What insurance group is my van in?
An insurance group is a categorisation system used by insurers to partially determine insurance premiums for van owners.
There are currently 20 groups, and the Association of British Insurers (ABI) determines which group a van is assigned to.
Several factors are taken into consideration when it comes to which group a van should be placed in:
- Parts cost -- the higher the cost of parts, the more likely it will be in a higher category
- Overall cost to repair the vehicle -- this is directly linked to parts cost and has a large bearing on the cost of premiums
- Performance -- the statistics show that the faster the vehicle, the more likely a claim will be made
- Engine size -- the bigger engine, the more likely it will be in a higher category
- Weight -- light vans are generally easier to drive so they are more likely to be in a lower category and should be cheaper
- Security -- the more security features a van has as standard the lower the premium will tend to be.
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While insurance groups do play an active part in calculating the cost of insurance premiums, other factors such as age, experience and postcode are also important.
The groups are numbered 1-20 with 1 being the lowest (cheaper premiums) and 20 being the highest (higher premiums). The category that your van falls into has a large bearing on the cost of insurance. For example, a Renault Kangoo sits between insurance groups 2-9, while a Mercedes-Benz Sprinter will be between 5-18.
If you are a young or inexperienced driver, it may be worth buying a van that falls into a lower insurance category as it will help to keep your premium down.
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