Vehicle Customizations and Langley Auto Insurance- What you Need to Know
by adminDoes your car have a name? More than 50% of Americans admit giving their vehicle a name with classics like Betsy and Betty among the most common. Naming something implies closeness or imparts significance, and clearly, many people love their cars.
Cars serve many purposes. For some people, the objective is purely functional as cars offer an accessible, convenient mode of transport that doesn’t depend on public transit or third-party services. But for others, cars are more than just a means of getting from A to B to C and back again. Cars are a passion and a significant amount of time, money, and effort is spent making these passion projects stand out from the crowd.
Car Modifications: Passion, Presence, and Performance
Custom cars are a multi-billion-dollar business. Just look at any one of over a dozen shows dedicated to enhancing so-called “stock vehicles”. Car customizations can be broken down into two categories- modifications that impact performance and mods that change the aesthetics of a ride.
You have to be careful when it comes to modifying your car. A new body kit or turbocharger might help you stand out on the road but vehicle modifications can also present challenges. Some aftermarket parts can damage your car, some are illegal in Canada, and others might make it difficult for you to ensure your ride.
Also Read: How Age Affect Your Auto Insurance
What you Need to Know about Langley Auto Insurance for Modified Rides
When done correctly, that is professional, modifying your car can dramatically increase its value. Though if you haven’t updated your insurance policy to reflect the investment you’ve made in customizing your vehicle, you’ll not only not be covered for the upgraded value, but you may not be covered at all.
There are two ways car modifications impact your auto insurance- changes that affect the safety and performance of your car and changes that impact the value.
Performance Mods and Auto Insurance in Langley
When you take out an auto insurance policy, you have to provide information regarding the make and model of your car. Anytime you make changes that affect performance, you need to update your auto insurance policy.
Performance upgrades that you need to disclose to your insurer include:
- Any modification to the engine
- Upgrades to your vehicle’s suspension
- Alterations to the brakes or braking system
- Transmission upgrades
- Modifying the exhaust system
This list isn’t exhaustive; the point is that if you modify your car’s performance at all, you need to notify your insurance broker. Insurers typically see performance enhancements as increasing the risk the vehicle will be involved in an accident and, therefore, will most likely result in higher premiums.
If you substantially modify your ride and don’t inform your insurance, you run the risk of not being covered for the improvements (best case scenario) or potentially voiding your policy altogether. The good news is that in most cases if the modifications are legal and your insurance broker will be able to update your existing policy or find you a suitable alternative with an insurance company that provides coverage for modified cars.
Value-Added Vehicle Upgrades
Upgrades not interfering with the performance or safety of your car should still be reported to your insurer if you want them to be covered. This includes expensive paint jobs, fancy tires and rims, and pricey stereo equipment.
Some insurance companies will provide a set limit for certain aftermarket upgrades even if they are not reported, but that coverage is limited, usually under $1,000. When you are making a significant investment in your car’s appearance and want those improvements covered, let your insurance company know.