Car Insurance Group Rating
A car insurance group rating is a system designed by insurance companies to offer the lowest rates to different drivers. Essentially, every company will classify various cars in different groups depending on their level of safety, theft and collision rating. Cars that are similar in terms of theft, safety and collision rates all are grouped together. An auto insurance group rating is used to help companies determine the most appropriate rating based on the model of vehicle you drive.
Before we delve into the world of car insurance group rating systems, it is important to remember that there are several other factors apart from where your group rates when it comes to determining your premium. While the type of vehicle you need to insure is important as is the car insurance group rating, there are several other factors that will impact your policy as well. This includes your age, gender and marital status, where you live, how often you drive, your driver history and the current market trends on car insurance.
How Group Ratings Work
There are several factors that will determine where your vehicle is placed in terms of a car insurance group rating. In general, the cheaper your car is to repair or the safer your auto is on the roads, then the lower your rates will be and the lower your quote will be as well.
One of the biggest factors that will determine your vehicle coverage rates is the damage and costs of parts. A car that does not crumble under pressure is going to offer cheaper insurance than a vehicle that is totaled by any slight impact. A car that has really expensive parts is going to be more expensive to insure than a car that has easily accessible and affordable parts.
Another thing that will impact vehicle insurance ratings quotes is how long it takes to repair the vehicle. If your car is a foreign model then it might take a lot longer to fly in the parts and thus you can expect higher costs and a higher group rate. Furthermore, the durability and strength of the car is also important and will impact your rating. A strong outer body means less damage and impact and thus also means less repair costs.
Security is also important when it comes to your group rate. The more security features, the less chance of theft and thus the cheaper your premium will be. Newer models tend to come with alarm systems and other safety and security features while you may need to invest in an alarm system or steering wheel lock to help improve your rating if you are insuring an older vehicle.
When looking into car insurance group rating, you need to consider the safety features of the vehicle as well. A car that comes with a higher safety rating will offer more protection and less damage than a vehicle with a low safety rating. Check with the Insurance Institute of Highway Safety when determining where your vehicle comes in.
Determining your Group Rates
So where does your vehicle stack up? In general, family cars tend to be in the lower categories while high performance cars such as convertibles tend to fall into the higher categories. A car that rank as a 1 or 2 are going to be much cheaper to insure than vehicles that fall in the 19 or 20 group.
If you are thinking about purchasing a new vehicle this year it is important to consider how the automobile insurance group rating will impact your premium. After all, you will most likely be buying insurance for your new vehicle for ten, fifteen, even twenty years. The last thing you want to worry about is paying an extraordinary high premium because your auto is in a high category. Some of the top picks in terms of cheap coverage go to SUV’s, minivans and wagons such as the Honda Odyssey, the Toyota Sienna and the Dodge Grand Caravan. Some of the most expensive vehicles to insure include the Porsche 911 Carerra, the Audi M3 and the Viper, all of which may be fun to drive but are not so fun to insure.
Compare Vehicle Insurance Online
By knowing how car insurance group rating systems work, you are one step closer to a better price on your premium. Find what you are looking for with an online comparison and search of vehicle coverage where you will have instant access to a number of providers in your area and their best policy offers based on your vehicle of choice. You can stand to save a small fortune on your annual vehicle coverage by comparing what’s out there and knowing how vehicle insurance group rating systems work.
