Automobile modification is an ever-growing industry, a hobby and a culture in itself. However, car modification is considered more than just a hobby by certain individuals. To some enthusiasts, modifying their car is a passion. People modify their cars in various ways, depending on their interest, income, and chosen lifestyle. They spend a great deal of money, sometimes amounting to thousands of dollars, just to have their beloved ride all “decked out.” This type of hobby brings them much pleasure and fulfillment, despite the fact that the more they customize their car, the more it will cost them should the car run into unexpected and unwanted situations. However, this fact does not curb their passion in any way. It is essential for auto modification aficionados to know some important facts about modified car insurance, which is different from ordinary auto insurance.
Not a lot of insurance companies will provide coverage to modified cars. It is not too easy to find a policy that will cover modified vehicles, even at higher rates. An insurance company will consider giving coverage to a car with modified exterior, like hoods, spoilers, skirts or bumpers. They can also consider insuring modifications to customized in-car audio and video systems.
Now the part that could be a problem for modified auto owners is if the engine of their car is modified. A modified engine makes a car way faster, which can be tempting for drivers to rev up on the road. This fact poses a problem when procuring modified car insurance. You have a better chance of getting insurance if your car’s engine only has small modifications. You will not likely be given a quote if your car has a lot of engine modifications with the intention of turning it into a “hot rod.”
Aside from these factors, insurance companies also determine the level of risk with the driver when giving modified car insurance. Among these factors is the driver’s gender, income, location, driving record, and credit rating.
The two types of modified cars that are considered by insurance companies are “show cars” and “street cars.” “Show cars” can easily procure modified car insurance and providers are usually more lenient for these types of cars, since the risk is lower. “Street cars,” on the other hand, involve very high risk factors such as road accidents which providers charge large premiums for possible claims.
Modified auto enthusiasts may find it hard to look for an insurance provider that will give coverage to their modified vehicle and charge affordable premiums, but it is possible.