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Insurance Groups- how do they work

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How DO they work?

Do they apply a standard multiplier (given the driver's history, postcode etc, if grp 4 times by x, if grp 6 times by y etc)?

Does it depend on whether third party or comp?

Are the calculations in the public domain, i.e is there a website where we could find out that e.g. all other things being equal grp 6 = grp 4 x 1.5, grp 19 = grp 6 x squillions etc?

Or if not exact percentages are there any general rules of thumb?

Would be surprised if you could find any of the algorithms in the public domain - they are very complex and based upon many factors, and some people get paid a fair amount of cash to come up with them...

General rule of thumb...the higher the group rating for the car, the higher the insurance. :) However, different cars will get different quotes irrespective of insurance grouping...

Rob.

Yeah, when it comes to insurance you should always shop around. Insurance companies have a specific type of motorist that they are looking to insure. Thats why quotes vary so much. If its a high quote then chances are they don't really want your business as they think your a bad risk. If its low, you match the criteria they're looking for in a policy holder.

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