With the rise in the number of customised and modified vehicles on the UK roads a whole new division of car and specialist motor insurance is rapidly growing to fill the cover needs of hot hatch owners and modified cars. You will be surprised but the majority of these cars are not owned by boy racers – more like middle aged life crisis racers! Today we look at the UK market for modified car insurance….
Owners of modified cars by their very nature appreciate personalisation and providers of modified car insurance realise this. It is surprising how few of these owners have omitted to plan for the additional insurance cost when first contemplating making modifications to the car, showing what is quite often meticulous interest in the detail that the majority of us would overlook when thinking about how to cover our car.
Car Insurers have therefore had to be equally ingenious in their underwriting methods to be flexible enough in modifying their rating structures to accommodate the varying needs of modified car insurance.
It is one area of the specialist car insurance sector which is constantly evolving. Whilst classic car insurance gets larger in its risk pool as each year more cars join the classification, modifications could today mean a thousand more different things than it did even ten years ago with the advance of technology and the use of components that didn’t exist before.
Modified vehicle insurance has had to be able to adapt to the ever increasing demands of twenty first century living.
Out of this need for flexibility while retaining competitive prices have arisen many modified specialist car insurers who actively seek out the hot hatch or boy-racer type risk that the main stream car insurance supermarkets would turn away as soon as they had discovered either the prospects car model, age or modification requirements.
Modified car owners are also by nature not as risk averse as the standard saloon driver with 2.4 children. Car Insurance has had to adapt to allow policy level underwriting for modified owners as individuals, to set their preferred levels of cover, rather than standard rating which takes an en mass approach. Insurance companies have had to realise that if they want the specialist car insurance market business, that they must take into consideration that as modified vehicle owners take pride in their vehicle and maintain their cars to the highest standards, they would expect nothing less from an insurance policy.
There are now many online modified car insurance specialists who offer instant cover online for straight forward modifications such as alloy wheels and in-car hi-fi or security devices. Some of the better ones can even cover you for certain engine and power modifications online. All of them should have a helpline where if you get stuck and cannot continue with an online quote, you should be able to talk to an expert who will help you with your specific modifications and insurance enquiry. Remember to keep the quote reference number if telephoning a company or broker to discuss your modifications. This will save a lot of time repeating what you have already told them about yourself and your car.
You can compare quotes for modified car insurance from the UK’s largest online specialist car insurance comparison providers.
If you get stuck at any point in the quote process they have very friendly staff who will talk through the pricing of your cars modifications.