Vehicle Insurance Coverage
Reader’s Question:
What vehicle insurance coverage would be my first priority if I were to modify my car? Should there be any concerns to my current premiums when altering a car?
Brian
Orlando, FL
Before you do any modifications, it is wise to ask your agent first and notify your carrier about your plans for the changes. When modifying your car, you could expect a definite change in premiums because you are changing your policy, as well. A modified car is considered an investment, and for this reason, many individuals opt to change their policy in order to protect their investment. These individuals are willing to pay an extra cost to insure their car and its content, which include substantial customization. You can do this by making an endorsement to your vehicle insurance policy.
Collision and Comprehensive are vehicle insurance coverage that you should not overlook; these two would protect your liabilities and investment in case your car gets totaled. You can adjust minor modifications to your policy according to your specifications that would match your customization. You can put emphasis on insuring the contents and accessories of your car at a low cost. You can also extend the type of coverage concerning your interest. After you have made minor alterations to your policy, your next step is to compare rates from multiple insurance companies. Vehicle insurance companies mostly vary in their rates and their level of coverage. Now, you have to weigh them according to their benefits.
Meanwhile, the following extra tips could prove helpful when modifying your car:
1. When making alterations to your car, see to it that you allocate extra money for installation of safety features such as airbags, automated seatbelts, antitheft system, etc. as this could lower your premiums and lower the cost of insurance.
2. Make sure that all installations and modifications are done by professionals. Sloppy installations and maintenance, defective parts, and malfunctions could hurt your vehicle insurance premiums. This would mean a rise in your insurance premiums if your car was unable to pass safety checks.
3. Keep your car protected in a garage. Keeping your car in a closed garage could earn you discounts from your insurance company.
4. Know where to park. If possible, park indoors to avoid the possibility of risks involving theft, vandalism, or perils. The location where you park your car will have a direct impact on your premiums.
I hope you find my suggestions helpful. Have a nice day!