Your insurance premium could rocket if you tinker with your car
Adding alloy wheels or modifying your car with the latest accessories could dramatically increase the cost of your car insurance premium, according to research by MoneySupermarket.
The comparison website found making common modifications to your car can increase the cost of your insurance premium. For example, if a 30 year old male added alloy wheels to his Ford Fiesta he could expect to see a 30 per cent increase to his premium. Similarly, if a car phone was added, the cost would increase by 50 per cent, and if it was "pimped up" with a complete body kit, the same male motorist could expect to see a 66 per increase, with annual premiums as high as £900 on average.
Pete Harrison, car insurance expert at MoneySupermarket, said: "Cars are used by many as a way to express themselves, and for some people, modifications are an essential part of personalising their vehicle. Motorists need to be aware that even the smallest of modifications can impact the price of car insurance. It pays to contact your insurer before you go ahead and make any modifications, as you will need to decide whether the extra cost to cover the changes is worth paying.
"Some insurers won't offer insurance to cars that have already been modified, so it's crucial to check with your provider first. More importantly, drivers need to realise that not informing an insurer of modifications made to a vehicle can invalidate a policy - a mistake motorists can't afford to make."
Analysis of MoneySupermarket car insurance data revealed the most popular modifications motorists make to their cars. Alloy wheels accounted for nearly half (43 per cent) of all modifications made to cars. A further 11 per cent of motorists have opted for tinted windows and nine per cent have widened the wheels or trims of their car. Out of the modifications made, older drivers (over 65s) were most likely to add a tow bar to their vehicle (29 per cent), closely followed by one in five (20 per cent) modifying their car with parking sensors. Parking sensors were the most popular choice with female drivers (12 per cent), compared to only eight per cent of men making this alteration to their cars.
Pete Harrison continued: "It is a myth that car modifications are only made by ‘boy racers'; many people alter their cars for very practical reasons such as adding parking sensors or tow bars. Modifications don't have to break the bank where insurance premiums are concerned, and those looking to streamline or tweak their cars should scour the market to ensure they are not paying over the odds. On average, motorists save themselves around £404 by shopping around for their insurance premiums through MoneySupermarket."