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Modified Cars versus Insurance Costs
If you are planning on making any modifications to your car, no matter how minor, then
you could possibly increase the price of your insurance premium. What do insurance
companies consider to be a modification? Insurance companies will deem a car to be
modified if anything has been added that alters its original factory configuration.
So, anything that you add, be it alloy wheels, body kit, tinted windows etc. will mean
that your car is no longer considered a standard model. Also, any modifications to the
engine, suspension, exhaust system etc. are changes that will increase performance.
These will definitely increase your premiums.
Some car insurance companies don't insure modified cars, as they see them as too much
of a risk. So if you have a heavily modified vehicle you may have to seek out a
specialist insurance company.
What about my alloy wheels? If your car left the factory without alloy wheels, then
adding them will be considered to be modification. Even though they don't provide an
increase in performance, they do increase the cars value, so expect your premium to be
adjusted accordingly when the
car insurance company take the additional value into
account.
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How much extra will I be charged? There is no definite answer to this question, as each
insurance company will follow their own guidelines when calculating their
car insurance
quotes. Therefore, it's a good idea to check with your insurance company first, before
you go ahead with any vehicle alterations.
It's also worth remembering that any
modification that increases the cars value is likely to increase the price of your
premium. Legal Obligations You are legally obliged to inform your insurer of any
modifications made to your vehicle. If your insurers discover that any changes have
been made to the vehicle, without them being prior informed then your policy could be
left null and void.
And finally If you're looking for a modification that can actually help reduce your
insurance premium, then go for a security upgrade. A Thatcham approved device
significantly enhances vehicle security, which can mean insurance companies lowering
the price of your premium.
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