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Modified Car Insurance
There are some types of car insurance that are more difficult to find than others. While you might find it easy to insure your average commuter car and you might be able to find plenty of takers to insure your classic car, finding modified car insurance is an entirely different challenge. When you modify your car, you are making it better in your eyes. The insurance companies, however, do not always see it this way. Many insurance companies see car modifications as making the vehicles more dangerous. As a result, many insurers stay away and refuse to provide insurance for these claims. Here what you need to know about modified car insurance.
Why is modified insurance more expensive?
You might be wondering why the insurance costs go up. Why would insurance companies care, after all, that you put more effort into building your car than the next guy out there? The answer comes back to risk, as with most questions about car insurance. When you show car insurance actuaries a vehicle with new wheels or a spoiler kit, they see a vehicle that is more likely to be stolen or vandalized. The numbers suggest that these cars are involved in more claims, so they have to adjust what they charge upward to account for that risk. It is a simple numbers proposition in this way.
Likewise, a modification that adds performance to your car makes it faster and thus more apt to get into an accident. Though you may see these performance upgrades are helping handling to avoid accidents, the car insurance providers are not apt to agree with you on this point. Since it is their opinion that matters, you will have to really work hard to find the cheapest car insurance quotes for your modified vehicle.
How about specialty insurance providers?
One trend in the car insurance world is that more companies are taking on “specialty” customers. They are insuring a certain type of car or a certain type of customer in hopes of gaining more market share. There are some companies that claim they offer insurance to modified car owners at no additional cost. You should be skeptical, though, and always compare the market before making a decision. When you compare car insurance, you will see whether these big promises actually come to fruition or whether they are just empty words aimed at advertising.
What is a modification?
To know if you need modified car insurance, you have to know what a modification actually is. The answer is that a modification can differ depending upon which car insurance company you work with. Any alteration from the factory set-up is seen as a modification by some companies, but others will have looser definitions. It is best to check with each company before you sign on with a new policy.
Keeping modifications at a minimum to save money
One way of saving money on a modified insurance policy is to keep your modifications in check. Don’t go overboard modifying the car and insurance companies will be more apt to provide a reasonable price. As mentioned before, you should take advantage of those specialty insurance companies and compare the market for various prices. This is a good way to bring down costs.
Other general advice on gaining cheap car insurance deals on modified cars is have a proven track record with this type of vehicle, driving record is the most important thing with insurance, so drive safely. Likewise, you might think about doing things to make your car less stealable. Putting in a security system is a good way of showing insurance companies that you are serious about protecting your car.