Splashing out on alloy wheels or updating your car with accessories such as a car phone could cause the cost of cover to skyrocket, according to moneysupermarket.com.
Research by Britain’s number one comparison site found making modifications to a vehicle can dramatically alter the cost of insurance – in one example premiums increased by 44 per cent when a built-in car phone was added to a vehicle.1 It was a similar story when making other modifications; upgrading to alloy wheels or having a complete body kit fitted could see an increase of 62 per cent and 101 per cent respectively.2
Peter Harrison, car insurance expert at moneysupermarket.com, said: “Motorists need to be aware that even making a small modification to a vehicle can dramatically alter the cost the premium you will pay on your insurance. With premiums potentially costing more than 100 per cent more, motorists should consider whether the modification is really worth the extra insurance expense as well as the cost of the actual work done to modify the car.
“However, it is worse if motorists make any substantial changes to their car and fail to inform their insurer, as they risk invalidating their insurance completely. It is essential drivers check the small print of their insurance policy to understand exactly what they are covered for, as many of the more common modifications such as alloy wheels may not be covered in a standard policy. If you do decide to modify your car, check before hand what the cost of cover will be with your insurer and also shop around to see if you can get a better deal on your car insurance elsewhere that covers your modification.
Motorists also risk invalidating their insurance if they fail to inform their provider about a change of address or change in job. Further research by moneysupermarket.com found that changing jobs can also affect the cost of premiums, with a children’s entertainer paying more than 48 per cent more for their insurance in comparison to a teacher. Similarly, a bus driver will find their insurance premiums are slightly cheaper.3
Peter Harrison continued: “It is essential any change in circumstance is communicated to your provider otherwise you risk invalidating your insurance policy. Motorists should take the time to fully understand the small print of their insurance policy to ensure they are not caught out when trying to make a claim. It only takes a few minutes to make sure you really do have the best value policy to suit your needs. By shopping around for the best deal you can ensure you aren’t paying over the odds for your car insurance. The average saving using moneysupermarket.com is £280, so I urge everyone to do their research and ensure they are getting the best deal.”
Source : Moneysupermarket.com Press Release
