Modifications declared to insurance ensure that you are covered properly. Though some modifications may cause an increase to the insurance premiums. These are the ones that make the car vulnerable. For example, Vulnerable to theft, accidents and risk.
However, on the other hand, there are modifications that reduce the insurance premiums. Such as, car sensors, cameras among others. So there should be a balance if you install both of these types of car modifications and declare them to the insurance company.
Before undertaking any modification it is important to consult your insurer. This will inform you about the types of car modifications that are acceptable and those that aren’t. Further the insurance company will inform you about how this will affect the premiums. Well depending on the country you’re from, some modifications aren’t allowed by law. So, this is something to take note of before you go ahead to make any modifications.
There are various factors that are considered by insurers when coming up with the premiums. For example, the car make, model, mileage, current market price, accessories and modifications, vehicle condition among the others.
Modifications declared to insurance companies.
1. Body-kit installation.
This is an aesthetic installation that must be declared to the insurance company. However, most car owners don’t usually do this. Simply because they view a roof carrier as a minor modification that doesn’t affect insurance. However, the opposite is true.
2. Interior.
The car’s interior is made up of a number of valuable components. The dashboard is one of the main interior component. So any modifications done to the dashboard like a screen installation affect the insurance premiums. Other interior components that need to be declared include the car seat modifications, interior make overs and the sound system among others.
3. Car paint.
The car paint varies in terms of cost. In fact its the most vulnerable part of the car. Hence, the reason why the insurance companies are very insistent on the paint declaration. So often you get a scratch on the paint work and this common to most cars. There is a cost incurred during repairs and the insurance needs to cover that. So, first of all, they have to know the value of that paint.
4. Tires and wheels.
These are a big contributor to a good look on the car. Some people usually install wheels specifically to improve their car’s aesthetics. To be honest, getting a wheel change isn’t that cheap. So declaring a wheel or tire modification is a way of getting a fitting insurance premium quote.
5. Braking and suspension systems.
The suspension system is responsible for keeping the car balanced. Meaning that it is responsible for safety to some extent. Further, the suspension system springs usually affect the driving comfort. Hence the reason why some car owners undertake suspension system modifications.
Declaring this type of modification can swing in your favor. Meaning that the premiums could be reduced. But this entirely depends on the installations that you have done. That is, whether it’s an upgrade or a downgrade.
