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Before delving deeper into whether you should modify a car or not, you should remember that modified cars are essentially labors of love, i.e. they have their designs and other components changed to suit the owner’s preferences. Modification means changing the external parts from the exhaust to the color and even adding new bits and tweaks here and there. They are also made for enhancing mileage and power in some cases while interiors are also refurbished and tweaked with multiple editions and features.
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While assessing the effects car modifications have on car insurance, you should remember that there are two kinds of insurance, i.e. third party insurance which is mandatory and comprehensive insurance which is highly recommended yet optional. Modifications of your car will impact the comprehensive part of your car insurance policy since it takes own damage or vehicle damage into account. The insurance company, while issuing your comprehensive insurance policy, will list various facts about the car while working out the premium/cost.
When you modify your car, the vehicle value may change. Hence, you should quickly alert your insurance provider about the same. If the insurer is not notified about these modifications, then your claim may be denied by the company in case of any damage or a partial payment may be issued, based on the parts of the policy that are covered/applicable. Upon informing your insurer about the car modifications, the company may inspect the vehicle again, take all the modifications into account and then adjust your insurance policy likewise.
The prevalent modification types include the following:
These are some technical tips that will stand you in good stead with regard to getting your car modified. Always go for a modification after keeping all these pointers in mind since you will not like paying a considerably higher premium or risk future non-payment or partial payment of your claims.
Your car modifications will only affect your comprehensive car insurance policy and not the third party insurance coverage which is mandatory for all vehicles plying on roads. Third party insurance coverage don’t account for damages to your vehicle and hence it is unaffected by car modifications.
Yet, if you have comprehensive car insurance (which is always recommended for greater peace of mind and cost savings alike), you should inform the insurance company promptly about the changes in order to re-adjust your policy details and premium. Not getting this done may lead to issues with claims in the future.
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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