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