Your guide to car insurance groups

All vehicles are rated within a car insurance group. Have you ever bothered to figure out what exactly are these car insurance groups, how do their rankings work and how do they affect your premiums? Well, car insurance groups work quite simply - the higher the group, the larger the premium you are required to pay. By listing a particular vehicle within a car insurance group, buyers can budget for their long term costs by getting a rough idea of how steep their premiums could be. Car insurance groups are basically large groups of makes and models that the insurance companies have grouped together for ease in classification. The groups are set by the Group Rating Panel. It includes the Association of British Insurers and Lloyds Market Association. The panel meets on a monthly basis to recommend an insurance group for all new passenger cars based on research conducted by the Motor Insurance Repair Research Centre.

Repair costs are one of the strongest considerations by the panel when they determine your car insurance group. This is because repairs account for more than half of the money paid out on claims. Nevertheless, there are several other factors to consider too. For instance, the prices of new cars are taken into consideration as they often indicate the cost of a replacement model. Another factor considered in car insurance grouping is security. The higher the standard security features on a car, the less likely it is to be stolen. There are about 20 different car insurance groups. The cars are rated between 1 and 20. A car that falls in group 1 attracts the lowest premiums since it is considered one of the lowest risks to insure. Cars in the highest groups are those which are believed to cost insurance providers the most in claims.

Incidentally, women are hardly ever involved in car accidents. This is because women aren’t rash drivers. They drive slowly and are more cautious. Women drivers are statistically much safer than men. This is why women car insurance is cheaper than that of their male counterparts. Women are involved in fewer auto-related accidents. They are less likely to be involved in accidents involving death, injury or extensive vehicle damage. Anyway, car insurance is a must for everyone- men, women, young drivers and new drivers as well. A simple search for young drivers car insurance and car insurance for new drivers will guide you through the entire process. You can even check for classic car insurance quotes online.

Also, you can have your modified car insured. Modified car insurances are common. You can avail of some great deals on modified car insurances online. Any car that has alterations or additions to its standard factory specification is what the insurance industry calls a modified vehicle. Modifications may include a new air filter, the fitting of a new performance exhaust system alloy wheels, fitting of body kits or any tuning procedures that enhance the performance of the vehicle. You can also find the best deals on performance car insurance on the Web.

By: Robert Timsah

Article Source: http://www.directorys.uniquearticles.info

Robert is the author of this article on Women Car Insurance. Find more information about Young Drivers Car Insurance here.

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