Modified cars are considered high-risk by car insurers, so finding affordable insurance might prove more difficult than insuring a standard vehicle.
While some modifications, such as adding alloy wheels or a performance exhaust system, will increase your car’s value by a small amount of money, these alterations can also be used to attract thieves. Your insurance premiums could rise more than you think.
You may also have to make other changes, such as modifying the suspension to improve handling or upgrading your engine to increase the power. This could result in a higher insurance premium due to the possibility that you drive faster. Modifying your car can result in higher car insurance premiums. However, it is possible to keep your premiums affordable by not customizing your car too much and limiting the amount of modifications you make to your car.
You will need to notify the insurance companies of any modifications you make to your “modded” car, and especially performance-enhancing modifications. Otherwise you could risk losing your car insurance.
It is important to shop around for as many quotes and as many options as possible. Some insurers might refuse to give you a quote depending on how extensive the modifications were. It may be necessary to search for specialist insurance that specializes in modified vehicles or high performance cars. This means you will need to spend some time researching online. It’s not worth wasting 3-4 hours of your time when there are savings that can add up to several hundred of pounds.
You can ask people who have modded cars for help if you have vehicles that are difficult to insure, especially if they have higher performance. You can find like-minded people at custom car shows. Or, you can ask questions online through motoring forums. Before you make any modifications to your vehicle, it is a good idea get multiple quotes. You don’t want to be surprised by the cost of your insurance.
These are six steps that you can take in order to lower your premiums. Avoid extreme modifications like nitrous oxide systems. These kits will increase the cost of your car’s insurance premiums. Parking your car off the road, and preferably in a garage is a good idea. This will reduce the chance of your car being stolen. You should also consider installing a car immobilizer system. This will stop the engine from starting (even if it is hot-wired).
You can avoid points on your license and increase your no-claims discount by driving safely. You can also take an advanced driving course or raise your voluntary excess. (6) You can agree to a mileage limitation – This will reduce your premiums if you don’t drive your modified vehicle too often.
Modified car insurance costs are determined by the risk you take to file a claim. Insurers will reward you with a lower cost policy if they feel you are less likely than others to file a claim. You can make a lot of ‘boy racer’ improvements to your car and park it on the street at night, but you will be a headache trying to get your car insurance at a fair price.
