By Wajahat Raja Wajahat is an accomplished writer with a drive for finance and content creation. He has an MSc in Accounting and Finance from the University of Northampton. He has a keen interest in exploring a variety of topics like subjects insurance, private equity, and investment banking. His work demonstrates his passion for writing informational pieces which make him an asset in the field of finance Expertise: Finance, Insurance, Home Insurance, Public Liability
When it comes to purchasing a new car, there are numerous factors to consider, from fuel efficiency and performance to aesthetics and safety features. However, one of the crucial yet overlooked aspects is insurance. The cost of insurance can significantly impact your overall ownership expenses.
Here is where car insurance groups come in. They decide the price of the premium you will have to pay for your car insurance. If you want to save some money on your car insurance, picking a band that belongs to a cheap insurance group might do the trick. Let's talk about Group 7 insurance group and how it is likely to affect your insurance quotes.
What are insurance groups?
Before we dive into the specific cars in insurance group 7, let's first understand what insurance groups are and how they work. Every registered car in the UK is included in a specified group, known as an insurance group or insurance band.
Insurance groups are a system used by insurance companies to categorise vehicles based on various factors, such as:
- Value
- Performance
- Repair costs
- Safety features
The insurance group ranges from 1 to 50, with a lower number indicating lower insurance premiums and vice versa. For instance, if you have a car that falls under insurance group 50, it implies:
- Higher price
- More powerful engine
- Increased repair costs
- Increased risks
All these features contribute to a higher premium price, making it less attractive for budget-friendly drivers. For instance, electric car insurance is expensive with high repair costs, so they tend to lie in high insurance groups.
What does insurance group 7 mean?
Group 7 lies down the list, which means the cars in this group are among the cheapest cars to insure on the market. These cars have:
- Low price
- Fewer repair costs
- Less powerful engine
- More security features
As Group 7 includes cars with less performance and repair costs, their insurance premium remains comparatively cheaper, making them ideal for those looking for cost-effective premium options. For instance, the Toyota Yaris, known for its dependability and low running costs, finds itself comfortably within group 7.
However, there are plenty of other ways to cut costs on your car insurance premiums. These include getting a No Claim Bonus (NCB), paying a higher excess, and reducing annual mileage, or comparing quotes from multiple insurance providers.
Why does insurance group 7 have a lower premium?
Though more expensive than the cars in groups 1-6, the cars in group 7 are affordable. Here is why the premium prices for Group 7 cars remain at lower prices.
Repair costs
Vehicles that are more expensive to repair typically fall into higher insurance groups. In Group 7, you'll find cars that strike a balance between repair costs and the accessibility of spare parts. They won’t cost you a fortune to repair them. If such cars get stolen or damaged, it would not be costly for insurers to replace or repair them.
Safety features
Advanced safety features, such as autonomous emergency braking and lane departure warnings, can contribute to a vehicle's placement in lower insurance groups. Cars in Group 7 often incorporate a solid array of safety technologies. In addition, such cars are statistically less likely to be involved in accidents and have parts that are easily available at low prices. All these features keep the premium costs relatively lower.
Performance
Advanced safety features, such as autonomous emergency braking and lane departure warnings, can contribute to a vehicle's placement in lower insurance groups. Cars in Group 7 often incorporate a solid array of safety technologies. In addition, such cars are statistically less likely to be involved in accidents and have parts that are easily available at low prices. All these features keep the premium costs relatively lower.
Repair costs
Group 7 comprise cars with less powerful engine. In comparison, the cars in high groups are equipped with more powerful engines with high repair and replacement costs. That's why these groups have high premium costs. If you want to strike a balance between performance and practicality, Group 7 is a lucrative starting point.
However, the overall premium cost of a certain car depends on other factors, such as your profession and car history, example police officer car insurance will work cheaper than car insurance for bankrupts or those with CCJ convictions.
Who are group 7 cars most suitable for?
Now you know which type of cars are included in insurance Group 7, who do you think are the most suitable drivers for this group?
With decent safety features, fewer repair costs, and cheap insurance premiums, Group 7 is well-suited for young drivers. They can enjoy premium insurance services while keeping their running costs down.
That said, young drivers are mostly charged with high premiums as they are statistically more likely to be involved in accidents. In addition, there is no way for them to build up their driving history promptly. Therefore, they are often forced to pay higher for their car insurance premium.
Luckily, young drivers can cut costs on their premiums by choosing a car that’s less expensive to insure, such as those from Group 7. Besides, you can add a second, less-risky driver to your insurance policy to reduce your premium costs.
How much will group 7 insurance cost?
Now you might want to know how lucrative opting for Group 7 insurance can be. Different factors contribute to the overall premium price of your car insurance. These include:
- Drivers’ age range
- Driver’s address
- Driving experience
- Driving history
- Vehicle specifications
- Annual mileage
- Type of coverage
To get an accurate estimate of how much a car insurance policy for a group 7 vehicles will cost you, it's advisable to obtain quotes from multiple insurance providers. You can use online comparison websites, contact insurance agents directly, or utilise tools provided by insurers to get customised quotes based on your specific circ*mstances.
How can I check my car insurance group?
Checking your car insurance group is a straightforward process that can help you understand the potential cost of insurance premiums for your vehicle.
- Vehicle documentation
- Insurance comparison websites
- Insurance company website
- Manufacturer’s website
- Independent online databases
Remember that the insurance group of a vehicle can impact the cost of insurance premiums, but it's not the only factor considered by insurers. Other variables, such as your driving history, location, age, and coverage preferences, also play a role in determining your final insurance premium.
Checking your car's insurance group is a valuable step in understanding potential costs, but be sure to gather multiple insurance quotes and compare policies to find the best coverage and rates for your needs. If you want to know more about car insurance,contact us today.
