Motorists like to change some parts of their cars to suit their style, taste, and needs. These may be changes that affect the risk level if there is a collision with another vehicle. These modified parts may or may not be included in their auto insurance depending on the policy or the insurer. Modified cars are the most stolen in the world. Getting modified car insurance can be a bit difficult as the insurance companies shy away from them and play safe.
Specialist Car Insurers
Auto insurance for modified vehicle is one branch of the specialist car insurance which keeps evolving constantly. This particular insurance has been facing increasing demand to adapt to the needs of the modern day vehicle owners. With advancing technology and use of improved components, insurance companies find addition of hundreds of vehicles with modifications needing a different kind of risk evaluation. The standard auto insurance companies refuse to insure such modified vehicles and the specialist car insurers show a keen interest in taking up such modified cars for insuring.
The insurance companies mostly weigh the car owner’s details for insurance such as their age, driving history, credit history, location, gender among others. The insurance companies check for the details of customization of each car for this purpose and classify them under show cars or street racing cars.
Show Cars
Most of these cars are owned by car lovers who are collectors of such special types of cars. They like to make some modifications to the car for admiring them. The show cars are usually not driven much and they have very low mileage. Low mileage qualifies for a lower premium. These cars are also driven slowly and carefully for their special nature. They are also maintained well and parked in proper garages during nights safely to prevent any theft. These reasons are pointers of a low risk to the insurers. So these modified vehicles do not attract high premiums.
Street Racing Cars
The cars in this category are considered too risky by the auto insurers. These cars are always driven in high speeds and are prone to accidents. Due to their speed and performance, theft rate of these cars are also high. These risk factors are behind the high rates of the insurance rates for these modified cars. Insurers want to make sure that they collect the premiums in accordance with the claims risk they face in insuring such modified cars.
Modified car owners are expected to disclose the fact about the modification when they insure their vehicles. People hide it for getting lower premium rates. This will cost them much when they have to make a claim on these vehicles. It is safer to inform the insurer about any modification before or after insuring the vehicle to be well protected against huge monetary losses. The terms and conditions governing the modified car insurance are the same as other auto insurance policies. It is better to shop around to get the best deal for your modified car insurance.