Whether you are purchasing insurance or already have one, you need to understand insurance group letters. These letters are used by insurers to measure the safety of vehicles. This is important because it can help you save money on car insurance.
Insurance group letters are based on the amount of security features a car has. The higher the insurance group, the higher the safety level. These letters are also used to determine premiums. If your car has no security features, it will fall in a lower insurance group. However, you can still be insured with upgraded security features. Typically, cars in the higher insurance groups are more secure and therefore cost more to insure. Those in lower groups have fewer security features. Normally, cars in groups five or higher have all the required security features.
The Insurance Group Rating system is run by the Motor Insurance Repair Research Centre. It is made up of the Association of British Insurers, the Lloyds Market Association and the Thatcham Research Centre. These organizations perform extensive testing on car safety and performance. Their research provides the data for insurers to calculate premiums.
In addition to the research, the insurance grouping system also uses other factors to calculate premiums. These factors include safety features, the cost of spare parts and the performance of the vehicle. If your car doesn't meet all of these criteria, it will be placed in a higher insurance group. The Insurance Group Rating process is based on the research of the Thatcham Research Centre. It uses a standard crash test to measure the safety of vehicles.
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