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Car Insurance

Car Insurance Ratings

Various car insurance group ratings designate how much initial insurance rates will be. Every newer make and model of auto mobile is ranked from one to 50 in an updated scheme devised by the Insurance Group Ratings Panel. Each insurance risk band designates an overall safety and security scale value, and the higher a value assigned, the higher the insurance premium will be.

Whilst the scale use is not compulsory by either an insurance carrier or you, using the scale to estimate insurance costs of a vehicle you are considering buying is a wise financial move. Buying a car in the lower risk bands will cost less when insuring it. As a side bonus, these lower-risk cars are also usually cheaper to buy, to operate and to maintain and repair. The car insurance group ratings may help you find a car that fits your transportation needs and your budget. Review the ratings for the models that interest you most to see how a purchase will affect you after the sale.

Car Insurance Risk Groups

All vehicle insurance risk band ratings are based on safety and security issues. The factors involved in band assignment include the probability of a car being vandalised or stolen or the car’s likely damage caused in an accident. From the carrier’s standpoint, the higher the risk band, the greater financial liability a carrier assumes for that auto mobile. Insurance companies often consider these facets when paired with driver insurance groups, such as age, gender, driving history and other elements, as they compile online insurance quotes.

Major influences in a vehicle’s safety rating include the engine size, top acceleration and the fuel efficiency of a car. The faster and more powerful a car is, the longer it takes to stop and the greater the damage it causes upon impact. The repair times and costs are also considerably higher than for a low risk-band vehicle. Cars with engines of less than 1-litre are recipients of lower insurance rates and lower operating and repair costs. Because they are smaller and weigh less, they manoeuvre more easily and are safer to drive, making them perfect vehicles for young drivers and other motorists.

A driver’s age plays an important role in determining insurance premiums. Young drivers between the ages of 17 and 25 have less experience than older drivers, and as they learn the rules of the road and learn to apply safe driving techniques and develop good driving judgement, they aren’t as able to avoid accidents and their more experienced counterparts. Young drivers are always in a high-risk category with insurance companies, but they can mitigate high rates a bit by driving low-risk, low-powered, fuel-efficient vehicles, avoiding the temptation to buy a flashier vehicle as a statement of their transportation independence.

Another important factor in insurance rates pertains to repair costs. Custom cars or luxury cars, for example, use parts that are more expensive and harder to find as well as often requiring specially trained repairers. The more common the parts for a car are, and the lower the price of those parts, the lower the insurance will be on those vehicles.

Auto Insurance Security Ratings

Vehicle security is a primary concern for insurance companies, for two of the three tiers of insurance cover theft. Replacing a stolen car, which is one of the most common claims submitted, is extremely expensive for insurance companies. Auto mobiles with higher security than standard face a lesser risk of being vandalised or stolen, and that heightened security is reflected in reduced insurance rates. High-profile cars like luxury models, vintage cars or performance autos have a much higher risk of theft than a small, economical model. Reduce your vehicle’s security risk by installing and using security devices approved by Thatcham and your insurance carrier: High-performance locks, car alarms, immobilisers and vehicle trackers are excellent devices. Actions can also reduce rates: Park your secured vehicle in a locked garage when not being driven, park off the street versus on the curb, park in well-lit areas instead of dark, shadowed ones are some of the suggestions given by insurance carriers to reduce the threat of vandalism and theft.

Every new make and model of vehicle is evaluated for security ratings as well as the traditional insurance bands. Each model is assigned an alpha character that reflects that model’s overall security from the factory. Vehicles with a rating of E for excellent or A for acceptable earn lower insurance premiums than P for provisional or D for ‘does not meet standards.’ If your vehicle as a U rating, its security is unacceptable, and you will probably have a very difficult time finding any insurance for it, much less a policy that is affordable.

No matter what your car’s security rating, you can improve your car’s risk by engaging in security-conscious actions, which can range from something as simple as not leaving your car unlocked any time you are not driving it to installing and using every security device approved by your insurance carrier and locking your secured vehicle in a garage at night. Every approved action you take will reduce your car’s chance of being vandalised or stolen. Every action noted by the insurance company could reduce your insurance costs because it reduces the insurance company’s financial liability potential. One of the most lasting and best methods of reducing your premiums, though, is qualifying for a no-claims discount, which includes avoiding theft and vandalism. For every policy term you do not submit a claim of any sort, your insurance company could reward you with an immediate discount on your renewal policy. Over time, your rates could drop by as much as 70 per cent or more.

Car insurance ratings can be invaluable in finding not only cheap cars to insure but cheap cars to buy and operate. Drivers who want to save the most money use the scale rankings to influence their car purchase decisions. After purchase, cost-conscious drivers, whether young motorists or seasoned drivers, know to compare online quotes for the cheapest car insurance deal with the best coverage possible.

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