Insurance companies assign group numbers to each plan option from each plan sponsor generally an employer. A group policy number is like a reference number.
A basic 420d model with a 2 0 litre diesel engine can be as low as group 29 but a 435d xdrive m sport is a group 42 and an m4 is a group 50.
Insurance group number. The group number of your health insurance policy is required information whenever you. What is an insurance group number. It starts with group one the cheapest and ends with group 50 the most expensive and the more powerful expensive and rarer your car the higher the group it will be in.
It can refer to a family plan purchased by a self employed person. Every car belongs to one of 50 car insurance groups which band cars from the cheapest to the most expensive to insure. Group members receive insurance at a reduced cost because the insurer s risk is spread across a group of policyholders.
It is also referred to as the group number. Plans usually require at least 70 participation in the plan to be valid. This is usually a group of your coworkers in a plan administered by your employer.
They use data from thatcham research to identify which cars are likely to cost insurers the most via insurance claims. It guides you on how to utilize your health plan. It helps to identify you come under the certain health schemes.
The group rating panel a group of representatives from the insurance industry meet regularly to determine what car insurance group different vehicles should be in. How car insurance groups work insurance groups were first introduced in the 1970s as an easy to understand way for people to get an idea of how big the premiums were likely to be for a specific vehicle. Car models are then given a number between one and 50.
The group number for your health insurance policy is the designation for the group plan you are covered under. If 2 plan sponsor s offer exactly the same benefits they will still be assigned different group numbers. The group id isn t the same as your policy number everyone in your organization who participates in the insurance plan shares the same group id number.
What do car insurance groups mean. You ll also see a group id number on your insurance card 1. If you purchased the insurance policy through your employer you belong to a group insurance plan.
Usually the policy number is indicated at the top of the insurance billing statement or the health insurance card.