Car Insurance | Lancashire & Wigan | Chorley Group

Car Insurance

Getting your car insured is an important part of your vehicle's running costs. Cars have different insurance costs depending on their shape, size, price and age.

Whilst we do not provide insurance at Chorley Group we can help advise on what factors to take into account when insuring your new vehicle. All cars in the UK are legally required to be covered on some form of car insurance. All vehicles fall under one of 50 different insurance groups.the lower the number of the group the cheaper the insurance costs.

Types of Car Insurance

There are three different types of insurance to choose from. At a minimum you are legally required to be covered for Third Party Only Insurance (TPO). This is only basic cover including damage to other vehicles and persons where you are found at fault of an incident. Repair, theft and damage to your vehicle aren't covered.

The second type is Third Party, Fire and Theft (TPFT). In addition to TPO, this insurance type covers your car if it's stolen and damaged as a result of attempted theft or fire. Comprehensive Insurance is the third and maximum level of cover and includes everything in TPO and TPFT but also covers any damage or accident that occurs in your vehicle.

Car Insurance Groups

The insurance costs for UK vehicles are based on the Group Rating Panel by Thatcham Research. The Group Rating divides all vehicle into one of fifty different insurance group, starting smaller engine cars in Group 1 to more expensive vehicles in Group 50. Repair costs of a particular vehicle are also an important factor in determining it's insurance group as cars with less common or expensive components will cost more to repair in the event of an incident.

What Factors Contribute to Grouping?

Cars are assigned to their insurance group based on a number of factors. These include:

  • Damage and Parts Costs - The likely extent of damage to each model and the price of the parts involved. Lower costs usually mean a lower group rating.
  • Repair times - Longer repair times mean higher costs and a higher group rating. According to Thatcham Research, over half of all money paid out in motor insurance claims goes on repairing cars - so the cost of spare parts and repair times are major factors in pricing motor insurance.
  • New Car Values - New car prices provide a guide to replacement and repair costs.
  • Parts Prices - A list of 23 common parts is used to compare one manufacturers' parts costs to another.
  • Performance - High performance cars are at higher risk of frequent insurance claims, so the acceleration and top speed of vehicles are taken into account.
  • Safety - Vehicles fitted with an AEB - Autonomous Emergency Braking systems - will avoid 'low speed front to rear' accidents and so could benefit from a lower insurance group rating.
  • Bumper Compatibility - The alignment and structure of bumpers can help a car to receive a lower insurance rating.
  • Car Security - Cars with security features, such as alarm/immobilisation systems and high security door locks, could see a lower insurance group.