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What Modifications Can Increase Car Insurance?
By Russell Marlow
Whether you are looking to base an entire on modifications or simply make a few choice adjustments of your own, one of the biggest challenges of 'modding' a vehicle is getting a insurance policy for it. But while some alterations will see your premium go sky high, others will see only a minimal adjustment - getting used to some of these quirks and trends is all part of the hobby. You can typically expect an increase in premium when only a few modifications appear, especially if they are related to power and involve something like an exhaust, for instance. From an insurer's point of view, they're assuming that you want to drive the faster and are therefore more of an accident risk. But strangely, in many cases, the more you spend on a the cheaper your insurance may become over time. This is not the rule for every insurance policy, but the theory goes for some insurers that the more time and money they have spent on the car, the more likely the driver is to be sensible with it and avoid risky driving. This applies to how you handle the car, and the theory also goes that you're more likely to keep it locked up safe and secure, and therefore your premium might actually decrease. To enter this kind of territory, a will have had to have undergone serious changes, perhaps including body modifications, interior trim, and so on. One situation where this 'more leads to less' theory might not apply is
where engine power has significantly increased. In general you'll need to declare every change you make to a car, no matter how small. You'll also need to declare it when applying for a policy too. If you don't own up to every change you make, you could find that an insurance policy you get is invalid, which can leave you in hot water with the police if you have an accident. Although some changes will not affect your premium at all, this is at the discretion of the insurer. There are a few things you can do as well to help reduce your premium or at least keep it to a minimum if you're determined to make significant modifications including a boost in power. As with standard insurance, you can volunteer to take a higher voluntary excess, which can bring the premium down provided you don't make a claim. An excess is an amount of money you agree to pay initially on any repairs before an insurance company would pay, so if you feel you could afford an excess of £400 rather than, say, the £200 limit currently on the policy, you could try increasing it. - Modifications don't always increase your premium.
- In many cases, the further you take it, the more cost effective your premium may be.
- One-off power-based modifications are generally the most likely to up your premium significantly.
- As with standard cars, improving security could help your premium come down.
Russell Marlow is a London based freelance writer who writes about financial products including car insurance.
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