A car is usually called a big boy’s toy. Being such, most men choose to change some parts here and there to make it more customized to their liking. This is where modified car insurance comes in. After all, a car is still a vehicle that needs insurance whether modified or not. Sure, insurance companies will still consider the usual profile of a car policy owner. Age is still an aspect that insurance companies take into consideration. Driving history is another, checking your traffic violations history if there are any. Your mileage and where you live will also be checked. It is advantageous that your credit rating and score be promising.
For modified car insurance, though, companies take into account how your car is customized and for what purpose it is personalized. For insurers, there are two types by which modified cars are classified: show cars and street racing cars. The first one is usually owned by hobbyists who find joy in fixing a car and admiring it. Most often show cars are owned by collectors who simply love cars. These cars are considered low risk because they have very low mileage and are driven very carefully and slowly. These cars are less likely to be stolen because they are well-kept and are safe in a garage especially at night. It is a different story all-together for a vehicle that is meant for street racing or anything similar. This kind of car becomes too risky: it can be driven too fast, may be involved in accidents, thieves may steal it, among others. In addition, a street car becomes high-risk and insurance quotes will yield higher rates. That is how the business goes, the higher the risk, the higher the premium.
Modified car insurance companies will appreciate it if you, as a client, will declare or disclose your modifications. Some will keep the information hoping to get a lower rate. If you do not do this, you might not be covered when all the while you think you are. You will risk voiding your policy in case you claim after an accident. Even if another modification is made after an insurance product is signed, it is always safer to inform your insurer about it.
This modified car insurance, although a special product is just the same as the others, the process of acquiring entails the same steps. It is always best to scout for the best deal before deciding to purchase. Ask around and review the quotes. You will be surprised that your first consideration may not be the best one for you.
