Buying a car is an exciting endeavour. The high-speed acceleration and eye-catching customisations will make your driving experience smooth and thrilling.
But do you know the implications of car modifications on your car insurance?
In simpler terms, car modifications are the changes made to a car in a way that differs from the manufacturer's original model. Whether it is a re-painting job or performance tweaks, you can modify the vehicle as per your preferences.
And since you are modifying the car's original structure, you may need to pay an extra premium.
Sounds confusing, right?
Let's explore in-depth the implications of modifications on your car insurance!
Things That Insurers Look at While Accessing Car Modifications!
From the insurer's perspective, there are two things they look at when assessing car modifications. Here's a brief overview of these two critical factors:
- Chances of Theft: Driving your newly owned car out of the showroom will bring a smile to your face, but the reality is that there are chances that your shiny new car can get stolen. Rising incidents of auto theft worldwide are concerning for insurers and car owners. That's why car modifications that increase the chances of theft will raise premium costs.
- Chances of Accident: Car accidents can happen to anyone and at any time. To reduce the probability of such incidents, insurers want car owners to make their vehicles as accident-proof as possible. Modifications that affect the safety and security of the car will raise the premium of your car insurance.
Car Modifications That May Affect Your Car Insurance Premium!
Insurance premiums are calculated based on the risks involved. Below is an exhaustive list of the modification factors affecting your car premium!
Performance Modifications
As the name suggests, performance modifications are the changes you make to your car to upgrade its performance. These changes usually help enhance fuel efficiency and boost power or speed. For better understanding, let's explore some of these modifications in detail!
- Wheel Modifications: When you change the standard wheel of your vehicle to any fancy or broader ones, you may attract an extra premium on it. This is because premium wheels increase the chances of theft.
- Changing the Brake Set-up: Brake and suspension are critical parts that affect car handling. So if you are changing the standard brake or suspension set-up or upgrading it, you should notify your insurer for premium calculation.
- Engine Remapping: The engine is at the heart of the car. But it is vital to understand that improvising the peak power or torque delivery may lead to higher accident chances because of high speeding, thereby attracting a higher premium. Talk to your insurer about engine modification before your car insurance renewal.
2. External Modifications
Many people want their cars to stand out from the crowd. So they will change the car's external body to make it more attractive. These external modifications may also lead to unsafe driving. Let's explore the top things you should look for when doing external modifications to your car.
- Installing Anti-theft Devices: One may opt for installing anti-theft devices for security purposes. These devices range from alarms to locks, ensuring that your car is protected from anything untoward and acts as a theft deterrent. Insurers may offer discounts on your premiums and encourages every car owner to install one for their vehicle.
- Tinted Windows: Most insurers charge a higher premium rate for tinted windows. This is because tinted windows restrict your vision and may cause an accident. But there are also exceptions. So it is best to talk with a reputed car insurance company to figure out a plan that benefits you.
- Additional Changes to the Body: Bulges in the bonnet, accent lights under the car, larger wings, and other alterations to the body may raise the premium of your car insurance.
3. Internal Modifications
Any internal changes to the car, including modifications to the sound systems, air conditioning, pedals, seat covers, and more, must be reported to the insurer. These changes may affect the car's functionality, thereby incurring certain risks. The insurer will gauge these modifications and give you a revised quote.
The Final Takeaway!
Customising your car may make it more attractive, but it is best to understand its implications. Whether you are making structural changes or aesthetic altercations, you need to choose a car insurance policy that suits your needs. Also, keeping your insurers in the loop will help you save on premium costs and ensure that your precious car is protected at all times.
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