Did you know that customized vehicles aren’t covered by standard auto insurance policies? While you might be tempted to upgrade or customize your vehicle, you’ll have to make sure that you have the insurance in place to protect your new investment. After all, if you’re in an accident or your modified vehicle gets stolen, your existing, standard insurance policy will only cover your car as it was when you purchased it and took it off the lot.
With the price of mods and custom parts, this is one thing that you don’t want to gamble on. So, how can you insure your customizations and upgrades? Let’s explore your options.
What are Car Modifications?
In general, vehicle modifications fall into one of two different categories, including:
- Performance Modifications – These are modifications and upgrades to a vehicle that will make it go faster. Larger, more powerful engines and efficient exhaust systems fall into this category. As long as the modifications are street legal, then you can add them to your car or truck.
- Aesthetic Modifications – If you want your vehicle to look sleeker and sexier, but not necessarily perform better, then aesthetic modifications are what you desire. These modifications include custom paint jobs, larger runners on pickup trucks, and even expensive stereo systems and lighting systems.
Did You Know That Some Mods Can Lower Your Insurance Costs?
While many car customizations are done for fun and because you like the look of them, others serve a different purpose. There are some that can improve the safety features on your vehicle, including an upgraded security system or the addition of special headlights and bumper cameras. Since these modifications make your vehicle safer to drive and less likely to be stolen, they can actually make your car insurance a little less expensive than usual.
Purchase a Modified Car Insurance Plan
Since standard auto insurance policies typically only cover the parts of your vehicle that are factory-standard, you’ll need to purchase a modified car insurance policy. In some cases, these are added onto your current auto insurance policy as a rider, but in others, they are stand-alone policies.
When purchasing modified car insurance, make sure to have all of your receipts and information about your upgrades available. Your insurance agent will need to know what they cost so that you end up with a policy that covers as much as possible.
As there are many different types of modifications, your might differ in price from someone else’s. It isn’t like buying regular car insurance where the agent can look up how much the vehicle is worth based on standard information like make, model, and year.
Two Modified Car Insurance Options
Just like there are two main groups of modifications or customizations that can be made to a vehicle, there are two modified car insurance options as well. The first is called supplemental insurance. This adds on to your regular policy and covers the costs of your customizations in that manner. The other is a stated coverage plan where you and your insurance agent decide how much the vehicle and its modifications are worth and put together a lump-sum policy.
Have Questions? Contact Charlotte Insurance
Want to learn more about insuring your car customizations and upgrades? Contact Charlotte Insurance. Our agents can explore and explain all available options to you and put together the auto coverage plan you need.