Changes to Your Vehicle That Increase Insurance Premiums
In a recent study by cinch, it was revealed that car modifications can significantly impact insurance premiums for drivers across the UK. The study, which compared identical driver and vehicle profiles across ten cities, found that performance-related modifications impose the highest financial impact on insurance premiums.
The study showed that modifications such as suspension changes, complete body kits, exhaust system changes, and chipped or engine remaps can lead to an average increase of 15.93% in insurance premiums. Other costly modifications include rear spoilers/aerofoils and tinted windows, both increasing costs by around 12.10%. However, less expensive mods like alloy wheels and driving lights raise premiums by less than 1%.
Here's a breakdown of the average percentage increase on insurance premiums for various modifications:
| Modification | Average % Increase on Insurance Premium | |-----------------------------|-----------------------------------------| | Suspension changes | 15.93% | | Complete body kit | 15.93% | | Exhaust system changes | 15.93% | | Chipped or engine remaps | 15.93% | | Rear spoiler / aerofoil | 12.10% | | Tinted windows | 12.10% | | Non-standard respray | 4.52% | | Air filter | 4.52% | | Uprated brakes | 4.52% | | Side skirts | 4.52% | | Non-standard paintwork | 4.52% | | Alloy wheels | 0.79% | | Wheel trims | 0.79% | | Driving lights | 0.79% |
Belfast drivers face the lowest average increase of 7.01% in insurance premiums for modifications, while London tops the list for increases, with drivers facing an average of 8.88% increase. Other cities with significant increases include Manchester (8.51%), Birmingham (8.50%), Leeds (8.53%), Glasgow (7.23%), Bristol (7.00%), Cardiff (8.41%), Edinburgh (7.88%), Liverpool (8.72%), and Newcastle (8.65%).
Insurers use dozens of indicators to generate quotes for drivers, including historical location-specific data on car crime levels and traffic incidents, along with other factors like average salary. It's crucial for drivers to get an updated insurance quote before modifying their car and inform their insurance company about any modifications made to avoid invalidating their insurance.
[1] Source: cinch study on car modifications and their impact on insurance premiums.
- The study by cinch revealed that modifications such as motor insurance premiums can be significantly impacted by events like performance-related modifications, which impose the highest financial impact.
- When it comes to lifestyle, drivers facing the lowest average increase in insurance premiums for modifications are those in Belfast, while cities like London, Manchester, Birmingham, and Glasgow have significant increases.
- In the realm of finance and technology, it's essential for drivers to understand that insurers use various indicators, including modifications, historical data, and factors like average salary, to generate insurance quotes. Therefore, it's crucial to get an updated motor insurance quote before making any modifications and to inform the insurance company about these changes to avoid invalidating the policy.
