Are you considering making some upgrades to your vehicle? Maybe you are contemplating fitting a rear spoiler, a louder exhaust or even just a racing strip, all these additions may improve the performance or change the look of the vehicle but some can double the price of your insurance.
But it is not just massive wheels and a souped-up engine you need to worry about, not informing the insurance company about all the kinds of modifications – even changing the paint color- could invalidate your policy. Of all the changes you could make to your vehicle, fitting a more powerful engine could see your insurance premiums sky rocket the most. But even small changes can have an impact on how much your insurance cover will cost you.
Your insurance premium is based on your risk profile and upgrades to a vehicle is a red flag for insurance companies. For example, a turbo engine would mean the vehicle will go faster, increasing the risk of accidents and modifications to improve the look of the vehicle may increase the chances of theft. Insurers balance the scale by pushing up the premiums.
Failing to inform your insurer about any modification to the vehicle could invalidate a policy and having an invalid policy is considered fraudulent and this could impact you negatively in the event of a claim.
Below is a list of top 10 modifications that could increase your insurance premiums:
- Fitting a turbo engine.
- Changes to the vehicle’s bodywork.
- Changes to the transmission or gears of the vehicle.
- A complete body kit and panel.
- Roll bars, roll cages & the removal of seats.
- Changes to the paintwork.
- Upgrading the brakes.
- Changes to the exhaust systems.
- Upgrading the suspensions.
- Adding stripes, decals or badges.
The onus rests on you to ensure the insurer is aware of any modifications on the vehicle, as they may affect your risk and the premium. Be sure to inform the insurer about anything that did not come standard on your vehicle, from wheels to sunroofs to a new sound system. This will ensure you know what is covered and what is not should the worse happen.