Car Insurance Group Ratings
Car insurance group ratings can be a tricky thing to understand. Essentially, every single provider will group their customers into a specific ratings system based on where your car ranks. The best rates are reserved for those that are grouped in the lowest risk category. It is up to you to compare auto insurance group ratings to see how each provider operates and to see where your vehicle of choice stacks up.
Group Ratings Explained
Your vehicle will be placed in one of twenty different groups which are determined by a specific board of Insurers, so make sure you are aware of this when you compare car insurance rates. Those in the lowest category, such as one to nine, will receive the lowest insurance prices. Cars that are in the higher groups, such as nineteen or twenty, are usually considered less safe to drive and thus come with higher coverage rates. A Porsche, for example, will be ranked in the higher category compared to a minivan or SUV which will generally remain in the one digit group ratings.
There are several ways to assess your car insurance group ratings. Typically, the safer your vehicle is, the lower your group ratings will be. So what makes an auto safe? The Insurance Institute of Highway Safety is the expert on vehicle safety tests and ranks each vehicle based on a series of safety and collision tests. Safer cars are the ones that do not crumble under pressure. Safer cars are also the ones that keep the passengers inside as safe as possible during a crash. The safest vehicles will receive a five star safety rating. Most vehicles will have a safety rating between three and five. You can expect a car that is ranked with a five star safety rating to be in a lower category than a vehicle that is ranked with a three star safety rating.
Car Insurance Rate Quotes
One of the biggest things the providers will look at is how much it will cost to repair or replace parts in your car. If you are in an accident and are driving a foreign or expensive model, then the replacement costs are going to be quite expensive. Thus your insurance will reflect this. The time it takes to repair the car will also impact your car insurance group ratings. Longer repair times means higher costs and thus a higher group rating.
Your car’s performance will also impact your car insurance group ratings. A high performance car can often result in a serious accident. High performance vehicles tend to come with higher power and engines which can be a hazard on the road. Although high performance cars built for speed and acceleration may be fun to drive, but they are not so fun to insure.
Another factor that will impact your vehicle insurance group ratings is the security of your vehicle. Most new cars have security features that are standard such as keyless entry, glass etching, coded audio equipment, Vehicle Identification Number (VIN) numbers, an alarm system and high security locks. However, older cars most likely do not have these security systems. Theft is an important aspect when it comes to your car’s category rating. The more likely the car will be stolen, the higher your groups rating will be.
Auto Ratings Comparison
Every vehicle is different when it comes to the automobile insurance group ratings. However, as a general rule of thumb, the bigger the car, the better the rating will be. Minivan’s, SUV’s, trucks and wagons tend to be cheaper to insure than coupes, convertibles and sedans because they are built to withstand more pressure on and off the roads. Furthermore, foreign models are more expensive to insure than common vehicle models where parts are easily accessible. Older cars also tend to be in higher grouped categories because they lack some of the standard safety and security features that new models come equipped with.
When you compare vehicle insurance, consider where your auto will rank in terms of your car insurance group rating. You cannot expect to pay $500 for coverage if your vehicle is ranked in one of the highest categories. Furthermore, if you are driving a vehicle that ranks quite low, you might want to investigate why your premium is so high. The average premium for annual vehicle coverage is around $1500 – where do you stack up?
Keep in mind that there are several factors that will make up your coverage rate including your individual risk assessment, where you live and the amount of coverage you buy; however, your car insurance group ratings will play an important role in finding the cheapest rates. Be sure to compare car insurance group ratings online before you accept any policy offer. The more informed you are about how your ratings work, the better your chance of finding a cheap discount.
