Insurance groups ready for change

June 16, 2008 | By | In Statistics

Existing 1-20 groupings are to expand to 1-50 soonNew car insurance groupings could affect the amount drivers pay for their policies.

The Association of British Insurers has introduced new car insurance groupings which could mean that drivers will fork out more to keep their vehicles on the road.

The Manchester Evening News (MEN) reported this week that the new system will split cars into 50 groups as opposed to the existing split into 20 groups to classify the risks.

The changes have been implemented to reflect the wider range of vehicles on roads throughout Britain.

At present, car insurance providers look at age, car type and postal code area in order to provide a car insurance quote but the MEN reported that the new groupings will also take into account the damage a driver is likely to do to another vehicle in the event of a collision, and the costs of repairs.

Size and weight of the car, top speed and CO2 emissions are also likely to affect the cost of cover.

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