If you plan on purchasing a cheap auto insurance cover then just put all the modifications on hold. As per the survey conducted recently modifications on the engine and addition of any of the performance parts will cause premiums to shoot up. Most of the car insurance premiums will only cover the basics of your vehicle which are factory-installed and they will not cover the modifications done after that. However, be truthful about conversions or modifications if any and don’t hide any information.
There are a lot of hidden costs in modifying your vehicle and might actually cost you much more than the modification itself. Increasing the horsepower of an engine is one modification that can potentially cause an accident and also increase the premiums. The other conversions like addition of performance parts will increase the likelihood of your vehicle being a target for car thieves. Most of the modification is done on the sports vehicles and these models will generally cost more to insure as they are high-performance vehicles. Hence, taking an expensive model and doing the modifications could let the premiums skyrocket. All these engine modifications and addition of performance parts will not only increase the premiums but will increase the risk of your vehicle getting stolen as well.
It is always a good idea to be truthful and report any conversion or modification to the insurance provider right at the start. There is no way that you can save on the premiums by merely hiding facts or get cheap auto insurance rates by not reporting the modifications. In fact that could be the biggest mistake that one can make as most of the parts that are not factory installed are not covered by insurance. Due to this the insurance will not pay for damages that your modified car will incur not will it cover these costs in case the vehicle is stolen. Reporting these modifications to the insurance provider will increase auto insurance costs quite a bit but your vehicle is covered in the event of a theft or collision.
However, not all modifications cause a hike in premiums. In fact safety devices and anti-theft devices when installed actually help bring down the premiums. If you wish to offset the cost of the high premiums because of the modifications ensure that you install these safety devices that will bring down the premiums. Use the insurance calculator to see what you can save.
