If you’re currently looking for a new or second-hand car, the cost of insuring it will be one of your main considerations when choosing what to buy. When working out how much a car insurance quote will be and where to get it from. All makes and models of car are placed into one of a possible 50 insurance categories. These categories are created by a group consisting of members of the Association of British Insurers and the Lloyds Market Association called the Group Rating Panel. Five main areas are looked at which determine which category a particular car will be in.
1. Performance – its acceleration and top speed.
2. Security – number and type of security features.
3. Parts – the cost of the 23 most commonly replaced parts of the car.
4. Maintenance – average cost and time taken to repair and maintain.
5. Value – the price when bought brand new.
Insurers can also create their own groups based on their own research and calculations, but generally a category 50 would be more expensive than a lower numbered category. Of course, there are many other factors taken into account including the age and occupation of all named drivers, the geographical location, and whether or not the car is usually stored in a garage when not in use. Naturally the most expensive cars to insure are the sportier models. Currently a Lamborghini Murcielago is one of the most expensive. For a 35yr old male this will cost around £3,900. Surprisingly this is not always the case though. Classic sports cars with low mileage can actually be very cheap to insure, due to the fact that they are generally extremely well maintained and are in most cases rarely and carefully driven. So, it’s not just the car itself that can get you a good or bad deal, it’s the whole picture that counts.