Having a car that looks and functions exactly as you wish is a great feeling. Getting it modified with specialized features like extra bodywork, high-end graphics, or unique paintwork, is a way to express your personality. It is mandatory to inform your insurance company about any minor or major modification and having such changes made to the vehicle has its impacts on the car insurance premium. Read on to know more about it.
Any modification to the car is considered as an additional risk by the insurer, as it differs from the manufacturer’s original factory specification. This will lead to changes in the premium calculated, based on the type of the modification done. It also depends on the quality of the products modified, and risk factor. There are certain changes that would lead to higher accident risks like getting a turbo engine installed, while certain changes seem to decrease the accident risks like installation of parking sensors. Changing the graphics into specialized attractive ones would also make the car prone to higher risks of theft. Let us look at a few types of modifications and their impact on the insurance premium.
- Engine and Mechanics modification- Any modification done to the engine heightens the engine power, leading to an increase in the acceleration speed of the vehicle. Speed is always a high risk factor when it comes to accidents. This is the reason why your insurance premium rates would go high in such a case.
- Brakes and Suspension- The control of the car depends on the brakes. Getting modifications made in the company’s standard brakes would make it critically risky and insurer would charge higher rate of premium for the car.
- Wheel modifications- When you change the wheels of the car and if they are not as per the specifications of the manufacturer, it makes the vehicle highly prone to accidents. Your insurance company will charge higher premium rate for such changes.
- Car Interiors- Any changes in the internal tools and system of the car like changing the sound system, steering wheel, pedals, etc. are also the factors that would lead to reevaluation of the insurance premium.
- Car Exteriors- Changing the exterior look of the car with painting, or adding graphics, designs, etc. to the original parts and products of the car would also lead to changes made in the premium rates.
It is mandatory to inform your insurer before getting any modifications made to the vehicle. If not done so, the insurance company can consider it as a fraud and that may lead to further complications. It is also in the insured person’s favor as the insurer will make a risk analysis before recalculating the premium.
Not all modifications cause higher risk, leading to higher rate of premium. There are some modifications like installation of tracking mechanism, anti-theft alarm system, etc. that would decrease theft risk and thus get you a discount on the premium rates. It is always advisable to trust your insurance company and give them timely and detailed information. You can get your car insurance online by choosing the suitable policy. Bharti AXA provides some of the best policies at best premium rates.