(NC)—Everyday we see them on our
streets, customized vehicles with non-stock
spoilers, enhanced engines, raised suspensions
and the like. Needless to say that the post- manufacturer
auto modification business is a
booming one.
But while adding performance parts and
'styling' features to your vehicle can give it a
distinct appearance and improve performance,
they may also impact your auto insurance. So
before you add a turbo-charged engine, stylish
rims or even tint your windows, it is a good
idea to contact your insurance broker or insurer
to make certain you have the right coverage.
Insurance expert Mauro Convertini from
Aviva Canada, points out how vehicle modifications
can increase risk and premiums as a
result. He explains, “certain modifications can
put motorists at a greater risk of having a collision,
such as a lowered or raised suspension,
or increasing the size of your engine. Your
vehicle could become untrustworthy on the
road and impact your safety as
well as your access to coverage.”
Even modifications you would
expect to better the insurance risk
of your vehicle, like an improved
brake system, may still increase
the cost of insurance for the following
reasons:
• The modifications might
increase the value of the vehicle
and then the insurer has to pay out
more in the event of a claim.
• Modified vehicles often are
more attractive to thieves increasing
the risk of theft.
• Vehicles with performance modifications
generally mean that the performance
of the vehicle is improved which can lead to
more severe accidents.
Remember an insurer could refuse to
pay a claim and even leave you uninsured if
you have not disclosed modifications to
your vehicle. So before you invest time and
money on a project that could raise your
premium, call your broker or insurance
company and verify that your insurance
will remain valid.
For more information, contact your
insurance broker, visit ww.changeinsurance.
ca or call 1-866-My Aviva. |
