How Modification Affects Your Car Insurance Premium?
You have bought a new car, but it is not giving that feel of the personalized vehicle. What are the options? Well, most of us prefer to get some modifications done in our car to make it more personal. Let it be a music system, security system, bumpers, or seat covers; there are hundreds of options available in the market. Options such as wide wheels and others can have an impact on the vehicle’s performance as well. The original design of the car takes years of research, planning, designing, and testing. Every design has to be tested in a controlled environment to see the impact of accidents on passengers.
During a crash test, the researchers strap dummies to the seats and use the latest technology to determine the damage caused by impact in different controlled conditions. The security features are installed based on these tests. However, when you modify your car, these security features may not work the way they intend to. Thus, when you make any modification in features including fuel efficiency, speed, power, braking system, air conditioning, etc., your Car Insurance Premium also increases.
What is car modification as per the insurer?
Any change made in the original design of the vehicle is considered a modification as per the insurer. There are several parameters on which the insurer calculated the additional risks that these modifications could cause. With those parameters into consideration, the insurer will determine the premium that you have to pay. Some of the most common changes are as follows:
Modifications done to the engine
There are options available in the market that can improve your engine’s performance and increase the speed of the car. Such modifications increase the risk of accidents as they tempt the car owner to drive recklessly. Adding such superchargers causes a spike in the premium.
Modifications in the wheel system
Some car owners prefer to use specially designed wheels for their cars to improve the looks and feel. However, these modifications have a significant effect on the security features of the vehicle, thus raising the chances of damages. The premium cost is higher if you get such modifications in your car.
Modifications in the brake and suspension system
Though any modification in the brake and suspension system is not recommended, if you are getting it done, you should make sure that a highly skilled mechanic is handling the project. Any change in suspension results in changing the whole behavior of the car. It is important to inform the insurer about such changes and get the premium re-evaluated.
Modifications in the interiors
Varying from steering wheels, sound system, pedals, and more, there are hundreds of options that you can opt for to modify the car. However, every change costs you in terms of premium as they alter the security features of the vehicle. When such features are installed, they also cause wear and tear to the vehicle, which needs re-evaluation for the premium.
Paint job
Though paint job sounds innocent modification, it is important to inform the insurance company, especially if you are getting a flashy or decorative paint job on your vehicle.
Modifications in the engine
If you change if you modify the factory-installed engine, the insurance company will consider it as an increase in the risk of the owner as well as to the other people on the road. Such modifications have a significant impact on the premium.
It is very important to inform the insurance company about any modifications that you are doing in your vehicle. Most of the changes are not illegal in the eyes of the law or the insurance company. However, if you do not inform the insurance company beforehand, it may result in the rejection of the claim. Thus, it is important to notify the insurer, get the car insurance re-evaluated, and pay the right premium to stay on the safer side.
