Americans love to modify their cars. Whether it’s a new set of chrome wheels, or extreme engine modifications, the amount of modifications that can be done is too much to list. But what can be fun and for many a hobby, can also cost you more on insurance.
You see them every day, customized vehicles. Some people stop at adding a non-stock spoiler, but some take it to the extreme. Enhanced engines and raised suspensions are just a few of the more radical things people do to their cars. It goes without saying that the after-market parts industry does a booming business, especially when the economy is good.
Modifying your vehicle can give it a distinct appearance and improve performance in some cases, but it can also impact your auto insurance.
Industry experts point out the reasons for increased insurance cost because of vehicle modifications. There are certain modifications that can put motorists at a greater risk of having a collision, such as a lowered or raised suspension, or increasing the size of the engine. A vehicle with these modifications could be considered untrustworthy on the road and impact your safety as well as your access to coverage.
Some modifications such as improved brakes that make the car safer can also end up costing you more in insurance. The reason is because these kinds of improvements may raise the value of the car and therefore raise the cost to insure it. Some modifications may also make the car more attractive to thieves, making it more likely to be stolen, again raising the cost of insuring it.
The bottom line is vehicle modifications can affect your insurance premiums so before you get your car modified talk to your car insurance agent or broker and find out much it will affect your car insurance rates.
