In the recent years, the modified car insurance has become more established. Nowadays, modified car owners now have a wider range of insurance companies to choose from when it comes to picking an insurance. However, it can be challenging to find a good-quality insurance cover for highly modified cars at a reasonable price, especially so for younger drivers or those with a high-performance model. More often than not, most companies that cover modified cars can’t give a quote to drivers of their profile or their particular model. Therefore, those seeking car insurance for modified cars, have no option but to compromise either on the level of the quality of the cover or prices charged. Despite the misfortunes, insurers of modified cars offer a wide-ranging and in-depth expertise of the modding scene. Here are things you need to know so that you can discover how to get classic modified car insurance.
What is a modified car?
Cars are modified to improve their style or performance. A modified car is somehow different than a classic hot rod, fancy sports car, or a luxury vehicle. A modified car is a vehicle that has been enhanced or altered for the sole purpose of appearance and performance. The modification is done with the aftermarket components. Car insurance companies have specific standards for what they term as a modification. Some of the modifications may include custom paint jobs, structural alterations to the chassis, body, or the flame and significant performance increases.
Impact of modification on car insurance
Car owners who believe that their car qualifies as a modified car, they can obtain additional coverage from their insurance company, such as collector car insurance. Aesthetic and performance modifications have a direct impact on car insurance as they increase the cost of car insurance premiums. Modifications made to improve safety such as parking sensors will not affect premiums though they help to avoid accidents which can, in turn, reduce your premiums. Your car insurance company will assess some things when you apply for insurance.
The three most important areas of assessment are the risk of the theft, risk of accident, and the value of the vehicle. Under the risk of accident, if the modification improves performance and on the other hand increases the danger of causing an accident, the insurance will increase premiums. Under the risk of theft, if the modifications are of a high value such as satellite navigation systems, then your insurance premiums will increase as your vehicle will increase the risk of theft. If the modifications increase the overall value of your car, insurers will charge more to insure your vehicle which might cost more to repair or replace in the event of an accident. Modification boosts the value of the car, make it perform much better, any changes can result in higher insurance premiums.
The modifications you make on your car don’t have to be significant so as to have an impact on your insurance premiums. Any change that makes the car look different from how it was when new can result in higher premium costs. Such changes may include changing the cars navigation systems, a new body kit, or changing allow wheels. Before modifying your car, it is advisable to talk to your modified car insurance provider beforehand to find out what kind of impact any changes will have on your car insurance premiums. As such, you are in a good position to weigh up whether the modifications you want are worth the increase in your car insurance costs. It is wise to communicate to the insurer on the modifications you have made on your car to reduce the risk of invalidating your policy.
How security modifications differ
Modifications result in different car insurance premiums. For instance, if you install additional security measures such as an alarm, to prevent your car from the risk of theft, your premiums can fall as your insurer will consider you lower risk. The same case applies for immobilizers and tracking devices. The most important thing is to check how much reduction you can get in your modified car insurance before you proceed.
How to get cheap modified car insurance
If you think of modifying your car, you will need a modified car insurance to ensure that you are legally covered on the road. Modifying your car can be more of fun, and if you become a pro in it, you can consider modifying other people’s cars and in return make a good living. After you have modified your car, get a cheap modified car insurance. This can be challenging since the cost of modified car insurance is usually high. However, you can always get one who can suit your needs. Here are some tips to help you get a cheap insurer.
• Increase your car security
The premiums you will be paying are based on your risk. To lower your premiums, you ought to increase security. You can do this by adding security features to your vehicle, drive carefully, take your time before making a claim, and add 2nd driver with a long good driving track to the policy.
• Shop around to pick the best-modified car insurer
Take your time and shop around to find the best insurance for customized vehicles before you buy your modified car insurance. Choose a company with enough experience to value the worth of your car. Find the proper type of car insurance base on what fully covers you and get to know the financial support you need.
• Make a point of raising your excess
If you got a modified car, your excess could be of great help. The more cash you pay for the volunteer excess, the less you pay for your modified car insurance. However, it is good to consider the benefit you get after paying for excess. If you are a good driver and you abide by the law, money for excess might not be worth.
• Think carefully about the modifications
Modified car insurance is higher than other types because modifications make a car seem more likely be exposed to theft or involved in an accident. To get a cheap modified car insurance, take into consideration the modifications you want to make especially when it comes to the power system and appearance.