Car Insurance Group
Car insurance group is a grouping system which insurers use to rate car risks. Insurer group car using the car insurance grouping system into 1 of 50 groups. Group 1 cars classification are the cheapest to insure while those in group 50 are the most expensive to insure. Typically, the cars in group 50 are higher performance cars as they cost the most to car insurance companies when it comes to car insurance claims.
Origins Of Car Insurance Group
The Group Rating Panel which includes members of the Association of British Insurers (ABI) and Lloyds Market Association (LMA) set up the car insurance grouping system. The administer of the group rating panel is the Motor Insurance Repair Research Centre (Thatcham Research). Initially, the grouping system had only 1 — 20 groupings which were too narrow to determine the true cost of repairing for certain car models. In the year 2010 when Thatcham Research introduced the new car insurance grouping system which included 50 groups, overcoming the previous flaw of determining repair costs of the higher performance car.
Car Insurance Group In Singapore Context
Although the car insurance group system may not apply in Singapore context, we can still use it as a guideline. This is because, in Singapore, only the car insurance underwriters and top management have the exact rating details on how they access a vehicle for cover. Despite having no influence with the Singapore insurance ratings, the car insurance group follows a set of research factors to determine a car insurance cost that we can get a reference from. These factors include damage and parts costs, repair costs and times, new car values, parts prices, car performance, Safety, bumper compatibility and car security. Drivers can determine if the suitability for a particular model by taking these additional factors into consideration before purchasing any given vehicle.
Purchase A Car Insurance Today
While you can perform all the research before purchasing a car insurance, it takes up much of your precious time. Leave the daunting tasks to us — allow us to serve you while you drive your vehicle in peace, knowing that we have got your vehicle insurance taken care of.