The variables that affect your car insurance
Car insurance is an expensive part of car ownership, particularly if you are a younger driver. Here we will look at some of the factors that affect car insurance and we will see if we can reduce the impact of any of them. One thing that you can’t do anything about is your age. You can’t even lie about it, at least not to an insurance company. However even if you are under 25, you can reduce the cost of your insurance by choosing a car that does not attract a high premium.
All makes and models of cars are, for insurance purposes, categorised into insurance groups. There are 50 different insurance groups and the higher the group the more likely it is that the car driver will make an insurance claim. Insurance groups are not figures simply picked out of the air, they relate to real statistics that have been measured by the Insurance Group Rating Panel.
The biggest outlay made by car insurance companies is the cost of repairs. Thus the more expensive the car’s components and the longer it takes to repair the higher will be its insurance group. Car performance is also an important factor. The higher the car’s performance in terms of acceleration time and top speed, the higher the insurance group. Price is also an important factor, and expensive cars are assigned to high groups.
There are also some factors that reduce the insurance group. The better the car’s security featurees the lower will be its group. A car alarm, an immobiliser, a windscreen etched with the VIN, and anything else that can reduce the chances of the car being stolen will all help move the car to a lower group.
Here are a few examples. A 1.3 litre Ford Ka is in insurance group 10, a 1.6 litre Ford Mondeo convertible is in insurance group 13, and a 3 litre BMW Z4 is in insurance group 45.
You can get quotes as a younger driver from Endsleigh – they are well regarded for this type of insurance and are actually the only insurer recommended by the NUS.