What determines Insurance Groups?
09 May 2002, 11:48 PM
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From ABI website:
The factors used to calculate group ratings are:
Damage and Parts Costs
The likely extent of damage to each car model and the cost of the parts involved in its repair. The lower these costs, the more likelihood there is of a lower group rating.
Repair Times
Longer repair times mean higher costs and the greater likelihood of a higher group rating. Different paint finishes on modern cars are an important factor. These, too, are taken into account.
New Car Values
The prices of new cars identify the higher specification models within a model range.
Body Shells
The availability of body shells (the basic frame of the car) is taken into account in group ratings because they are essential for certain accidental damage repairs.
Performance
Acceleration and top speed are important factors. Insurance companies know very well, from their claims statistics, that high performance cars often result in more frequent insurance claims.
Car Security
Security features fitted as standard equipment by motor manufacturers can help to reduce insurance claims costs. Such features include high security door locks, alarm/immobilisation systems, glass etching, coded audio equipment, locking devices for alloy wheels and visible VIN numbers.
http://www.abi.org.uk/Public/Consumer/Motor/motoins.asp
The factors used to calculate group ratings are:
Damage and Parts Costs
The likely extent of damage to each car model and the cost of the parts involved in its repair. The lower these costs, the more likelihood there is of a lower group rating.
Repair Times
Longer repair times mean higher costs and the greater likelihood of a higher group rating. Different paint finishes on modern cars are an important factor. These, too, are taken into account.
New Car Values
The prices of new cars identify the higher specification models within a model range.
Body Shells
The availability of body shells (the basic frame of the car) is taken into account in group ratings because they are essential for certain accidental damage repairs.
Performance
Acceleration and top speed are important factors. Insurance companies know very well, from their claims statistics, that high performance cars often result in more frequent insurance claims.
Car Security
Security features fitted as standard equipment by motor manufacturers can help to reduce insurance claims costs. Such features include high security door locks, alarm/immobilisation systems, glass etching, coded audio equipment, locking devices for alloy wheels and visible VIN numbers.
http://www.abi.org.uk/Public/Consumer/Motor/motoins.asp
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