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Low insurance premiums for insurance group 4 car owners


The first thing to remember is that insurance group ratings are purely advisory in that cars are placed in one of twenty "insurance groups" by the Group Rating Panel, which bases groupings primarily on research conducted by the Motor Insurance Repair Research Centre (Thatcham), but not every insurer uses the groups advised by the Panel, but instead choose their own ratings.

The factors used to calculate group ratings are quite simple and depend mainly on the following: damage and parts costs; repair times; value; availability of body shells; performance; and security - all of which is to do with the car, not the driver!

Whichever set of criteria an insurer works to, you'll typically find that cars in lower insurance groups attract a lower premium whilst cars in higher insurance groups attract a higher premium, usually because they are high performance models or prestige cars that have high repair or replacement costs, so if your car is in insurance group 4 you can expect to pay a low premium - provided your own driving credentials don't prevent that.

As we have said above, insurance group ratings are purely advisory, and are used by lots motor insurers as just one of the many input factors in calculating premiums. As such, they can provide a useful indicator of the likely relative cost of insuring a particular vehicle. That being the case, insurers do not have to follow the advisory group ratings and the full cost of insurance will depend entirely on the age and status of the policy holder in addition to the insurance group rating of 4 or whatever.

 


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