insurance and mods? help?
08 February 2006, 09:17 PM
#1
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insurance and mods? help?
what constitutes a mod that needs declaring to insurance company? im thinking about starting to do some mods. presume cosmetic ones (ie detango, front splitter, colour coding) dont need to be mentioned?
How about quick shift stick mod? thinking about installing b+m one but will it effect insurance??
How about quick shift stick mod? thinking about installing b+m one but will it effect insurance??
08 February 2006, 10:26 PM
#2
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Absolutely anything that isn't fitted to the car from the factory is a mod, and if not declared 'COULD' void your insurance.
In the past people on here have had insurance refused because they fitted a quick shift!!!
In fact on one post a chap was told they would cancel his policy if he fitted one.
It makes not an iota of difference to the performance of the car, try it against a stopwatch, before and after.
But some companies, sorry I meant to say pretty much ALL the companies despise mods with a vengance.
Don't take my word for it, phone your company and discuss the proposed changes you would like, and don't be suprised if they tell you they will cancel your policy with immediate effect, if you carry out the mods.
Then you are stuck with a few 'mod friendly' companies, which severly limits the competition, and you may end up paying silly premiums, and becoming extremely anxious each renewal time in case they have changed their policy on allowing modifications (no pun intended) and decide to refuse to renew your policy.
The front splitter would definately count as a mod to declare, its a spoiler on the front instead of the back, as far as the insurance are concerned.
By the way I am 47, clean licence, 26 years no claims, with a MY02 STi PPP, and MOST companies won't even quote.
Its a nightmare.
Have fun.
Cheers
MTR
In the past people on here have had insurance refused because they fitted a quick shift!!!
In fact on one post a chap was told they would cancel his policy if he fitted one.
It makes not an iota of difference to the performance of the car, try it against a stopwatch, before and after.
But some companies, sorry I meant to say pretty much ALL the companies despise mods with a vengance.
Don't take my word for it, phone your company and discuss the proposed changes you would like, and don't be suprised if they tell you they will cancel your policy with immediate effect, if you carry out the mods.
Then you are stuck with a few 'mod friendly' companies, which severly limits the competition, and you may end up paying silly premiums, and becoming extremely anxious each renewal time in case they have changed their policy on allowing modifications (no pun intended) and decide to refuse to renew your policy.
The front splitter would definately count as a mod to declare, its a spoiler on the front instead of the back, as far as the insurance are concerned.
By the way I am 47, clean licence, 26 years no claims, with a MY02 STi PPP, and MOST companies won't even quote.
Its a nightmare.
Have fun.
Cheers
MTR
Last edited by MTR; 08 February 2006 at 10:46 PM.
08 February 2006, 10:37 PM
#3
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See a case study from the Ombudsman news.
http://www.financial-ombudsman.org.u...misleading.htm
18/21
motor – non-disclosure – clear questions – modifications – whether tinted windows a ‘modification’.
When Miss M took out motor insurance, she was asked to disclose any modifications that had been made to her car, such as changes ‘to engine, body, wheel, suspension’. She informed the insurer that the car had a body kit but she did not mention any other modifications.
Some time later, after she put in a claim for theft damage to the car, the engineer appointed by the insurer to inspect the car noted that it had tinted windows. The insurer rejected her claim and immediately cancelled her insurance from the start date. It said she should have mentioned the tinted windows, since they constituted a ‘modification’ and it would not have issued the policy on any terms if it had known about them. Miss M then had to act quickly to obtain insurance with another firm, and she had to pay a much higher amount for it.
complaint upheld
It was debatable whether the windows were part of the car’s ‘body’ and whether tinted windows were a modification that Miss M was required to disclose. We were satisfied that she had genuinely not realised that she needed to tell the insurer about the windows. We thought the insurer should at least have asked her to explain why she failed to mention the windows, instead of just cancelling her insurance without warning.
We decided that the firm had not been justified in cancelling the insurance. Miss M had by this time taken out an alternative policy with a different firm. So we suggested that the earlier policy should be treated as having been cancelled by her rather than by the insurer. She should give back to the insurer part of the premiums it had refunded, from the policy start date until the new insurance began. In any event, we decided that the insurer had to reimburse Miss M for the cost of repairing the car, plus interest. We also decided that the insurer should pay her £300 compensation for the distress and inconvenience it had caused.
.................................................. ...
She got paid out eventually, but it could so easily have been a bad result for her.
Additionally she would have had to state on all future proposals that she had had a policy cancelled!!!
Cheers
MTR
http://www.financial-ombudsman.org.u...misleading.htm
18/21
motor – non-disclosure – clear questions – modifications – whether tinted windows a ‘modification’.
When Miss M took out motor insurance, she was asked to disclose any modifications that had been made to her car, such as changes ‘to engine, body, wheel, suspension’. She informed the insurer that the car had a body kit but she did not mention any other modifications.
Some time later, after she put in a claim for theft damage to the car, the engineer appointed by the insurer to inspect the car noted that it had tinted windows. The insurer rejected her claim and immediately cancelled her insurance from the start date. It said she should have mentioned the tinted windows, since they constituted a ‘modification’ and it would not have issued the policy on any terms if it had known about them. Miss M then had to act quickly to obtain insurance with another firm, and she had to pay a much higher amount for it.
complaint upheld
It was debatable whether the windows were part of the car’s ‘body’ and whether tinted windows were a modification that Miss M was required to disclose. We were satisfied that she had genuinely not realised that she needed to tell the insurer about the windows. We thought the insurer should at least have asked her to explain why she failed to mention the windows, instead of just cancelling her insurance without warning.
We decided that the firm had not been justified in cancelling the insurance. Miss M had by this time taken out an alternative policy with a different firm. So we suggested that the earlier policy should be treated as having been cancelled by her rather than by the insurer. She should give back to the insurer part of the premiums it had refunded, from the policy start date until the new insurance began. In any event, we decided that the insurer had to reimburse Miss M for the cost of repairing the car, plus interest. We also decided that the insurer should pay her £300 compensation for the distress and inconvenience it had caused.
.................................................. ...
She got paid out eventually, but it could so easily have been a bad result for her.
Additionally she would have had to state on all future proposals that she had had a policy cancelled!!!
Cheers
MTR
08 February 2006, 11:10 PM
#4
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bloody hell really? has anyone else had experience of having a 'normal' insurance company then modding their car (quickshift or body or whatever?) and did if effect your policy? more money? canceling and a new policy??
09 February 2006, 09:59 AM
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Hi Island,
MTR is correct, there are Insurers out there that simply do not cover modifications. This would be declared within disclaimers and policy documentation.
They set their stool out to offer purely standard cover and if mods are discovered at the time of a claim they would be within their rights to void the policy.
If you're planning to modify/replace ANY part upon the vehicle, call your Insurer prior to doing this. It's the only way to be safe.
In the event that they can't help, contact a specialist Broker or Underwriter for a quotation.
Another point to watch is that in event of a claim, a number of everyday Insurers only replace modified parts with standard parts. They also often charge additional premium for the "perceived" increase in risk from modifications.
Here at Greenlight we've been covering modified, performance and Kit cars since our launch in 1996. Our view is very much that people who own a performance vehicle, a car that you aspire to own, take pride in their vehicle.
In our opinion, those who modify or enhance their vehicle usually maintain their vehicle to the highest order and show additional interest in their vehicle, which is clearly their pride and joy.
Greenlight's modified car underwriters offer "like for like" replacement of modified parts, which means that in the event of a claim your modified parts will be replaced with the same again if they were damaged or stolen as a result of an Insured event. Should the part be obsolete, our underwriter would seek your assistance in relation to an equivalent replacement.
If you need cover we'd be happy to help, so if you get 5 mins spare log onto www.greenlightinsurance.com or call us on 01277 263030 for a quotation.
MTR is correct, there are Insurers out there that simply do not cover modifications. This would be declared within disclaimers and policy documentation.
They set their stool out to offer purely standard cover and if mods are discovered at the time of a claim they would be within their rights to void the policy.
If you're planning to modify/replace ANY part upon the vehicle, call your Insurer prior to doing this. It's the only way to be safe.
In the event that they can't help, contact a specialist Broker or Underwriter for a quotation.
Another point to watch is that in event of a claim, a number of everyday Insurers only replace modified parts with standard parts. They also often charge additional premium for the "perceived" increase in risk from modifications.
Here at Greenlight we've been covering modified, performance and Kit cars since our launch in 1996. Our view is very much that people who own a performance vehicle, a car that you aspire to own, take pride in their vehicle.
In our opinion, those who modify or enhance their vehicle usually maintain their vehicle to the highest order and show additional interest in their vehicle, which is clearly their pride and joy.
Greenlight's modified car underwriters offer "like for like" replacement of modified parts, which means that in the event of a claim your modified parts will be replaced with the same again if they were damaged or stolen as a result of an Insured event. Should the part be obsolete, our underwriter would seek your assistance in relation to an equivalent replacement.
If you need cover we'd be happy to help, so if you get 5 mins spare log onto www.greenlightinsurance.com or call us on 01277 263030 for a quotation.
09 February 2006, 12:37 PM
#6
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im currently in the channels islands, but moving back to UK in the next year or so. Ill have to check it all out then. not sure if anyone over here insures modded cars. investigation time i think!!
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