Cheapest Car Insurance Group
The cheapest car insurance group represents the lowest risk to auto insurance companies. The lower the risk of an accident, vehicle damage or auto theft, the cheaper the car insurance premiums. To obtain the cheapest car insurance on the market, shop for an automobile that's cheap to insure when you're in the market for a new vehicle.
Even if your car is not classified in the cheapest car insurance group, you may still achieve cheaper premiums if you compare quotes from several auto insurance providers before you choose a policy. Although all insurers request information about the risk factors of your vehicle and classify your automobile in a certain risk group, all providers do not place equal weight on these factors. By comparison shopping for cheap vehicle insurers before you buy, you may achieve the cheapest car insurance on the market, regardless of your group.
Cheapest Low Risk Cars
The Insurance Group Rating Panel devised a classification system to group cars in bands based on their level of risk. The greater the risk of an accident, break-in or theft, the higher a car rates on a scale of 1 to 20. The cheapest car insurance group is classified close to a 1, whilst the most expensive group is classified close to a 20.
A fast automobile with a large engine and a high top acceleration speed presents a greater risk than a small, low powered vehicle that is fuel efficient and well secured. The smaller car is more likely to be classified in the cheapest car insurance group than a high performance vehicle. If finding the cheapest auto cover is your top priority, focus on small, economy vehicles rather than fast, high powered automobiles.
Newer models are classified in a group that reflects their level of security as well as their risk for an accident. Each new make and model receives a letter that represents its security risk. An automobile that is rated with an E exceeds security standards, and a model that receives an A has an acceptable level of risk. A model that receives a D does not meet security requirements, and a model that receives a U is unacceptable. An automobile that receives a U rating may be declined coverage by many insurers.
Before you shop for a new make and model, you can identify the cheapest car insurance group by the number and letter. These guidelines offer a fast, convenient way for insurers and drivers to determine the cost of insuring the latest cars. To find the cheapest cover available, restrict your search for new automobiles to the models that are cheap to insure.
Cheapest Drivers to Insure
The cheapest car insurance group may apply to drivers as well as automobiles. Certain groups of drivers are more costly to insure than others, based on their statistical probability of having an accident. Young drivers between the ages of 17 and 25 are the most expensive to cover, based on their lack of experience and their high rate of incidents. Even safe, responsible new drivers may find it difficult to acquire cheap coverage because they do not belong to the cheapest car insurance group.
Motorists over the age of 50 are classified in the cheapest car insurance group for drivers. These motorists have acquired a level of judgment and experience that reduces their risk for accidents and claims. Mature drivers between the ages of 50 and 70 may receive some of the most competitive deals on the market because of their relatively low rate of incidents. In addition, these motorists tend to drive less frequently than younger drivers, further reducing their cost to insurers.
Women drivers are classified in low risk bands because insurers consider them to be safe, low risk policyholders. A woman driver may find a very cheap comprehensive policy with little difficulty. Policies that are tailored for women often include protection against accidental damages, fire and theft, as well as benefits to replace property such as audio equipment, handbags or shoes that was damaged or destroyed at the time of an accident.
Living in a high risk postcode can result in higher premiums. If your home is located in a built up area that has a high incidence of burglary and vandalism, you may end up paying more for your cover regardless of your driving record. By taking measures to increase the safety and security of your financial investment, you may reduce the cost of cover and lower your risk for a theft or a break-in.
Buying vehicles in the cheapest car insurance group has helped many policyholders achieve cheaper premiums. In addition, you may minimise your costs by increasing your voluntary excess or by paying for your cover annually in a single lump sum. Take advantage of every available discount to make your coverage as cheap as possible.