There are many things to keep in mind when insuring your car, including any modifications you’ve made. First and foremost, you must tell your insurance company about your modifications. If you do not, they may decline to cover your vehicle, leaving you with a broken down vehicle and a large bill. Once you’ve disclosed your modifications, however, you’ll need to explain them when you file a claim.
The insurance company sets its rates based on the features of your car and its value. Compared to other vehicles, your modified car will have more risks and greater power. It may also be a bigger target for thieves. While some insurance companies are willing to offer coverage for modified cars, you’ll have to pay higher premiums. So, it’s worth checking out the coverage options available for your car before you get started.
Moreover, some car modifications are only desirable to certain car collectors and enthusiasts. Classic cars might need some special modifications to include modern luxuries. In any case, these modifications change the value of your car, and a proper insurance coverage is essential. An agreed value policy allows you to sell your modified vehicle for a predetermined amount. However, this policy may be difficult to underwrite. Considering all of the factors above, it is best to contact an insurance agent before you make any modifications.
Besides making sure your car has no legal defects, modifying your car is a good idea if you want to add value to your car. Standard car insurance policies will not cover aftermarket parts, but they’ll cover many mainstream modifications. Besides, they may cover stereo systems and alloy wheels. You may be able to get some of these features added for an additional cost. However, if you’re planning to install a stereo system in your car, be sure to check with your insurance agent.
The most common modification that requires reporting to your insurance company is engine modification. Engine modifications affect how efficiently your car runs, and they may reduce its performance. You’ll need to report these modifications to your insurer before you make a claim. Modifications to the gas delivery or exhaust are also important to report. These modifications could affect the performance of your car and raise your insurance rates. If you’re unsure of whether these modifications are covered by your insurance company, check with them beforehand.
Another modification that affects how your car handles on the road is the suspension. If you’ve installed a phone mount or added a custom exhaust system, be sure to inform your insurance company about these changes. They may not affect your insurance policy, but you’ll want to keep in mind that modifying your car can invalidate your warranty. This is a smart way to avoid any hassles and unnecessary costs down the road.
Custom modifications can affect your car insurance costs and make it more valuable to thieves. Some auto insurance companies offer lower premiums if you’ve added a custom modification to your car. Be sure to tell your insurance company of your modifications when you’re getting a quote. You’ll need to provide evidence of any damage or losses caused by your modifications. Your insurer will check the value of your modified car and adjust your rate accordingly.