Your customized car is very likely a cherished possession that you love to death. And you would be lying if you denied that you tend to upgrade different features of your car occasionally, especially after having them for quite some time. However, insuring your car should be the number one priority once you have it in your possession, as a safeguard against unforeseen incidents. If you want to know the nitty-gritty of customized or modified car insurance, read on!
What is customized car insurance?
First, you need to know that customizations to a car that are made after the car has left its original factory are the ones that are being referred to. These customizations are often called ‘aftermarket’, and they could be changes or add-ons to the features with which the car was delivered to you from the factory. Customized car insurance is one that covers these additional modifications.
While, on the one hand, it is crucial to know specific facts about buying a car, especially if you are a first-time buyer, you must also know about its safeguards when you customize it.
Most regular or traditional car insurances do not follow a policy that will cover additions or modifications like these. However, specifically opting for a modified or customized car insurance policy can relieve you of any such worries. Generally, customized car insurance follows a ‘replacement-cost’ policy, which means that it covers the financial cost of the modified or additional parts. Of course, you have to keep in mind that a car insurance policy that is such an upgrade over the standard car insurance will cost a tad bit more than one too.
What kinds of customizations does this term cover?
Essentially, anything done to a car after its departure from the original factory it was manufactured can be considered a modification. A modification or customization like this could fall under the purview of customized or modified car insurance. In most cases, these modifications are made to enhance the car’s performance in terms of speed, mileage, or the like of. In other cases, people just want to enhance the aesthetic value of their car, and they make certain modifications to that end too.
In the former category, you could include changes like installing a turbocharger or changing the car’s fuel system. Higher or lower suspensions could also be a part of it. On the other hand, modifications like bumpers, custom paint, or thematic visuals on the car’s exterior could be included under customization directed at enhancing the car’s aesthetic appeal.
All of these are technically customizations that regular car insurance would not cover. However, if you buy customized car insurance for your car with special aftermarket modifications, you can sit back and relax!
How does customized car insurance work?
It is likely that your insurance rates will increase if you make changes to your policy. You can expect to pay more to insure modified parts because repairing or replacing them is more expensive. In addition, minor modifications can result in rate increases similar to larger ones. After the modifications are complete, ask for a written confirmation of any possible policy changes so that you get the same rate as the company quoted you before.
Obtaining an estimate of how a certain modification will impact your insurance rate is the best way to proceed. There is a possibility that some modifications will not be covered by your insurance company.
Your insurance provider will inform you about the kind of coverage you have and the rate at which it increases. Depending on the insurance provider, customized parts and equipment might be covered either as part of the auto insurance policy or as an add-on coverage. Supplemental insurance typically covers modified parts up to a certain amount. Furthermore, obtaining quotes in advance can help you stay within your budget and ensure that adding a specific part to your vehicle won’t significantly raise your insurance rates.
How will you figure out whether you need customized car insurance?
For safety or aesthetic reasons, many drivers wish to modify their cars. Specialized insurance companies, such as those that provide roadside assistance and rental reimbursement may offer more coverage options. If you’re thinking about getting a body kit for your vehicle, new wheels, bigger tires, and so on, make sure that your insurance covers any installation work that you may undertake.
However, what exactly are the factors that classify your car as a modified or customized one? Suppose your car has custom interiors, wheelchair ramp, and other modifications related to physical disabilities, customized audio and navigation system, or any custom paint jobs or rim work done. In that case, your car can be classified as a modified or custom car. That is exactly when you need custom car insurance.
Do you need to have a talk with your car insurance company about your customized car?
Making sure your car insurance company is informed quickly about any modifications you make to your automobile is a wise idea.
Standard repair costs and factory parts are typically the basis of allowances for car insurers when covering damages or losses. You may not be able to replace or repair your beautiful rims or wheels if you have an accident and your expensive custom wheels are damaged. You may not have enough insurance coverage for the replacement or repair of your rims and wheels if you have an accident and your rims and wheels are damaged. It’s even possible for your insurance carrier to cancel your coverage if you modify your car outside of the factory’s specifications and tell them about the changes before you make them.
The coverage for the same items may differ between insurance companies. If you are aware of any non-original parts on your car, review your car and make a list of them. You may review the current policy covers and ask your insurance provider about the items and see if they are covered by your current policy or if you need to disclose them.
Now that you know the details pertaining to modified or customized car insurance, go ahead and buy insurance for your car as soon as possible. A car without car insurance is very vulnerable. Should anything go wrong, it can finally prove to be a huge hassle for you, too! Go ahead and do your mental peace a favor by getting customized car insurance for your modified car!