and model of the car.
Let us look at the last thing we have mentioned in a little more detail – the make and model of the car.
You may be interested to know that every car is placed into the Association of British Insurer’s (ABI) Group Rating system that is administered by Thatcham. There are 50 insurance groups with each make and model of a car being put into one of these groups. A car that is placed into group 1 is considered to cost the insurance company less in claims and a car that comes under group 50 is felt to cost the insurance company the most in claims.
Therefore, the same motorist is likely to pay more in car insurance premiums for a car that comes under group 50 than one that comes under group 1. So, when you are considering buying a car, you may wish to check which group rating the car you are interested in comes under.
The factors that affect the group rating are things like the cost of parts, the repair costs, the value of the new vehicle, the safety of the car, the security features such as alarm and engine immobilizer and how powerful the car is. Therefore, you would expect to pay more for your car insurance for a high performance sports car than you would for a 1-litre 3 door family hatchback. For instance, a Citroen C1 1.0i Vibe 3 door would come under group 1, a BMW 1 series 120d M Sport 3 door would come under group 25 and a Land Rover Range Rover Sport 5.0 V8 S/C SVR 5 door Automatic would come under group 50.
We hope that the above proves of benefit when you are obtaining car insurance quotes.