Car Modifications – A Need for Speed?

In the eyes of the insurer, modifying your car or its performance shows an intent to drive faster and possibly more recklessly hence the reason why it effects your car insurance premium so drastically. However for the car enthusiast, modifying their latest set of wheels, or tinting their windows can be either a hobby or their business. Some will only want to give the car a more luxurious or sporty look, whilst other will tune the engine up, add parts and generally spruce the vehicle up to increase its value to sell on.

The popular MTV show ‘Pimp my Ride’ featured rapper Xzibit taking one car in poor condition and restoring it, as well as customizing it. Young drivers from in and around Los Angeles would have their car tailored to their own specifications and interests at no cost to themselves. Window tint, disco balls, flat screen TV’s, games consoles and even an electric fire were installed in the owners cars. What the show failed to show, was that the owner of the newly customisable car was probably unable to drive the car at all, as no insurance company would insure them.

That is the very real prospect that many car enthusiasts face. Once they have modified and customised their car, and maybe fitted window tint, they are unable to drive their dream car as the cost to insure is just too much. Cheap modified car insurance can be hard to come by as many insurers link it to the ‘Boy Racer’ culture. The AA reported a 51% rise in insurance premiums for young drivers, and price comparison website Moneysupermarket showed an average premium for a 17 – 22 year old male driver is around £2500. It is these figures that are making young drivers think twice about modifying their car.

What constitutes a modification?

The definition of a modified car is one which has been altered in any way from its original factory set-up. Not all modifications will affect your car insurance premium, and different insurance companies will have different views on what constitutes modification.

Generally speaking, anything which increases the value of the car or enhances its performance is a modification. Before you make any modifications to your car, it is always best to contact your insurer first to see how much it will cost you. If the cost of your annual premium rises too much, it may not be worth it in the long run.

However there are those whose needs for a DIY ‘fix’ is too great. Therefore for those, consider these top tips, to keep the cost down.

First of all, shop around as it may be best to find a specialist modified car insurance company. As well as potentially offering cheaper modified car insurance, these providers often will offer extras like track day cover and bonuses if you are a member of an owners’ club.

Specialist modified car insurers can also offer an ‘agreed valuation’ on your car. This will guarantee you a certain payout, giving you the peace of mind that you will get what your car is worth, rather than the trade value which will be a lot less.

Fit a security device approved by your insurer, like an immobiliser, an alarm or a steering wheel lock and park your car in a secure location like a garage or driveway. If you have expensive alloy wheels on your car, you might want to invest in locking wheel nuts which will reduce the risk of them being stolen.

Finally, drive safely and responsibly. Even if your newly modified car can do 60mph in two seconds, getting a speeding offence will more than likely double your annual premium.