New India Assurance is a leading general insurance company offering a wide range of insurance products such as car insurance. If you are planning to buy a new car and purchase New India car insurance, do you know how modifying your current car can affect your policy?
Getting automobile insurance is essential, and it's crucial to understand how modifications such as the ones below could result in increased insurance automobile premiums:
- The changing of the engine
- Transmission
- Addition of accessories
However, it doesn't have to be this way!
Car modifications can be significant but sometimes can leave you open to less coverage or higher premiums when it comes time to renew your New India car insurance policy. We have curated some ways you can avoid that scenario by being savvy about what modifications you're getting and whether or not they affect your coverage on an India car insurance policy.
Here are some tips that would help you to know how modifications can affect your insurance in case of an accident.
Do Modifications Increase Your New India Car Insurance Premium Rates?
If you make any modifications to your car, your premium may go up because of increased risk. If you are planning on modifying your vehicle to improve performance or fuel efficiency, and mileage, do tell your insurer about these changes as soon as possible. This is especially true if you plan on getting a modified engine for your car.
One can do three types of modification with their vehicle:
- Restoring a car to its original condition
- Customizing parts
- Upgrading or improving something already there
Modifications That Improve Performance
Suppose you are using any speed enhancer technologies or anything else that might improve the performance of your car.
In that case, this will also be factored into the cost of your new India car insurance. carbo hydraulic suspension systems and nitrous oxide injection, for example, could increase your risk level and change how much you pay.
Even if trying to incorporate some fuel-saving mechanism, you must inform New India car insurance about it. To get the best price possible from New India Assurance Company, it is essential to provide accurate information on what has been done to your vehicle.
Aesthetic and Appeal Modifications
If you have a vehicle that has been heavily modified or customized, your insurance policy may see considerable changes.
This is because while most modifications like tinted windows or a rear spoiler are relatively easy to deal with from an insurer's point of view, extensive changes such as the ones below will create more liability for the insurer in case there's a wreck:
- An oversized hood scoop
- Huge wheels
- Low-profile tires
In some cases, these changes can cause insurers to decline coverage altogether.
Modifications That Enhance Security
Installing a more extensive/higher security system in your car will heighten the security of your vehicle, bringing in discounts on your insurance premiums.
Devices such as the ones mentioned below can also affect your insurance coverage:
- Anti-theft device immobilizers
- Alarm systems
Engine immobilizers
Both New India comprehensive car insurance and New India standalone car insurance own damage policies will have discounts for policyholders installing such security mechanisms in their vehicles.
Overview of New India Car Insurance Company
New India is a government-owned insurance company that has been around for the longest time. The premiums are competitive, and the customer service is friendly. It serves a vast client base in India, so they know what customers want regarding their cars. Their premiums are also very reasonable, so you don't have to break the bank when you need to get coverage for your vehicle.
Key Takeaways
In conclusion, new modifications can change the cost of your insurance policy and your eligibility for discounts.
If you're planning on modifying your car, don't hesitate to contact New India Assurance Company and have them review the policy to see what costs may change and if discounts are available. Remember that most insurers will require you to inform them before making any changes or risk being charged a higher premium due to higher risk factors.
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