Anybody who has a street car knows that getting modified car insurance can be complicated. Higher performance vehicles are expensive to insure as compared to regular cars.
What makes it difficult for a person to insure modifies cars?
1) Drivers who own modified cars statistically fall on younger generation. These people are most likely to be involved in car accidents.
2) Modifications on performance vehicles like engine tuning, suspension, exhausts, filters and induction kits are designed for more speed. More speed means possible accidents.
3) Modifications on body works make the cars more attractive not only to car enthusiasts but to thieves as well.
This is why insurance providers charge higher rates on modified cars. The type of modifications and the kind of drivers are high risk investments.
Generally, there are two types of modified cars. These are:
- Street racers- this is best described by a Nissan Cube. The cars under this category are modified to increase power and speed.
- Show cars- an example would be a Leno 32 Bowtie Deuce Roadster. These cars are basically modified without added power.
Among these two, the first mentioned would be more difficult to insure.
How do you get insurance for a modified car?
Getting an insurance company that specializes in modified cars is not complicated but getting one that will guarantee you of sensible costs can be challenging. Different companies offer different quotes. It pays to be sensible with your choice of carrier. Most people were able to find with the help of the Internet. There are specialty insurers that cater to owners of modified cars. These companies can give you a more competitive price on modified cars. You must have the patience to find the right one for you.
When shopping for an insurer, be sure to make full disclosure concerning all the modifications of your car. Undisclosed modifications may be a reason for a company to cancel your policy and it can also limit the value of your car in case you were involved in an accident. The insurance company will not be liable to any damages leaving you to pay for all the costs. Miniscule modifications may not have any effect on your premiums but you still need to inform your insurer just in case.
Why different modifications are not treated the same?
It is easy to note that all modifications are not treated the same way. While it may be true that expensive rims and engine boosters may augment the value of your car, it will also be more appealing to thieves. Having this kind of attraction, it will most likely have a negative impact on your insurance.
Adding security devices like a car alarm system or wheel locks on the other hand may give you discounts. This is because the risk involved in lessened with these devices. You may also pay up front for a whole year or insure more than one car to get a discount.
In cases on accidents, what is the process you need to take to claim money for policy?
Do you have collision coverage for your modified car? Are you unsure that your car insurance company will pay for damaged modifications due to a car accident? Here are some things that you can do to get the money back from all the add-ons when it is time for you to claim.
- Make sure to take photographs on installed modified features. You can also have a video showing all the modified parts.
- Get a photocopy of receipts as further proofs of modifications.
The goal here is to have you financially stable just as you were before the accident. This is why you need to have a record with the company of the modifications made. Otherwise, you will end up with a lawsuit against your insurer.
How do you improve the way how your insurance company sees you?
This may not assure you of discounts but will protect you from accidents in the long run. It will also give you a better standing with your insurance company. You can try lowering your risk profile by doing the following:
- Be a careful driver. Be sure to make it a point to observe traffic regulations. Avoid speeding at all costs especially in residential areas. Use your seat belt at all times.
- Take extra precautions when parking your car especially in public places. Be sure to lock the car door.
- Take performance driving classes if you can.
If you want to get a better picture about your insurance, contact your agent and inform him of modifications to have an estimate on premiums for your car.