How it works
The Group Rating Panel is comprised from members of the Association of British Insurers (ABI) and Lloyds Market Association (LMA). Members meet monthly to set advisory motor insurance group ratings for new passenger cars in the UK, and is administered by Thatcham Research who provide the group rating scheme for private cars and light commercial vehicles and technical information used by the Group Rating Panel.
The Group Rating System relies on the internationally recognised insurance standard 15 km/h crash impact. Thatcham Research engineers then determine the cost of times and parts to return it to its pre-accident condition. The times provided, utilise the Thatcham Times System (TTS) philosophy and are accepted by the industry as standard for vehicle repair.
A vehicle’s rating is also determined by several other factors such as:
- the new car price: reflecting variations in trim level and the cost of settlement in the event of a ‘total loss.’
- vehicle performance: including the 0-60 mph acceleration time and top speed
- level of overall standard fit vehicle security levels: determined by Thatcham Research’s New Vehicle Security Assessment (NVSA)
- parts pricing: considered from a standard list of 23 parts which are deemed to be the most commonly damaged panels and components in an accident
- Autonomous Emergency Braking (AEB): standard fitment and their effectiveness is taken into account
In 2009, the number of insurance groups was expanded from a 1-20 system to a 1-50 system.