Modified Car Insurance: Speed, style, and radiance mean everything to some car owners. This is the reason why some drivers improve their cars by making certain modifications to improve their appearance and performance.
These modified vehicles usually end up having higher auto insurance premiums because they are considered the high risk to be insured. Insurance companies may determine that the drivers of these cars behave in an unsafe manner while driving. In addition, the parts can be worth more than the same vehicle.
Modified Classic Car Insurance
Modified car insurance can be hard to find, but that does not necessarily mean that you can not get the proper auto insurance for your improved vehicle. However, certain factors will be taken into account in your coverage and premium, including:
- How far the modifications you have made have arrived.
- The insurance company you have selected.
- Your state of residence
What Is a Modified Car Insurance?
A modified car is different from an extravagant sports car, a classic racing car or a luxury vehicle.
A modified car is any car that has been altered or improved for the purpose of changing its appearance or performance. Normally, the car is modified with automotive aftermarket components *.
Your auto insurance company may have specific standards that determine what qualifies as a modification. Examples of this include:
- Painting works made to order.
- Structural alterations to the chassis or body.
- Significant yield increases.
If you think your vehicle qualifies as a modified vehicle, it is better to get additional coverage from your insurance company, such as coverage of custom-made parts and equipment or auto collector insurance.
* The aftermarket and spare parts used to improve or modify a vehicle.
Types of modifications that affect car insurance
Modifications can take many forms and often include the following parts and equipment:
- Chrome bumper.
- Chrome wheels and racing tires.
- Vertical doors.
- Auxiliary lighting (lights for the mist).
- Ornaments for the hood/chest.
- Front or rear spoilers.
- Accent lights under the car.
- New stereo equipment.
Depending on the improvements you choose, you could pay from $ 200 to $ 10,000 or more for the improvements.
By choosing the appropriate coverage
When you have improved your car, you want to make sure that new parts and additions are covered.
Many all-risk auto insurance policies include some type of coverage for special parties. However, you may want to buy equipment coverage to ensure that the ostentatious you have added is paid in case of an accident.
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You will also notice that your car could qualify for collector car insurance coverage. Check with your insurer that your vehicle qualifies.
Modified auto insurance exclusions
A great exclusion that insurance companies usually impose is that you will not have coverage if you have an accident when you participate in a career(regardless of its legality). In fact, depending on the state in which you live, even testing your modified vehicle on a racetrack may not be covered.
However, while the modified car is not participating in a race on a track, some states will not allow insurers to deny coverage for crashes on race tracks. That means you can drive your car on a track as fast as you want and still have coverage (as long as you’re not in a race ).
Keep in mind that this depends on your policy and the state in which you live. It is always best to review your policy and speak with an agent to make sure what is and is not covered.
What happens if you have an accident and did not report the modifications? Will they have coverage?
Generally speaking, if your modifications were not reported or if they are illegal, normally they will not have coverage in the case of an accident.
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In some cases, you will be reimbursed for part of your claim, but not for every modification you have made to your car. In some cases, insurance companies also have the option to void your insurance policy completely by not notifying the modifications.
To ensure that you are reimbursed after an accident, you must notify your insurance company or your insurance agent of every modification you have made to your car. It may be tempting not to report any, but understand that you may not be reimbursed in the future for those undisclosed modifications.