What is a Modified Vehicle?
So you have got a transmission / engine overhaul, fitted a new exhaust system, air filter, fitted new body kits and got a paint job done on your car? In short, you have modified the car making it look classier than before…
Does a standard car insurance policy cover your modified vehicle?
A standard car insurance policy is not going to treat your modified vehicle as being worth anymore than a standard car. It is imperative that you tell your insurer if your car has been modified, if you do not, then your insurance may become invalid…
Is getting car insurance for modified vehicles difficult?
Car Insurance for modified vehicle is difficult to source or arrange as standard car insurance, as it depends on the nature of modifications done to the car… However, there are many car insurance companies in UK offering modified car insurance policies.
Factors defining car insurance for modified vehicles
Car Insurance for modified vehicles depends on various factors such as your previous car insurance cover, car insurance group, the type of car insurance cover you require, age, your residential area and the kind of modification or alterations done to your car… The process is quite complicated though the basics are easy to understand.
Determing the base rate & loadings
The insurance company will determine the base rate and loadings reckoning on the modifications done and the type of car owned… for e.g. cheaper car will attract less loading value, unlike costlier car… Once the loading is calculated, it is converted into pounds… The premium amount will depend upon the loading. Sometimes certain modifications will incur an increased excess in event of claim, leading to additions in the premium amount. The degree of classification of car modifications, their associated rating implications varies from company to company.
Hunt till you are happy
Take quotes from different companies; they have different methods of calculating the loading figures. Inquire with friends, family who are availing modified car insurance policy, as you might get the best deal.