Auto modification is more than just a hobby. It is now a widespread lifestyle and an ever-growing industry. People who are very much into this lifestyle do not mind spending serious cash to modify or “pimp out” their beloved vehicles. These auto modification enthusiasts get much gratification from customizing their cars, despite the fact that they know that the more they modify their car, the more money they need to spend for their modified car insurance if their car gets damaged in an accident. However, this fact does little for them to give up their chosen lifestyle.
It is sometimes challenging to find an auto insurance company willing to provide modified car coverage, even at a much higher cost. Most insurance companies will consider giving coverage to cars with external modifications like customized fenders, hoods, bumpers, spoilers, skirts or headlights. They can also give coverage to cars with custom audio and video systems. However, most insurance companies would feel reluctant in providing coverage to vehicles with modified or “souped up” engines. Modifications increases an engine’s top speed, and this can tempt drivers to “put the pedal to the metal,” increasing the chances of an auto collision. This means your chances of approval for modified car insurance are higher if your car’s engine has only minor modifications.
When it comes to modified cars, there are also other important factors that decide the driver’s level of risk. Among these include the driver’s age, gender, credit rating, income, location, driving history and road record.
Car insurance companies classify modified cars into two main classes: “show cars” and “street cars.” The risk of “show cars” is lower than “street cars,” and insurers are usually more lenient in approving “show cars” for modified car insurance because of this fact. Another solid reason why “show cars” are more agreeable with insurance companies is that these types of cars are usually stored in safe places, lowering the risk of theft and vandalism.
“Street cars,” on the other hand have an increased risk of theft and vandalism, as well as car accidents, that insurance companies charge high rates for claims. Furthermore, it is highly possible that drivers other than the owner would be driving “street cars,” since these cars are normally used for illegal drag racing. Car insurance companies generally charge higher rates for these cars, but most street car enthusiasts are not too concerned with costs if their car gets damaged.
Owners of modified vehicles might find it quite challenging to find a car insurance company willing to offer a modified car insurance policy at reasonable rates, but this is possible.