Some people make it a hobby to customize their vehicle’s aesthetics and others do it to keep their car up-to-date and performing at a high level. Whatever the reason these upgrades can be expensive and modified car accessories are covered by an insurance company only if they are informed of them.
Although some car owners try to save money on their monthly premiums by withholding modification information from the company through which they obtained their auto insurance quote through, this may end up costing them thousands in the long run.
Cars can be modified in a number of ways. Adding a new stereo system, new chrome hubcaps, tinted windows, engine tuning, turbochargers and electronic upgrades are all types of modifications that increase the performance and value of a car. These additions should always be reported to the insurance company.
If a car owner gets in an accident and files a claim for their modified parts, or those parts are stolen, the auto insurance company may deny the claim.
An insurance agency considers performance modifications, such as suspension or engine tuning, an increased risk, therefore they may deny a claim if they weren’t informed of the adjustments. In addition, aesthetic upgrades, such as body kits, may also increase insurance premiums.
Some modifications will make a car safer, such as an upgrade to the brakes or suspension or an alarm system. While they may increase a car’s value, they may also reduce its risk, meaning premiums could drop.
Playing ignorant with an insurance company is also not an alibi. A car owner may be held financially responsible to repair their car if they withheld modification information from a company that specializes in car insurance quotes. A small increase in premiums could ultimately save a car owner a lot of money if they happen to get in an accident.
Every insurance company has varying rates and policies pertaining to car modifications, so before considering a change to a vehicle, a car owner should contact their insurance provider and inquire about rates and details. Some auto insurance agencies specialize in dealing with modified cars, so the car owner may want to consider getting auto insurance quotes from a number of different firms to find the most affordable rate.