When it comes to getting the car of your dreams, nothing beats modification. Whether you’re personalizing number plates or changing interiors, this is a sure way to satisfaction with your vehicle. Even better, you can do it all without the expense you’d face if you looked for an entirely new car. In fact, with DIY modifications, it’s possible to achieve your vehicular dreams without much expense. At least, it is if your modifications don’t mess with your insurance.
You don’t need us to tell you that everything you do to your car can impact your car insurance. That’s because the price you pay is based both on your ability and the vehicle you own. That’s why it’s vital you inform your insurer about changes to avoid invalidating your insurance. It’s also why you might want to ask these questions before jumping headfirst into modifications.
Does it increase your risk of accidents?
For the most part, insurers are concerned with your risk of an accident. This is the main thing which they’ll take into account when considering your monthly rate. As such, any modification which increases your risk of accident could raise your premiums no end. Consider, for instance, that turbocharging your car could see insurance raising by an astounding 132%. This is definitely a modification which will cost you over the years. Even alterations such as gear or exhaust changes can add nearly 30% onto your monthly insurance. That’s not to say, of course, that you shouldn’t opt for modifications like these. Often, you may find that adding these to your existing vehicle is still cheaper than buying a new, fully-fitted model. But, it is worth knowing whether a modification increases your risk of accidents before investing. That way, you can work out whether it’s worth your while.
Does it make you a theft risk?
Remember, too, that insurers need to pay out for theft. As such, you next need to consider whether modifications increase your theft risk. You’ll soon find, for instance, that replacing car parts with new or designer models is a fast-track way to attract the wrong kind of attention. Insurers know that, which is why they’re liable to raise your premiums if you add new tires or custom body panels. Even replacing your interior seats could see you facing inflated costs of up to 27%. That’s why it’s worth thinking twice, even if you manage to get those new parts on the cheap. Unless you do your calculations beforehand, their price tag could end up being more than you know.
Remember that this works both ways
Lastly, it’s worth remembering that this works both ways. If you do want to invest in mods which raise your premiums, then, you can balance them out with additions which lower them. Yes; you did read that right. Adding tow bars, parking sensors, and even dash cams could improve your insurance rates. This would then allow you to get the other modifications you wanted without once risking your monthly payments.