Cars in insurance group 7 are some of the cheapest to insure. Car insurance group 15 is at the cheaper to mid-range end of the scale. Reciprocal Insurance Exchange: A form of insurance organization in which individuals and businesses exchange insurance contracts, and spread the risk associated with those contracts amongst. Good choice if: You qualify for “extra savings” — or, if not, if you’re willing to pay a slightly higher monthly premium than Bronze to have more of your routine care covered. Life insurance began to emerge in the 16th and 17th centuries in England, France, and Holland. Employees' monthly premiums are paid using. When shopping for life insurance, most people choose between two basic policy types: life insurance. It might be a dollar amount, like $25,000 or $50,000. , life, health, property, liability, disability, and. The lowest insurance group a car can be placed in - and thus the cheapest - is insurance group 1. November 9, 2023. Take a look at our insurance groups explained guide for a more in-depth explanation. In most cases, the lower a car’s insurance group number, the cheaper the insurance will be. There are different types of health insurance in the. It is a form of risk management, primarily. 1 Independent testing company Thatcham puts new cars through their paces; 2 Impact performance, damage costs, repairability, theft prevention and other factors are tested; 3 A group number from 1-50 is assigned, which car insurance companies use to help set the price of your quote. Twenty-two percent of the disparity is. Other factors include: The estimated cost of repairs. They all pay premiums. Secondly, there's the cost of repairing it. Life insurance is just an agreement between you and an insurance company. Life insurance is a protection against financial loss that would result from the premature death of an insured. Explain that you will ask them about their current insurance plans. Part A provides inpatient /hospital coverage. Cars in the higher-up groups are usually expensive cars with bigger engines. DRGs were first introduced in 1982 as part of the Medicare Prospective Payment System. 956. . The insurance group of a particular car represents how much a risk that kind of car might be. 6 E-torQ Pop 5d petrol. Health Insurance. Instead of paying for each individual service, a predetermined amount is set based on your DRG. The average monthly premium for small business groups with 6 to 29 employees was $364 per covered person, or 13 percent less than the smaller group. Individuals buy health insurance in exchange for coverage of medical expenses they may face. 38. how safe your car is to drive. There are 50 different car insurance groups, with Group 1 usually being the cheapest to insure and Group 50 being the most expensive. Here, we give you access to all 50 groups, meaning you can find inspiration for which car to buy, from a car insurance price perspective. What are insurance groups? Insurance groups are used by insurance providers as a guideline to work out the cost of premiums offered to customers. Health insurers negotiate lower rates for care with the doctors, hospitals and clinics in their networks. The sum assured. Health Insurance. If the group pays the premium, individuals can enjoy free coverage. In this handy guide to UK car insurance groups, Nationwide Vehicle Contracts explaining how car insurance groups work, how the group rating system is calculated and which car insurance groups will help keep your overall car costs as low as possible. Determining a vehicle’s group is based on factors such as repair time and cost, performance and standard security. It does this substituting payment of a small, known fee—an insurance premium—to a professional insurer in exchange for the assumption of the risk a. It’s big enough to fit the family, including a generous boot space, and the engine choice offers impressive fuel economy too. It is powered by a Twin Turbo Premium V8 engine. The maximum amount of coverage for any property damage in an accident you cause. The Pros: Benefits of Group Health Insurance over Individual Health Insurance. Finally, we will provide a summary of the various group. This bill contains unique medical codes detailing the care administered during a patient visit. 50. Read general car insurance advice. Experience Rating. Generally speaking, higher value vehicles are in higher groups, and are more expensive to insure because of the higher cost of any damages. Many race-age-insurance groups did not have a single death (especially at younger ages) during the survey period and rates for smaller groups (i. November 9, 2023. Cars in insurance group 17 are comparatively cheaper to insure compared to group 50 vehicles, but there are plenty of other factors that come into play, such as a driver’s age, history and habits. In practical terms, self-insured employers pay for each out of pocket claim as they are incurred instead of paying a fixed premium to an insurance carrier. International Insurance Supervision/IAIS. Industrial insured group-owned captives typically insure only insureds in the same industry group, or with homogeneous risk, which creates group buying power and other risk management efficiencies. How insurance groups work. The groups comprise vehicles that pose similar risks to insurance providers in terms of repair or replacement costs if a valid claim is made. Public health insurance, like Medicare, is provided through the government, while private health insurance include plans you get through an employer or the marketplace. The group your car is in is determined by a number of. Before 2009, the group rating system was based on 20 different groups rather than 50, but these days a group-20 car is middle-ranking, rather than belonging to the most expensive. It’s all about risk and working out how likely. Insurance brokers have the role of helping insurance companies assess the different types of risks they encounter. November 16, 2023. The cost of your health insurance premium is based on a combination of your copay, coinsurance, deductible, and maximum out-of-pocket costs. This is the most basic kind, as we already mentioned above. 4. together allows the higher costs of the less healthy to be offset by the relatively lower costs of the healthy, either in a plan overall or within a premium rating category. A diagnostic-related group (DRG) is how Medicare (and some health insurance companies) categorize hospitalization costs to determine how much to pay for your hospital stay. Good choice if: You’re. 1. Most insurance companies in India have introduced group insurance policies to meet. Six common car insurance coverage are: auto liability coverage. Insurance underwriters are employed by insurance companies to help price life insurance, health insurance , commercial liability insurance and homeowners insurance , among others. Pooling risks. Such groups are usually well managed and organized. Coverage provides a benefit to the beneficiaries if a covered. It is powered by a Twin Turbo Premium V8 engine. Provide an overview and elementary explanation of certain economic concepts relevant to risk and insurance. Car Insurance Group 10 – All you need to know. Car insurance group 1 vehicles are the cheapest to insure. 2 billion in 2008. Underwriters use. Pros Explained . Responsibility #3: Risk Assessment. Your claim history. It’s designed solely to give your beneficiaries a payout if. Learn About Risk Retention Groups. Medical groups and Health Maintenance Organizations (HMOs) are terms frequently used in the healthcare sector. However, actual prices available depend on zip code, age, gender, and other factors. Our data shows that you can expect to pay – on average – about twice as much to insure a car in groups 46-50 as a car in. Insurance group numbers help insurers categorize cars into different rating groups based on their potential risk and associated cost of repair. Original Medicare includes Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance). Determining a vehicle’s group is based on factors such as repair time and cost, performance and standard security. Group Term Life Insurance is a type of coverage that protects you and your family in the event of death. Out-of-network provider —a health care professional, hospital, or pharmacy that is not part of a health plan's network of providers. Understanding important terminology pertaining to health insurance is the first step to obtaining a cost-effective coverage plan that serves all of your individual or family needs. To qualify for priority group 1, veterans must have a service-connected disability that is VA-rated to be 50% or more disabling. Individual plans include single health coverage policies as well as family coverage. Premiums will then reflect the risks. Annuity: An annuity is a contractual financial product sold by financial institutions that is designed to accept and grow funds from an individual and then, upon annuitization , pay out a stream. g. Group life insurance is a single contract that provides coverage to a group of people, typically those who work for the same company. Data analytics and AI in insurance. Group term life insurance is a type of insurance coverage offered to a group by an employer, association or other organization. e 8E). Members of a group health insurance plan. Admiral considers these recommendations when calculating our car insurance prices. Explain insurance groups for your first time can make a demand for an violating whose cars stopped. Which group your car is in depends on factors including its value, performance and safety. 1. Not. An entity which provides insurance is known as an. It extends to a group that is intending to travel and includes risks such as loss of luggage🧳, medical emergencies🩸, accidents, and third-party liabilities. Know the risks and market conditions that impact your insurance premiums, as well as the consumer relief that is available. org and enter your car’s details to instantly find out your group. What determines your auto insurance rate. e. The two main types of health insurance are private and public. By buying in bulk, everyone. D. The maximum amount of coverage for any property damage in an accident you cause. The groups are determined by the Group Rating Panel, which is made up of representatives of the insurance industry and meets every month to determine car insurance groups. Group health insurance—sometimes called employer-based coverage—is a type of health insurance plan offered by an employer of a member organization. The sole purpose of a mutual insurance company is to provide insurance coverage for its members and policyholders. How Insurance Group Numbers Work When you buy insurance for your car, the insurers use a rating system to determine how much to charge you for the policy. Vans fitted with security features as standard are likely to have a lower premium. Whole life insurance offers three kinds of. A diagnostic-related group (DRG) is how Medicare (and some health insurance companies) categorize hospitalization costs to determine how much to pay for your hospital stay. In other words, any flooding or fires that happen following an earthquake are typically not included under this. In addition, the case manager coordinates the services of other members of the healthcare team and caregivers, communicates with the health insurance company, communicates with the patient’s physician, and supervises visiting nurses and other home health aides who provide support. These are likely to fall on the more expensive side, when it comes to your car insurance premiums. This quick and agile hybrid sports car is equipped with a. Group 16 cars are a good choice for drivers looking for a compromise between performance and affordable car insurance premiums. 4. Something to note is that a more specific policy type—commercial truck insurance—falls under the umbrella of commercial auto. Conversely, cars with smaller engines and. In the UK, every car is given an insurance group from 1-50, with cars in group 1 generally being the cheapest to insure. 3Q1: Explain the foundations of private insurance, group insurance, and self-insurance. The collapse and near-failure of insurance giant American International Group (AIG) was a major moment in the recent financial crisis. Other kinds of non-traditional life insurance include: Supplemental life insurance can provide additional coverage beyond what your company's group life policy offers. Cowboys WATCH: Dallas Scores Again - And So Does 'Dolly Parton as Cheerleader' Halftime Concert! NFL Thanksgiving TrackerThe new season of FX’s Coenverse crime drama goes back to the basics. Car make/model. Medicare and some private insurance companies pay for hospitalizations of their beneficiaries using a DRG payment system. Experience rating can still be used by large group plans. Although a reciprocal can lower the total cost of insurance over time, the structure can also create unique conflicts of interest between policyholders and the AIF. The first thing is that insurance is a system of protection against loss. It is optional in every state. To be down currently, by the group. Group Insurance covers a defined group of people, for example members of a professional association, or a society or employees of an organization. The different groups factor in things like: how much it will cost to repair your car if it gets damaged. Vans are also put into insurance groups. Fax. 104. In some cases, the insurance coverage is a precondition for other businesses to operate. While an insurance group isn’t the only factor insurers look at when deciding. 1, and ask the class if individuals can avoidInsurance Group 26. Skoda Octavia. 1 are the cheapest cars to insure while those in insurance group 50 are the most expensive. Every make and model of car on UK roads today is in a group based on everything from the engine size to the cost of replacement parts. In insurance, with a large number of policyholders, the actual loss per event will equal the expected loss per event. g. Cars in group 3 include: Car insurance group 3 cars include the following, but to check what group your car is likely to be in see our free car insurance group checker tool. An individual health insurance policy works in much the same way as a group health insurance policy in terms of deductibles, co-pays, and coverage. Developed by the Group Rating Panel, these groups help insurance companies assess the risk associated with insuring a particular car model. However, group captives also incorporate risk sharing among members for. The DUI. A self-insured plan leaves most of the risk with the employer, but also has the greatest chance for savings. Health insurance can reimburse the insured for expenses incurred from illness. Cars in Group 1 are typically the cheapest to insure, while those in Group 50 are the most expensive. This 2-door sports car thrills motorists with its crisp handling and a sleek chassis with the solid build that you expect from BMW. According to a recent study by eHealth, the average health insurance premium is $484 for individuals and $1,230 for families. A health insurance risk pool is a group of individuals whose medical costs are combined to calculate premiums. The 50 insurance groups for cars are set by a group rating panel comprising members of the Association of British Insurers and the Lloyds Market Association. When you get services, you’ll pay a. Our guide will help you understand the. The premium hatchback is widely praised for its ride quality, interior comfort and low running costs. To give you a sense of how a car’s insurance group can affect the cost of car insurance, the table below shows the average annual premium depending on which group a car is in. The health insurance tier system groups plans into four tiers, also known as categories or metal levels: bronze, silver, gold and platinum. Fiat 500. 497. When it comes to the type of vehicle however, a car insurance groups table can be used to easily explain why certain cars come with lower premiums than others. insurance, a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period. To better understand the breakdown of limits, use the example of 15/30/5. It can serve as financial protection for your loved ones who would lose your income in the event of your death. , foreign corporation taxable under IRC §881) Nonresident aliens who do not have U. Find out how it works. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended. The compact city Ford Ka+ is one of the cheapest cars to insure in the UK – it was manufactured from 2016-2019. In terms of total premium volumes, it is 10th largest market globally and the 2nd largest of all emerging markets, with an estimated market share of 1. Comprehensive coverage pays to repair or replace an auto if it's damaged by fire, falling objects, hail, flood, theft, or even hitting an animal. Fiat Fiorino. The costs of an individual and family health plan versus an employer-sponsored group plan can vary depending on several factors. Understanding what it means can help you gain insight into the cost of your care. g. The groups are used to help insurers determine the. Priority group 2 requires veterans to have a. To qualify for priority group 1, veterans must have a service-connected disability that is VA-rated to be 50% or more disabling. Depending on what insurance product we are regarding, different explanatory variables are used and commonly these are divided into two groups: Subject variables, concerning the person purchasing the insurance, and object variables, concerning the object to be insured; be it a house, a car or any other insurable object. Your decisions might be based on price or the range of options, or both. As the prices of insurance that they offer charge ounce. Cars at the lower end of the scale are the cheapest to insure, whilst the higher end of the. Insurance is an agreement between an individual policy (or a business) and an insurance company. Is insurance group 11 high or low? In overall terms, insurance group 11 is quite low on the scale, as there are groups ranging from one to 50. The groups in-between act as a scale from cheap to expensive based on the risk associated with insuring that vehicle. These are likely to fall on the more expensive side, when it comes to your car insurance premiums. 1 Independent testing company Thatcham puts new cars through their paces. That means all the members understand your business challenges and “pain points” — and it also means you can. This is because of the following reasons: Small, reliable cars. Cheaper parts mean a lower group. The group a particular car model fits into is usually determined by its performance, safety and security features, part replacement and its. But in September 2008, the company was on the brink of collapse. Under this agreement, the policyholder pays premiums to the insurer in exchange for financial compensation in the event of a covered incident. 50. A group. When it comes to logistics and insurance, there are a few things that people need to understand. They use data from Thatcham Research to identify which cars are likely to cost insurers the most in insurance claims. 1. Car models are then given a number between one and 50. Coverage amount: Group life insurance usually offers limited coverage, while an individual policy lets you apply for any coverage of your choice, up to $2 million, with certain insurers, like Fidelity Life. Definition. Its aim is to reduce financial uncertainty and make accidental loss manageable. Group Life Insurance is a policy that pays out a lump sum if an employee dies whilst in your employment. Regulations designed to protect policyholders of insurance operating companies can limit the transferability of funds from an insurance company to other legal entities within. Best Insurance in Victoria, BC - Harbord Insurance Services, Megson FitzPatrick Insurance Services, Hendry Swinton McKenzie Insurance Services, Thunderbird. Personal Injury Protection: This type of coverage will cover medical expenses related to driver and passenger injuries. As a guide to what you can expect, we’ve gathered some examples of cars placed in various insurance groups from 1 to 50. Ins. Motorcycle insurance groups range from 1 to 17 for a majority of insurers. AIG, a global company with about $1 trillion in assets prior to the crisis, lost $99. Then you have the 10 types of Medicare. Developed by the Group. And priority group 8 requirements are also based on VA’s geographically-adjusted income limits. Various bad possibilities could happen to someone. While basic, legally mandated auto insurance covers the cost of damages to other vehicles that you cause while driving, it does not cover damage to your own car. How insurance groups work. Employers can help protect their employees from unexpected medical costs and life changes by offering a group plan. When you purchase such a plan, you are able to share enrollment and premium costs with your employees or group members. The company agrees to pay you for losses if they occur. , CPCU – bobh@iii. There are 50 UK car insurance groups, with those in group 1 the cheapest cars to ensure and those in group 50 the most expensive. RRGs are formed using a combination of state and. Understanding what it means can help you gain insight into the cost of your care. There are 50 car insurance groups, but when it comes to motorcycles there are fewer and they work slightly more informally. Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. This group includes the Fiat Panda, Citroen 1 and 2, and Ford Ka. Insurance plays a crucial role in providing financial protection against unexpected events and uncertainties. Cars placed into insurance group 1 are those which are at a low risk of being stolen or being in an accident. In such a case, the member has to pay a conversion fee. You will often find that motorcycle insurance groups seem to have no industry standard and the way that insurers apply pricing groups to motorcycles varies. A Health Insurance is your savior against the expenses incurred due to any illness or medical emergency. Medical underwriting is a tool that insurers use to keep claims—and premiums—as low as possible by avoiding having to pay for pre-existing conditions. Technically, the basic function of property/ casualty insurance is the transfer of risk. We define a group has two or more individuals, interacting and interdependent, who have come together to achieve particular common objectives. If you get a car with a basic trim level, it will have a lower insurance rating, and it will be cheaper to insure that one with. Earthquake insurance is coverage to protect against earthquakes. Car insurance groups explained When it comes to insurance, all vehicles are assigned an insurance group from 1 (cheapest) to 50 (most expensive), and this helps determine the cost of your premiums. This is where you would need to arbitrate between the car bands. They usually have less powerful engines and costs of repairs are known to be lower. Many policies pay 40% to 70% of your income. Collision: Collision insurance will cover the cost of the damage. Every car in the UK is allocated an insurance group to help insurers work out how much to charge you for cover. Liability: Liability insurance comes in two forms: bodily injury and property damage liability. Based on the number of members involved in a group, we can classify it as follows: Small Group: Small groups consist of as little as three to ten members. Each month, the Group Rating Panel made up of representatives. However, by 2009, group ratings became broader, becoming 1 to 50. The. An insurance cluster is a group of agents, brokers, or agencies that have joined together to form a professional network for benefits and support. Exclusive Provider Organization (EPO): A managed care plan where services are covered only if you use doctors, specialists, or hospitals in the plan’s network (except in an emergency). comprehensive coverage. Bentley Bentayga SUV. Group term life insurance is not taxed up to $50,000, meaning that the premiums and death benefits are paid out tax-free up until that amount. For a full list read our guide. Find cars by insurance group. Without insurance coverage, the private commercial sector would be unable to function. Instead of paying for each individual service, a predetermined amount is set based on your DRG. But don’t worry, if explained properly, health insurance isn’t all that complicated. Roosevelt called the “vicissitudes” of life such as physical disability, loss of earnings in old age, being laid off, and other setbacks. Which group your car is in depends on factors including its value, performance and safety. Until 2009, the number of car insurance groups were 1-20 but this has been expanded - this means, according to Thatcham. Conversely, a group 8 car with a poor security score will be moved up to group 9, and rated as 9D. Below are some of the more popular cars in insurance group 38. Mercedes-Benz A Class. Individual Health Insurance Costs. 5% in 2021 as against a global average of 9%. How market conditions affect rates. Total insurance premium in India increased by 13. 2 Impact performance, damage costs, repairability, theft prevention and other factors are tested. Insurance. Put your car registration number into our group checker to see where your car sits. The type of coverage/plan. Title IV specifies conditions for group health plans regarding coverage of persons with pre-existing conditions and modifies continuation of coverage requirements. There are 50 different categories in the car insurance groups table that cover vast majority of vehicles on the road today. The insurance premium is income for the insurance company, once it. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. Insurers put all cars into groups from 1 to 50. personal injury protection. What does insurance group 1 mean? Insurance groups are awarded to cars by an independent authority, funded by the car insurance industry. The named beneficiary receives the proceeds and is thereby safeguarded from the. Citroen C1. 7/5 ( 62 votes ) The insurance group of a car will be listed as a number and a letter (i. Understanding auto insurance rates. Most group health plans are heavily subsidized by the employer. Who benefits from each of these? Why is it important to understand basic foundations of insurance? Use a reference to support your response. We take a look at cars in insurance group 10 and explain the difference between insurance group 10e and insurance group 10. Group 16 includes family cars and SUVs, offering a bit more space and comfort than some of the more basic vehicles in the cheaper insurance groups. Example: "When talking to a new client, I will ask them about their previous insurance plans. Insurance Premium: An insurance premium is the amount of money that an individual or business must pay for an insurance policy. Sure, the death benefit is limited, but you can’t beat a guaranteed issue (i. Vehicle insurance. Your car insurance price can be impacted by your car’s insurance group. Basically, a parent company retains the cost of insurance coverage through the captive instead of paying premiums to a third-party insurer for commercial insurance. It pays out an amount to your beneficiaries if you die during the policy's term (usually one year). Guaranteed life insurance is a type of policy that does not ask medical questions and your application cannot be turned down. source income may be excluded from. Independent insurance agency owners often find themselves pulled in many directions — you have a business to operate, people to manage, a P&L to. Prestige 1. The Lloyd’s market houses syndicates which offer. Model. We examined the remaining uninsured by income status to determine whether they might be eligible for subsidized coverage. To better understand the breakdown of limits, use the example of 15/30/5. Often, this insurance is. Fierce Competition in the Property and Casualty Insurance Market Founded in 1901 and based in Bucyrus, OH, Ohio Mutual Insurance Group writes more than $220 million in premiums each year – covering homes,. By pooling their money together, the risk of high healthcare costs is spread out over the entire group. It can be a low-cost way to get life insurance. Score: 4. Marketing and underwriting are the “yes” departments, while claims. For example, a Peugeot 206 will typically fall in group 7-11, making. Abstract and Figures. 0-litre petrol engine and some electrical assistance to save fuel, is in an insurance group that puts it within reach of even new drivers. Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. All cars are assigned an insurance group, independently ranked by Thatcham Research. The insurance group rating is the key. Group life insurance is a type of term life insurance plan purchased by an employer or organization to cover an entire group of people. Cars are put into groups from 1 to 50, based on their market value, cost of repairs and the risk of them being involved in an accident. 5%. This includes things about the driver such as their age, profession, and driving history but also things about the car including its make, model, and age. Cars in group 1, such as the Volkswagen Up, are the cheapest to insure. However, the exact cost you’re quoted for. Then uncover the second question on Visual 1. This is mostly based on the car’s market value,. Identify some common types of insurance; Explore why having different types of insurance can be helpful; What students will do. So if you have a van that’s less than seven years old, the lowest group it can now fall into is 21. The Law of Large Numbers is less effective with health and fire insurance. But they won’t necessarily be the cheapest – you might find cars in the lower groups cost less to insure. 46-50. By Brian Tallerico The Emmy. Basic employee life insurance is a low, standard amount of coverage that a group life insurance policy offers to workers, usually for free. Group insurance is allocated through organizations, such. Cars at the lower end of the scale are the cheapest to insure, whilst the higher end of the scale is the most expensive. A group can range in size from two members to thousands of members. Insurance is a method that households and firms use to prevent any single event from having a significant detrimental financial effect. Health insurance is a necessity for most Americans who cannot afford to pay medical bills out of pocket. Pooling risks. You can see exactly how much a car in group 2 is likely to cost with our free car insurance group checker tool. Cars in group one have the lowest insurance costs, while vehicles in group 50 have the highest. Find out more about how car insurance groups. An auto insurance score is a rating that your insurance company uses to estimate your risk of filing a claim. Group 1-5: Citroen C1, Toyota Aygo, VW Polo, Mini One, etc Group 6-10: Citroen C3, Ford Fiesta, Renault. Your. Describe why health insurance providers typically offer "high deductible, low premium" and "low deductible, high premium" insurance packages. furthermore, with an insurance cluster, members can merge their books of business and improve each other’s standing with insurance carriers. The out-of-pocket limit, also called the out-of-pocket maximum. 50. Risk Retention Groups. Overview: Formed in 1994, the International Association of Insurance Supervisors (IAIS) represents insurance regulators and supervisors of more than 200 jurisdictions constituting 97% of the world's insurance premiums. Group Life Insurance Explained. Car insurance groups explained. Pooling risks. Insurance Cluster Group. When it comes to insurance, all vehicles are assigned an insurance group from 1 (cheapest) to 50 (most expensive), and this helps determine the cost of your premiums. Group 1 includes the cheapest cars to insure, and each group becomes increasingly more expensive. Coverage amounts vary depending on the policy but can go into the millions. An insurance group is a method to determine the cost of insuring your car based on which group. Average premiums by insurance group. They tend to be cheap, small, cars which insurers deem as unlikely to be in an accident or as a target for thieves. These insurance groups range from group 1 (the cheapest cars to insure), all the way up to group 50 (the most expensive). Car insurance groups are broadly set by The Group Rating Panel and administered by Thatcham Research. Part D provides prescription drug coverage. Cluster groups give independent agents power in numbers — a group of agents has more buying power than a single agent alone, leading to more profits.