Every American car owner knows that there is no such thing as a “one size fits all” approach to auto insurance. One of the most important things that insurance providers look for when coming up with premiums is the car model. Insurance companies look at studies to see what car models are safer to drive and which ones are more prone to accidents.
Major car insurance companies even fund research institutes and facilities to conduct studies on the safety ratings of the popular car brands. The general approach insurers stick to when offering coverage to motorists is the “en masse” method. By offering fairly generic policies with some modifications and additions here and there, insurance providers can cover a wide range of American car owners.
While convenient, this does not offer any consolation for car owners who modify their vehicles. Modified cars are notoriously difficult and expensive to insure with conventional insurance providers. Most companies have policies that make modified car insurance basically non-existent. For instance, souped-up engines can change the car’s performance dramatically. This presents a problem for insurers. They have to weigh the costs and risks of a stronger car engine under the control of a driver. Even if a car owner has a good driving record, the fact that his vehicle has a stronger engine than regular cars on the road makes the vehicle more expensive to insure.
Modified car insurance can also be problematic for ordinary insurers because of the large amount of money invested in modified vehicles. Unlike ordinary cars that depreciate, modified cars oftentimes become more expensive as the years go by. The total investment placed in a vehicle can mean more expensive parts, accessories, and ultimately, insurance. Car owners would have to contend with limited body and engine parts. In the event of an accident, insurance providers will have difficulty looking for special body shops to deal with the damage.
However, there are special insurance companies that cater mostly to modified and classic cars. These firms have built their reputation by insuring expensive cars and the collectors who own them. Many of these insurers also offer modified car insurance for owners of enhanced vehicles.
Special auto insurance providers cover a wide range of vehicles against different potential threats and damages. Although more expensive than regular car insurance, modified car insurance coverage purchased from these specialists would mean exceptional protection for a high-performance car. Aside from the usual injury and liability coverage, special insurance providers can also offer adequate protection against any damage to the car’s accessories and body.
