Vehicle modifications and your insurance premium

November 9th, 2011  |  Auto Insurance

After-market customized vehicles are everywhere. They sport designer spoilers. They ride with beefed-up engines and on raised suspensions, and they’re sometimes painted some pretty funk colours. While tricking out your ride can give it a distinct appearance, improve its performance, or a bit of both, it can also have an impact on your auto insurance.

Before you add a turbo-charged engine or even tint your windows, it’s a good idea to contact your insurance broker to make certain you have the right coverage. Here are a few things to remember:

  • Certain modifications put motorists at a greater risk of having a collision, such as a lowered or raised suspension.

  • Statistical findings play a factor as well – ie: people with larger engines tend to drive faster, and people who drive faster tend to get in more accidents.

  • Even modifications you would expect to better the insurance risk of your vehicle, like an improved brake system, may still raise the cost of insurance; they could increase the value of the vehicle thereby increasing claims costs, and they could make the vehicle more attractive to thieves.

Remember, an insurer could refuse to pay a claim and even leave you uninsured if you have not disclosed modifications you made to your vehicle, so do your homework and your legwork beforehand. Start on HUB InsuranceHunter.ca where you can compare auto insurance quotes and connect with one of our brokers to discuss your insurance needs.

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