Concerns About Car Modification

A spokesperson from a leading car insurance company has claimed that car insurance premiums are likely to increase by up to 20% by the end of the year. This is because car insurance claims are on the rise, not to mention the number of fraudulent claims increasing. For insurance companies to cover their costs, their only option is to increase their insurance prices. If you are thinking of modifying your car, be sure to be prepared for your premium to be increased even further.

Car modifications, such as alloy wheels, spoilers, tinted windows and adjusted engines can increase your premium by up to 10%. This is because you are adding things to your car which will make it stand out, and therefore it will be more of a target for theft or damages. Insurance providers will see this as greater risk- you are more likely to claim on your insurance than someone who hasn't modified their car in any way.

For many, it is surprising to know that one third of car modifications are done by women- contradicting the stereotype of modifications and boy racers. Insurers are warning people who are likely to modify their car (i.e. the younger generation of drivers) that with the likelihood of raised premiums, as well as the added value a modification will have an impact on their finances. Insurers are urging people to be aware of these extra costs, and to consider whether they will be able to afford it. Insurers are also urging their customers to be honest when concerning modifications on their car. If they are not noted on your premium, your insurer may be reluctant to pay you out on a claim, even if it wasn't related to the actual modification.

When looking for a good premium, compare car insurance online to find a reasonable quote. You are more likely to find cheap car insurance if you see what is available on the market beforehand.