About 20,000 car modifications are declared a month – but many more are hidden by drivers for fear it’ll drive the cost of their car insurance through the roof.
Not only is that breaking the law it may also put the brakes on huge cost-saving opportunities. Analysis from insurance broker Adrian Flux shows that declaring mods can actually lower the cost of your cover by more than a thousand pounds.
What is a modification?
The definition of a ‘modified’ vehicle, as far as insurance is concerned, is a vehicle that has been altered from factory standard (or since it has left the factory).
This could be anything from installing a new engine to simply adding a bumper sticker and usually fall into one or both of these categories – improving the performance or appearance of your vehicle.
If any modifications, or mods as they are often referred to, have been made to your car you need to declare them. If you fail to do so, it’s likely any insurance claim will be invalidated.
Key points from study into insuring modified cars
Adrian Flux work with a panel of more than 30 different insurers to provide a quote tailored to a driver’s exact needs.
That wealth of knowledge and information allowed staff to dig deeper into the difference between standard and modified car insurance prices. They key findings were as follows:
- Declaring mods can actually lower the cost of your cover by more than a whopping 60%
- For a heavily-modified car on comprehensive cover, that saving can even be greater than £1,250
- A 24-year-old Seat Leon Cupra owner could see their annual insurance plummet from £1,960 to £699 by confirming they have made several modifications
- Something as simple as declaring a dump valve could even save £50 for a plumber aged 43 when insuring a Vauxhall Astra
- Out of more than 20,000 car modifications declared in a month, the most common are alloy wheels, exhaust system changes and uprated, lowered or stiffened suspension springs
Further details from our analysis
Twelve specific examples shown below highlight the variety of vehicles and modifications that can lower the cost of a driver’s premium.
Advice for getting cover on your modified car
Gavin Hill, our standard and niche floor underwriting manager, knows a thing or two about mods and how they can affect your premium. Here’s what he had to say on the topic:
“It’s become a bit of a myth in different car communities that modifying your car will hit you in the pocket twice.
“While it can cost a lot of money to make these alterations, when declared they can actually make a massive reduction to your insurance premium. That’s because we know someone who has modified their car will take even greater care than usual in driving and looking after their vehicle – as well as the financial investment in modifying their car, these drivers have also invested their time.
“Claims statistics from insurers back up the fact that these genuine enthusiasts are less likely to make a claim as a result. A lot of mods don’t affect performance but almost all will affect your insurance if you don’t declare them and then make a claim. It really doesn’t pay to hide your mods.”
Looking for modified car insurance?
If you’re one of the thousands of people who will be modding their car this month, it’s better to declare those mods sooner rather than later.
Learn more about the savings you can make with modified car insurance cover from Adrian Flux.