AFAIK most (nearly all, if not all) insurance companies use a universal groupings database called Code 44. So they're all the same. Obviously they all calculate their premiums differently though.
I deal with several different companies with my cars some have as few as 5 groups. (On of my cars is group 1 another 3 and the quick one 5) others have 20 odd groups and some well over 40. I don't know where some people get the idea that there is a universal groupings database (I've worked for 3 insurance brokers over the years and have never found one).
Er, you're missing the point here :)
Your insurance covers the cost of the OTHER vehicles that you total ! Your personal cost is insignificant.
If you total a brand-new Merc in either car, and give the driver and his two passengers whiplash (which they claim for), and one of them a broken pelvis (which she claims for) then the total bill is gonna be much the same whether you're in a £100 banger or a £15K Civic !
Spot on !
I'm not saying it is !
As I said previously, groupings are only a valid indicator for the same driver in the same circumstance at the same insurance company.
Each company calculates their premiums differently - hence you get *VASTLY* different quotes from each company you try :)
The standard Group 1 to 20 system, comes from the ABI
The ABI allocates every new car a group from 1 to 20, based on it's repair costs, nickability, projected risk, etc. etc.
*Most* (but not all) insurance companies will use this data. Some will revise the group after a while, if said car has had more (or less !) money spent on claims than it should have.
See
They make profit by investing the premiums until payout time. So that £9.5bn sits on the stockmarket earning money for just search until they find a quote slightly cheaper than thier
Yes - and that 20-30% covers the cost of the new driver who has only paid £2000 in premiums so far in his life, but has written off a pair of BMWs costing ~£80,000 in total :)
Incorrect, see above ! I happen to know both partners of a local insurance office, very well. They don't make profit on motor insurance !
Well that's just silly :)
You fell into the 1% of the story, as above :)
Why aren't they listening to you?
Insurance companies don't just do car insurance, this allows them a bit more flexibility, they aren't supposed to subsidise one sector of insurance from another but it quite often happens on a "one off" basis.
Thats why I'm with them too now.
They were cheaper comp than the previous insurer was TPFT.
Their comp was cheaper than their own TPFT. And every time, they have been at least =A3100 cheaper than anyone else,=20 and usually 30-50% cheaper than most.
Moved from the Fav to the Saab (group 5 to group 17) =A330 to change for=20 the last 3 months, and =A395 higher on renewal.
Changed from the Saab to the Celica for the last month and half, nothing=20 to change, and =A350 dearer on renewal.
--=20 "Sorry Sir, the meatballs are Orf" The poster formerly known as Skodapilot.
I've no idea, damn it !
:)
Quite possibly. Said firms like to do motor insurance though, as a break-even device - even though they don't make a profit on it, it gives them a BUCKETLOAD of capital to invest. More turnover is a good thing.
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