Car insurance providers may refuse to pay out on claims if motorists are found to be upgrading a vehicle and not letting an insurance provider know. Policyholders issue insurance policies based on how the car was at the time the policy was taken out and companies have no requirement to continue an agreement if the vehicle has somehow changed.
Upgrades could see your premiums increase and failing to tell a policyholder of any changes could see a policy invalidated when motorists come to claim after an incident.
This is because adding upgrades to a vehicle changes the car’s overall value and also makes your car more attractive to thieves.
Performance upgrades could also make your vehicle a higher risk on the road due to increased top speed and faster acceleration.
Modifications could be aesthetic changes such as a different paints scheme or car stickers and decals which may make your car stand out more.
Research from Money Super Market revealed how some upgrades can massively hike prices while others will only increase a premium by a small amount.
The handy guide can make sure motorists are aware of the potential changes to a policy before upgrading their vehicle.
The group found adding a turbo or a supercharger to a vehicle will add a massive 132 percent onto an average premium price.
Adding cosmetic bulges, flared wings, a complete body kit or installing a new transmission will also see prices soar more than 50 percent higher.
However, adding alloy wheels, a satellite navigation system and tinted windows will only see prices rise a fraction.
Some upgrades will even see car insurance prices dramatically fall as they are deemed to make your car safer on the roads.
Installing parking sensors will see prices reduced by 13 percent as tow bars will see overall costs crashing by one-fifth.
Motorists are urged to always inform car insurance providers of any changes to their vehicle so the terms of your policy can be updated.
However, road users could also save money by shopping around and finding a cheaper price elsewhere if prices massively increase.
Some car insurance providers will recognise owners have spent vast amounts of time and money updating a car and therefore will potentially look after it better than those without lots of upgrades.
Matt Oliver, spokesman for GoComapre car insurance said: “Different insurers have different views on what constitutes a modification – so it’s always wise to tell your insurer of changes or additions you make to your vehicle at the time of making them.
“Otherwise you could find yourself in the situation of having a claim rejected and possibly your car insurance declared void – that could affect your ability to be insured full stop, and not only for car insurance.
“Shop around and look for the best deal that suits you and your car, and if in doubt, check the service history for any modification and speak to your insurance provider.”
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