The type of car you drive can make a real difference to the amount you pay for your car insurance and working out how much a car costs to insure can be complex.
First there's the type of car. Secondly, there's the cost of repairing it. Plus all of the other details you provide when getting a quote.
Some insurance companies rate cars using a scale of 1-50, which is based on the ABI advisory insurance groups.
How the groups are decided
The groups are worked out by the Grouping Rating Panel. It's run by the Association of British Insurers (ABI) and Lloyds Market Association.
Some of the factors they consider are:
- Cost of repairs. Some models take longer to repair and parts are more expensive.
- Price of the car. If your car is written off, insurers may have to cover the cost of a new one.
- Security features. If your car comes with an alarm or immobiliser as standard it's better protected against theft.
- The car's performance. Statistics show more insurance claims come from fast cars than slower ones.
The group uses this information among other data to provide an advisory insurance group for each car model. It's then up to insurance companies to decide exactly how much they charge to insure cars in the various groups.
How insurance groups affect your premiums
Generally, the higher the insurance group the more you'll pay.
A car with a smaller engine is likely to be in a lower insurance group and have lower premiums.
A Porsche 911 with a 3.8-litre engine on the other hand is in group 50.
Other factors that affect your insurance
Of course, your car's insurance group isn't the only thing insurers look at. It's just a guide to how much you'll pay for one car in comparison to another.
There are still many other factors which affect your premiums including:
- Your age
- Your job
- How many claims you've made in the past