Insurance group ratings are assigned to vehicles, motor cars and privately owned cars. They are assigned by the automobile and insurance associations based in the UK. They meet regularly to give each new vehicle in the market a group number. You, the consumer, need to know what the factors are which determine insurance group ratings and how the system works. There are several factors that play a behind the scenes role in the assignment of ratings.
Vehicle Make
The vehicle’s make helps determine an insurance group rating. A vehicle’s make is one of a series of vehicles. Some of the well known car companies in the UK are Ford, Isuzu, AC, Alfa Romeo, Asia, Aston Martin, Audi, Bentley, BMW, Bugatti, Caterham, Chrysler, Citroen, Daewoo, Daihatsu, Fiat, Honda, Hyundai, Kia, Lexus, Mazda, Nissan, Subaru, Suzuki and Volvo.
Vehicle Model
Vehicle model factors in for insurance grouping. For example, Suzuki has several models such as Esteem, Swift, Sidekick, Grand Vitara, Aerio, XL-7, Reno, Forenza, SX4 and Verona. Ford has several car models such as Aerostar, Aspire, Bronco, Contour, Crown Victoria, Econoline etc. Each vehicle model will have a separate car insurance group rating.
Vehicle Type
Vehicles have a diverse range of passenger capacities. Some of these include: small, medium, large, sports, luxury, classic, compact 4WD, large 4WD, van and commercial. These vehicle types are manufactured by the car company. Each of the vehicle types will have its own rating.
Vehicle Series
Vehicle series is denoted by numbers such as 1, 2, 3, 4, 5 etc. to indicate the design changes in a vehicle make and model. You will see these series numbers, for example, in BMW cars such as BMW 3, BMW 5, BMW 6, BMW 7, BMW X3 and BMW X5. All of which were manufactured in 2006.
Vehicle Cubic Capacity
Cubic capacity is indicated by the abbreviation cc. Vehicle cubic capacity is the “volume of the cylinder between the piston top dead center and bottom dead center.” A vehicle’s cubic capacity can be in cubic centimeters or cubic inches. A rise in the cubic capacity of a vehicle leads to a higher mileage and a higher grouping, which means a higher premium price.
Manufacturing Year
Manufacturing year is the year a car was designed and manufactured. For example, the BMW 3 Series Convertible was manufactured in 2006. Manufacturing year plays a crucial role in insurance grouping. Newer cars are assigned new group ratings by the automobile associations.
Other
Other bases for a car insurance group rating system comprise of: door plan, body type, fuel type, gearbox type, and make and model code.
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