Modified Car Insurance – here’s everything you need to know…
Modified Car Insurance covers a wide variety of different car modifications. As many of you will already be aware, there are literally thousands of different modifications you can have done to your car.
If you own a car that is of high value and has only increased in value since it has undergone modifications, then it may be beneficial for you to look into a specialist Modified Car Insurance scheme (as opposed to standard car insurance), with a specialist insurer to ensure that your pride and joy is covered to the appropriate value.
Types of modifications
When it comes to spending money on modifications, many of you will happily extend your budgets on your project cars (in addition to your daily car). Whether you're looking to upgrade your exhaust system to a Milltek, Supersprint or even an Akrapovic model, here at Safely Insured we understand how much your car and its modifications mean to you.
The 'top 12' modifications we insure at Safely Insured
For each modification, we have categorised it with a 'level' which represents the impact certain modifications will have on your insurance premium. We have categorised these levels into three sections: high, medium and low.
Here's the list of our 'top 12' modifications we insure here at Sky:
- Alloy Wheels - Category: Low
- Body Kits / Spoilers - Category: Low
- Exhaust Upgrade - Category: Low
- Suspension (lowering / stiffening) - Category: Low
- Induction Kits - Category: Low
- ECU (chipping) - Category: Medium
- Turbo Conversions - Category: High
- Superchargers - Category: High
- Engine Swaps - Category: Medium
- Custom Re-sprays - Category: Medium
- Interior Upgrades - Category: Low
- Intercoolers - Category: Medium
What can you do to enhance your Modified Insurance policy?
In order to enhance your insurance policy, to get the best value for money and to mitigate risk, there are a number of measures you can take. These measures include, getting an immobiliser (alarm) fitted, as well as getting a tracking device fitted. This is of course providing that your car doesn't already have either of these devices fitted.
Immobilisers
We would recommend that the minimum Thatcham immobiliser you have fitted is a 'Cat 2'. If you would like more security, we would recommend a 'Cat 1'. Companies such as ToadAlarm produce these kind of products.
This reduces the risk of theft and vandalism and allows your insurer to know you are taking the appropriate steps towards securing your own vehicle.
Tracking Devices
If you are looking into getting a tracking device fitted in your car, the following is recommended:
- Cars in the region of £30,000 - £50,000 = 'Cat 6' tracking device
- Cars in the region of £100,000 = 'Cat 5' tracking device
This reduces the risk of theft and in return, allows for many more cars to be recovered. This will reflect well when it comes to your insurance.
Modified Car Insurance
When it comes to your Modified Car Insurance, there are certain dos and don'ts which many people often aren't sure about. Here we've listed a few of them, so when it comes to you and your insurance policy, you know where you stand...
What to do?
- Be honest with your insurer - always disclose all of the modifications on your car. Failing to do so could invalidate your insurance in the event of a claim or police enquiry. Your insurer may also have the right to terminate your insurance contract from the date of inception.
- Keep receipts for modifications - for all modifications and any work done on enhancing your car, always keep the receipts in order to prove to your insurer how much the car is worth.
What not to do?
- Drive your car without notifying your insurer of new modifications - if you have new modifications added to your car always notify your insurer first, before driving it. Your insurance will not cover you for undisclosed modifications.
- Fit your car with illegal modifications - there are certain types of modifications which insurers just won't insure for safety reasons. Make sure you check out all the modifications you're having done to your car and speak with a mechanical engineer who will be able to advise you on the best course of action.
The Modified Car Insurance Scheme
If you're looking for an insurance scheme which understands your modifications and the true value of modified cars, then opting for a specialist Modified Car Insurance scheme could be the way forward for you. Within this type of scheme there are a few optional criteria you can choose from. Here are a few key aspects of our Modified Car Insurance scheme criteria:
- Agreed Valuations
- 'Like for Like' Modifications Cover
- Limited Mileage Discounts
Agreed Valuations
An 'Agreed Valuation' is a pre-determined value which is paid out in the event of a total loss claim. Proof of modifications and the work done on your car is essential for this type of criteria, in addition to pictures of your car.
'Like for Like' Modifications Cover
'Like for Like' Modifications Cover involves an exact list of your specific modifications and their makes / the manufacturer. This is so, in the event of a claim, your modification(s) will be replaced with the model and version of modification you had on the car, as opposed to a 'standard' option.
Limited Mileage Discounts
Limited Mileage Discounts speak for themselves - the fewer miles you do in your modified car, the more of a discount you should receive.
At Safely Insured, we take a different approach to many. We understand that modifying cars is a hobby, in addition to a way of life. It's an expensive habit as it is, so we try our best to achieve realistic insurance premiums for our customers, with a realistic interpretation of how much their car is actually worth. We understand that those who modify their cars cherish them, so therefore you could argue that they take more care with them than drivers who don't? We'll leave that for you to decide...
For further information or specific information relating to our Modified Car Insurance scheme, you can visit our Modified Car Insurance webpage or call our specialist team on: 03303331250