The Effect Of Vehicle Group And Vehicle Age On Car Insurance Premiums

All of the simulated quoters use these groups for the vehicles.

The ABI code list for vehicles has 50 groups, the quoters used here have 21 groups and even at that number you can get into fake accuracy.

Is a group 11 vehicle more of a risk than a group 10 vehicle or is it just a quirk of the stats, the 1.3LX had less crashes that the 1.3L last year?

The first and most striking feature is that all three quoters decline on Third Party Only risks, nowadays TPO seems to be going out of fashion. The difference in liability for the insurer between TPO and TPFT is tiny so the premium difference would also be tiny and its hardly worth the effort of maintaining the rates along with why would anyone want TPO?

All three quoters show a definite trend to a more expensive cars meaning a higher premium but the differences between them are noticeable.

Up to vehicle group 13/14 the Alcohol recovery scheme makes far smaller changes to the premium based on vehicle types then the other schemes with a multiplier pretty close to 1.

There is some distrust of very low group vehicles, is the driver going to get frustrated by the performance and even higher group vehicles only roughly double the premium.

The young driver scheme is much closer to what you might expect a fairly regular increase up to a multiplier that pretty much makes the insurance unaffordable.

The Mainstream quoter has a few groups where the rating factor is lower even though the group is higher, generally this sort of thing happens because the ABI group doesn't match the statistics that an insurer is using.

Although it is simple to assign a car to a group using its characteristics relative to other cars it is much hard to determine how small changes in the vehicle group will affect real world thefts and accidents.

You then need to consider vehicle age, when the factor for vehicle age is applied the absolute effect of vehicle group multiplier is going to be changed.