Your Guide To Getting Insurance For Modified Cars
Getting car insurance cannot be stressed enough because of eventualities that may happen. Car insurance protects you financially from damages or losses that may occur as a result of a traffic accident. Driving without car insurance may result in a significant fine or a jail term.
Depending on the province and the insurance company, there are various insurance covers you can purchase that will protect you financially from any unexpected damage or loss from a vehicle accident. Modified cars require an updated form of insurance which you must pay attention to.
If you are in Nova Scotia and you have done some modifications to your car, you should contact reputable Nova Scotia car insurance brokers to help you with the update of your insurance policy — taking the time to do this will ensure that you get sufficient coverage for your modified vehicle at a fair price!
What Are Modified Cars?
A modified vehicle refers to a car that has gone through changes in terms of appearance. Usually, cars are modified to increase power, handling or visual appeal.
These will ordinarily mean that the description of the car will change and the cost of repairs will also be different which must be updated in your insurance policy. Modifying a car basically means altering the factory fittings to your preference.
Types Of Modifications
Car modifications are generally done to change the vehicle’s performance and look. Either way, it alters the properties of the car. Modifications may be done on the following parts: Bumper; running boards, rims, fuel system upgrade; turbocharger; higher or lower suspensions; truck bed liner, etc.
What Is Modified Car Insurance in Canada?
Insurance for modified cars is a type of car that covers the modifications made to the vehicle. These modifications, as discussed above, are changes made to alter the factory fittings. It is sometimes referred to as aftermarket outlook.
Most traditional insurance policies do not cover modifications which then makes it important for your insurance policy to be updated. When this is done, you then have enough coverage for your new look vehicle.
Depending on your insurance provider, the definition of what a modified vehicle is may vary. It is important to know what the policy covers with your insurance provider. One of the reasons is because a new value would have to be agreed between you and your insurance policy provider on the new value of the car.
Another thing that may also be considered by your insurance policy provider is whether you installed the parts yourself or had them done professionally. This is because some modifications can reduce your insurance premium.
For example, if you added a rearview camera or anti-theft system, you are improving the security system of your vehicle which reduces the probability of filing a claim. This is something that drivers should take into consideration before making a final decision about getting modified vehicle coverage in Canada.
Benefits of a Having Modified Car Insurance Policy
It is important to insure your modified vehicle because the essence of insurance is to protect you financially from loss or damage that might occur from a traffic accident. Some of the advantages of insuring your modified vehicle include:
It Protects Your Policy – What this means is that your insurance policy becomes void the moment you alter the modifications to your car. In other words, not listening to modified parts in your insurance policy could render your policy ineffective. Therefore, once you modify your vehicle, update your policy to include the modified parts and it will protect your coverage.
It Helps You Cover Modified Parts – Traditional insurance policies do not cover the modified parts of a vehicle. And this may lead to you spending out of your pocket to cover for any loss or damage in the event of a traffic accident. It gives the insurance company grounds to reject your claim because you failed to file the modifications made in your vehicle with them. To save yourself some money, ensure that you have modified car insurance.
How To Buy Insurance Modified Car Coverage
Your existing insurance policy may not cover your modifications, so it is as good as not having an insurance policy for your car.
In Canada, car insurance is mandatory for every driver. However, some modifications are not covered by insurance regardless of whether you have modified car insurance or not. It is important to know the policies of your insurance provider to stay informed. It is a simple process to buy modified car insurance.
All you have to do is inform your insurance policy provider of the modifications you intend to make to your car. Informing your insurance policy provider will also enable you to know if the modifications you have made are covered by any of their policies. You also get to know the financial implication of the premium to be paid for the insurance.
However, you should prepare your mind for an increased cost because, usually, adding modifications to your insurance policy is likely to increase its rate. Repairing and modifications usually cost more which means your insurance premium will be more expensive.
Modifying your car without informing your insurance policy provider may amount to a breach of your insurance agreement. This is usually a ground for the rejection of any claim. After modification of your vehicle, you will also need to apply for a new vehicle permit. This is because all the modifications made will require you to get a new permit for your car.
FAQs
How Much Is Insurance For Modified Cars
The cost of insurance for a modified car varies from one insurance policy provider to another. The cost is also determined by the modifications made to the car.
What Car Modifications Will Void Your Insurance?
Any modifications that result in breaking the law will void your insurance. Drivers should note that the following car modifications can void your insurance: sound and noise modifiers (like NOS and exhaust systems), under car neon lights; illegal wheel mods; tinted windows that restrict upwards of 70% of light.