Car insurance company news
26/06/2008
All change for vehicle insurance groupsUnbeknown to many, the Association of British Insurers (ABI) has introduced a new system of insurance grouping. Each car insurance company has until December 2009 to initiate the new system. For the past 20 years, motor insurance quotes have been worked out using a 1 - 20 grouping system: the lower the group, the lower your car insurance premium. Now, as a result of many more types of vehicles on the roads of Great Britain, this system has been updated to 1 - 50 groups. There are many factors that determine which insurance group your car will fall in to. They include: cost of spare parts in event of repair, new car price in the event of 'total loss', vehicle security levels, and vehicle performance; 0-60 m.p.h. acceleration and top speed. One of the most interesting changes under the new system will be a look at the amount of damage a car is likely to cause in event of an accident; heavier vehicles are likely to do more damage if they hit other vehicles, people or property and so will carry a higher group rating. As will more powerful cars that can reach high speeds and risk greater damage in an accident.
A personal finance spokesperson said, "As a result of the changes, some vehicles have been drastically re-rated. The Saab 9-3 Sports saloon is now in group 27, for example, six rungs higher in the rankings than a Land Rover Discovery 2.5 Td5 X. Under the old system, both were in the same insurance group (13). Some cars have actually leapfrogged others as a result of the changes. Under the 20-group system, a 2005 Nissan Micra T2SX, for example, was in group 3 while the 2005 Seat Leon 1.4S was in group 4. The Nissan is now in group 11, two groups higher than the Seat." Online car insurance company Hoot advises motorists to visit the Thatcham website to check the new rating system.
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