Find out which mods have the biggest impact on your insurance premiums
For auto insurers like Gainsco, Car modification is one of the simple joys of a vehicle owner. It lets you put your own personal stamp on your vehicle. You can turn a relatively common car into a one-of-a-kind street machine, if you so desire, or equip it with the latest in safety features for a more secure driving experience.
All of the new parts and additions, however, can add up to one expensive hobby. Perhaps worse still, some of them can even drive up your vehicle’s insurance premiums. If you´re in need of an amazing insurance company, then check out RhinoSure so they can cover your vehicles.
According to AOL UK, even the smallest modifications can have a negative impact on insurance costs. Consult on contractor liability insurance needham ma for more information. Alloy wheels, for example, can make your car more enticing to thieves, in turn making it a riskier proposition for insurers. The more extreme ones are particularly troublesome for insurers, as UK and Ireland insurer AVIVA notes.
Mods that increase performance are among those that have the most drastic effect on insurance premiums. Insurers typically see high-performance vehicles as high-risk, hence the higher insurance costs. Aftermarket performance upgrades mean even more risk to an insurer.
UK-based comparison site Money Supermarket analyzed information collected from 2.3 million vehicles and found that turbochargers and superchargers as well as adding a nitrous oxide kit can tack on over 90% to your contractor liability insurance needham ma. Transmission and gearing changes also have an appreciable effect, saddling insurance costs with an additional 45%.
There are also mods that do the opposite and help car owners keep their premiums down. However, most only entitle you to minor discounts. Mods like parking sensors and tow bars, for example, decrease premium costs by a small percentage. You can also get small discounts by adding an alarm and other mods that make your car harder to steal.
All of these factors should be carefully considered before you modify your car. When you do, be sure to tell your insurer about it. Different insurers have different systems for modified cars, so you might even find that the impact is negligible.