It’s a general rule that modified cars attract higher insurance premiums. But if you drive a modified car – as many auto enthusiasts do – the impact on insurance cost depends on the amount and type of modification and how it affects the car’s performance. Different insurance companies also have different sets of guidelines regarding modifications. Some decline to insurance modified cars as they consider the risk to be too high.
Very basically, insurance is offered on a principle of calculated risk. A car insurance company will work out the likelihood of an accident and cost of putting it right again. Based on this figure, insurers will set a premium. In the event of an accident, vehicle owners can make a claim and the company will pay out the agreed amount. You can find some vehicle insurance plans at MoneySupermarket.
Car insurance premiums are set on a number of factors that include both the driver and the vehicle. Regarding the driver, age is a big factor. Income, credit score, marital status and where you live are other considerations. Another big factor is the kind of car you drive – its design, technology (for example, safety features) and the likely cost of repair. Aesthetic modifications such as alloy wheels, body kits and tainted windows can mean slight premium increases, while engine modifications can incur greater cost.
A car is deemed “modified” when it’s altered from its original factory configuration, and unfortunately, this includes alloy wheels and body kits. It doesn’t mean that this will push premiums through the roof, however. Many specialist insurers have built their businesses around custom plans that cater to modified cars, but for cars with slight modifications, it may be cheaper to ask for quotes from well-known insurance brands.
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