Any change to a car can be considered as a modification so always try to contact your insurer in advance to minimise the risk of invalidating your policy or any expensive hikes in the cost of insurance.
Why Do Modifications Attract Higher Premiums?
Car Modifications tend to have two effects; either they make the car more valuable, or they make it more likely to be involved in an accident. Performance enhancing changes to the engine can make the car faster and for this reason insurers see it as a much higher risk.
Simple changes like a re-spray can increase the value of the car and for that reason may have an effect on the premiums. In many cases modifications will affect both performance and value of the car - placing it an even higher category for insurance purposes.
What can I do to cut the costs?
The first thing to consider is what type of modifications can help to reduce the cost of your insurance. Alarms and tracking devices will all be viewed as positive modifications by insurers. Any factor that can increase security and reduce the likelihood of theft will help - even something as simple as garage storage, so consider how you can make the most of these savings to offset any increase for modified car insurance.
Car insurance for a modified vehicle will also be affected by your age, driving record and all the other factors that insurers take into account. Age is one of the biggest factors in 'risk' assessments of insurers. Mileage can also make a big difference. For younger drivers 'Pay how you drive' insurance can offer some good savings - if you are a good driver at least. Limiting the use of the modified car to recreational use can also save money.
If the car is used every day and is parked in public while you are at work, insurers will consider it is likely to be at a higher risk of theft than if it was parked safely at home during the working week. This may seem like a small factor, but financially can make a big difference.
Where to Shop
Not all insurers are equal! Shop around and try a few different comparison sites along with specialist modified car insurance and performance car insurance sites. Specialists tend to take into account that your modified car is your pride and joy and that you are likely to be as concerned about its welfare as they are.
Comparison sites can offer the best range of quotes and can often help you to find surprising savings.
Anthony Saxon is financial content writer currenlty working in the insurance industry for http://www.tiger.co.uk. Tiger is one of the leading modified car insurance comparison sites in the UK and our focus is to find the right insurance policy for the right price. You can compare over 140 of our insurance partners to find the best deal and save money.
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Car Auto Article FeedFind More ArticlesSearchSimilar ArticlesTypes of Car Modifications and The Cost of InsuranceThe Fine Art of Modified Car InsuranceHow to Cut the Cost of Car InsuranceTwelve Car Insurance Money Saving Tips For Much Cheaper PremiumsJapanese Import Car Insurance - 5 Money Saving TipsCar Insurance - Finding Specialist Insurance For WomenUnderstanding CPT Code 28510 - Billing for Fracture Care Follow-UpsForces and Trends in BusinessHuman Resource Information System - HRISRecent Articles17 Year Old Driver InsuranceEssential Things To Note Whenever You Make A Motor Insurance Coverage ClaimWhy Modern Automobile Makers Are Rediscovering ColorExamining How Your Credit Can Affect Your Insurance CoverageImportant Information About Car Accidents And Your Insurance CoverageShopping for a New Car? Consider the Insurance Cost Before BuyingHow to Change to a New Car Insurance CompanyAuto Accidents - What to Do If You Hit a DeerEight Simple Ways to Reduce the Cost of Car Insurance for Young DriversTips For Making Best Choices For Insurance RenewalSubmitted On March 13, 2012. Viewed 0 times. Word count: 432.MLA Style Citation:Saxon, Anthony".".13 Mar. 2012EzineArticles.com.17 Mar. 2012
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