You may be aware that makes and models of cars are placed into one of 50 insurance groups based upon a number of factors such as how much the car costs and how powerful it is. The group that your car is placed within is then used by insurers to help calculate how much your car insurance premium is going to be. Group 1 is the cheapest to insure and group 50 is the most expensive.
Some of you may have thought that if you owned a Vauxhall Corsa Active or a Fiat 500 Pop, both with 1.2-litre engines and 3 doors that they would cost the same to insure with the same insurance company. Well, not according to research carried out by Which?
Although both those cars are in low risk insurance groups, Which? found that different insurance companies quoted a variety of differing premiums. For example, a quote was obtained from Aviva for the Vauxhall Corsa Active that came out at £1,392 per annum yet they only quoted £1,029 per annum to insure the Fiat 500 Pop. That is a considerable difference. Which? obtained a quote from LV for both these cars and were quoted £1,251 to insure the Vauxhall Corsa Active and £1,570 per annum to provide cover for the Fiat 500 Pop – again a big difference.
Of course, whilst car insurance companies take into account which insurance group your car falls within when calculating how much to charge you, there are other factors that they consider. For instance, an insurance company will consider how likely a car is to be stolen based upon statistical information available to it.
The above figures also show how important it is to shop around with more than one insurance company when it comes to obtaining car insurance quotes. In doing so, you are more likely to obtain a cheaper quote for the same level of cover. Using the likes of a price comparison website is one way of doing this.