An early morning friend’s call to inform me about an accident he met woke me up in a shock. Fortunately, his life wasn’t touched by the drastic accident but his car was. When I appeared at the scene, there was an investigator from the insurance company analyzing the car’s damage for a claim to be processed. The claim procedures attracted my attention as I knew it for the first time that modifications can affect your car insurance! Wondering why, we came to know that my friend’s car was modified to an extent where it can affect the car insurance price after the claim! Is that so?! If it is so, it may be expensive for my friend as he is a car freak and got his car customized with a couple of flashing headlights, reverse parking cameras, stylish alloy wheels, a turbo engine with a great suspension job done and so on….it surely does affect your car price as well as its insurance cost. Know why!!!
Since inflation always keeps the middle income group people running to meet their ends, an average vehicle owner must be working hard to keep down the car insurance prices to lowest possible limits. In this course, it is much relevant to know the ways to evaluate the existing elements which affect the car insurance prices. The important reasons why car insurance costs shoot up irrespective of one’s age, sex or driving experience is nothing but the car modification. Undoubtedly, these changes add to the aesthetics and performance of your car but they also add up to the insurance premiums. Let’s first understand what car modification is.
Car Modification Meaning:
Car modification can include any simple change or enhancement to your car’s original model approved by the automobile manufacturer in order to make it appealing or to boost its performance. As with betterment in performance, the vehicle’s chances of risk increases and insurers increase the premium. For example, if you have installed a turbo engine instead of a normal engine, the velocity of your car may increase and probability of the car getting into an accident is relatively high. The chances of theft increase for an appealing car with alloy wheels and other decorations. The insurers analyze the probabilities on various grounds and the premium then soars up.
Modifications which can increase your car insurance premium
Modification Work on Engine
To escalate the engine power thereby leading to speed in the acceleration, modifications are done which in turn increases the risk apparently. The risk of a road accident increases with a rise in the car’s velocity. Hence, adding a turbo engine or nitrous oxide to your vehicle can soar up the insurance premium.
Adding Appealing Wheels
Adding alloy wheels to your car may increase its beauty quotient and a wheel up gradation may increase its value. It is always suggested to inform the insurance company on time if you get your car wheels modified as this modification can affect your car insurance.
Brakes and Suspension
Brakes are the vital parts which control the vehicle and modifying such a crucial part has to be assessed by the insurer as its performance will impact positively or negatively. This has to be duly informed to the insurer.
The quality of parts used for steering wheels, sound system, seats etc. and their wear and tear greatly impact the calculation of insurance premium. Hence, this has to be informed to the insurance company at the earliest.
Sticking eye-catchy decals and painting race patterns depicting aero-dynamism can enhance the aesthetics of your car. Attractive paint work is although a harmless modification, it has to be duly informed to the insurance company as the risk of theft increases with the beautification of the vehicle.
Assist the insurers as soon as your car undergoes a modification in analyzing the impact on your vehicle and help them calculate the premium as per the analysis. It is always not suggested by the insurance experts that you wait till the last day before renewal. Initiate a volunteer visit to the insurer to know more about the modifications that can affect your car insurance.