How is car insurance calculated?
The cost of car insurance is calculated using a number of factors, including:
- How old you are
- Where you live
- How much you drive, and for how long you’ve been driving
Some of the factors depend on the car itself, such as:
- The market value of the car
- The ‘insurance group’ the car belongs to
What determines an insurance group? A number of factors including:
- The power of the car
- How cheap it is to repair
- The cost and availability of spare parts
A car with a lower insurance group, in general, should be cheaper to insure.