You are here: Home - Insurance - News -

‘Pimping up’ your car could set you back nearly £900 a year

0
Written by:
10/09/2012
Modifying your car could see your insurance premiums rocket as much as 50% for simply adding a car phone.

‘Pimping up’ your car could see your insurance premiums rocket as much as 50% for simply adding a car phone.

According to MoneySupermarket.com, a 30 year old male adding alloy wheels to his Ford Fiesta could expect to see a 30% increase in his premium.

Similarly, if a car phone was added, the cost would increase by 50%, and if it was “pimped up” with a complete body kit, the same male motorist could expect to see a 66% increase, with annual premiums as high as £900 on average.

Pete Harrison, car insurance expert at MoneySupermarket, said: “Motorists need to be aware that even the smallest of modifications can impact the price of car insurance.

It pays to contact your insurer before you go ahead and make any modifications, as you will need to decide whether the extra cost to cover the changes is worth paying.

According to the data, the most popular modifications motorists make to their cars is to add alloy wheels to their vehicles, making up 43% of all modifications. 11% opt for tinted windows and 9% choose to widen the wheels or trims of their cars.

Harrison added: “Some insurers won’t offer insurance to cars that have already been modified, so it’s crucial to check with your provider first.

“More importantly, drivers need to realise that not informing an insurer of modifications made to a vehicle can invalidate a policy – a mistake motorists can’t afford to make.”

MoneySupermarket say that it is a myth that modifications are only made by ‘boy-racers’, as more practical reasons are also considerations for a modification.

Out of the modifications made, over 65s were most likely to add a tow bar to their vehicle, closely followed by one in five modifying their car with parking sensors.

Parking sensors were the most popular choice with female drivers, compared to only eight per cent of men making this alteration to their cars.

Pete Harrison continued: “Modifications don’t have to break the bank where insurance premiums are concerned, and those looking to streamline or tweak their cars should scour the market to ensure they are not paying over the odds.”

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Advertisement:Simplify your savings

Governor Money offers a single account for all of your savings and ISAs

Close