Car Modifications Can Lead to Hefty Insurance Hikes
As car owners consider modifying their vehicles to enhance their performance and appearance, they are being warned about the potential consequences of these changes on their insurance premiums. According to recent research by used car retailer cinch, modifying a car's suspension and other performance-focused upgrades can result in significant increases in insurance costs, with an average hike of 15.93 per cent. Insurers view these modifications as indicators of potential risk, which can lead to higher premiums. Additionally, safety-related upgrades, such as uprated brakes, can also increase premiums by around 4.52 per cent.
Key Takeaways:
- Modifying a car's suspension can result in an average 15.93 per cent increase in insurance premiums.
- Performance-focused upgrades like complete body kits, exhaust system changes, and chipped or remapped engines also incur an average 15.93 per cent increase in insurance premiums.
- Rear spoilers and tinted windows lead to an average 12.1 per cent insurance increase.
- Safety-related upgrades like uprated brakes increase premiums by around 4.52 per cent.
- Cosmetic changes like non-standard resprays and side skirts also result in a 4.52 per cent insurance increase.
- Some common modifications like alloy wheels, wheel trims, and driving lights have minimal impact on insurance costs, resulting in a modest average increase of only 0.79 per cent.
- Failure to inform insurance providers about modifications before making them can invalidate policies and leave drivers uninsured in the event of an accident.
Statistics:
- Average insurance premium increase for suspension changes: 15.93%
- Average insurance premium increase for complete body kits: 15.93%
- Average insurance premium increase for exhaust system changes: 15.93%
- Average insurance premium increase for chipped or remapped engines: 15.93%
- Average insurance premium increase for rear spoiler/aerofoil: 12.1%
- Average insurance premium increase for tinted windows: 12.1%
- Average insurance premium increase for uprated brakes: 4.52%
- Average insurance premium increase for non-standard respray: 4.52%
- Average insurance premium increase for side skirts: 4.52%
- Average insurance premium increase for alloy wheels: 0.79%
- Average insurance premium increase for wheel trims: 0.79%
- Average insurance premium increase for driving lights: 0.79%
- Percentage of drivers who may not know their insurance premiums will increase after modification: Not specified
Sources:
- cinch (used car retailer)
- The AA (Organization)