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Car Insurance

Car Insurance Groups List

A list of car insurance groups can be instrumental in learning about the various risk factors that influence your car cover prices. Knowing these risk factors and bearing them in mind as you shop for a vehicle or are considering moving to another area will help you make a financially wise choice. The car you drive will greatly influence your insurance rates even in the safest residential areas, though. Cheap insurance rates are given to the lowest-risk and lowest-cost vehicles. Almost countless drivers benefit from purchasing a smaller, fuel-efficient car instead of the flashy import model that draws attention.

Every auto mobile insurance provider ranks the risk factors of every vehicle made. Those cars that are high on car thieves’ wish lists present higher risk of theft and cost considerably more to insure than, for instance, a family minivan. Added to the theft risk are the top speeds, weights of vehicles and their odds of being in an accident. A list of car insurance risk factors helps you make the wisest insurance-oriented choice as you shop for a new vehicle.

Auto Risk Ratings

Insurance Group Rating Panel composed a list of vehicle risk factors. The list categorises cars and assigns risk values from one to 20. Higher-risk vehicles are assigned the upper numbers: You might want to consider a vehicle near the low-risk end of the scale for cheaper auto insurance rates. Those cars at or near the top of the risk scale will generate higher online auto mobile insurance estimates. A luxury car, for example, is classified near the 20 mark, whilst a sports hatch will be rated much lower on the scale.

One of the rating factors is the power of the engine. Power is defined as the acceleration rate, engine size and its top speed. The weight of an auto is also factored into its risk scale value. The heavier a car is, the longer it takes to stop and the greater the damage it can cause to property and the more extensively it can injure others.

Vehicle repair times and cost also influence a car’s risk rating. Cars that have ample spare parts available, have lower parts costs or that don’t require repair technician specialists are granted lower risk values than import cars, classic cars or luxury cars, for instance. Because of these repair-oriented factors, these higher-risk vehicles often must carry speciality insurance.

Security features on an auto mobile also influences a car’s risk scale assignment. The greater the vehicle’s risk of theft, the higher your premiums will be. You can offset some of the higher speciality insurance prices by installing and using security devices authorised by Thatcham and by parking in secured garages when not being driven. Parking off the street, using high-performance locks and other authorised devices reduce risk of theft and vandalism, which reduces your insurance quotes for your high-profile vehicle.

Security Ratings for New Vehicles

Newer vehicles are rated on a scale band devised by Thatcham, a non-profit organisation that conducts vehicle research regarding safety and security. The intent of the research is to reduce risks of thefts and accidents as well as reducing repair times after incidents. Thatcham’s New Vehicle Security Assessment or NVSA evaluates a new models on theft or vandalism probability. Each model is assigned not a numerical value for overall risk but an alphabetical value specifically on these security factors.

An E rating on a vehicle declares that model has “Excellent” security provided when manufactured. An A value means the security is “Acceptable.” A D rating on a vehicle informs the insurance company and the buyer that security is “Deficient,” that it “Does not meet requirements.” A rating of U means that the vehicle is “Unacceptable,” and you may not find a carrier that will insure it. A P rating stands for “Provisional,” which is noted when there isn’t enough information available when the model was rated.

Combined with the risk bands assigned by insurance companies, Thatcham’s security ratings determine baseline figures in insuring auto mobiles in the UK. When considering buying a new car, refer to your auto mobile insurance group list to evaluate the insurance risk and approximate cost range of each vehicle you consider. Generally speaking, low-risk cars may be safer to own, drive and repair than high-risk models, and you may enjoy the lower insurance premiums they are awarded.

Minimising Car Cover Costs

All insurance companies have access and use the risk scales for car models, but even when accessing the same statistical data, premiums can still vary widely from carrier to carrier: Not all carriers give the same weight to the same risk factors, which is why some insurance quotes are much lower or higher than others. Comparing quotes online from multiple providers helps avoid high rates when lower ones may be available. Add a no claims discount to those lower rates to minimise your car cover costs.

As you shop for a new vehicle, refer to your car insurance groups list to maximise your financial savings potential. The cheapest insurance rates are almost always granted to the lower-risk vehicles, but your driving record and claims history, among other factors, will determine the final amount you are offered on the coverage of choice. To ensure your savings potential, find quality cover for the best prices for your insurance risk groups and maximise every opportunity to reduce your costs even more with security devices and safe parking and driving.

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