Five Ways to Cut Costs on Your Modified Vehicle Insurance
Many people are attracted to the idea of getting into vehicle modification as a hobby. Not only is it a great way to learn more about the mechanical workings of your car, but it could also lead you into making new, like minded friends at auto shows or in online communities. One of the major downsides of customizing your vehicle, however, is that it will affect your car insurance. Here are some of the ways you can reduce this.
Focus on Security
Many insurance lenders are hesitant to cover modified vehicles as they seen them as an added risk. Exterior modifications could make your car more desirable to potential thieves while performance-enhancing customizations could make it more dangerous to drive. To counteract this, you should also made changes that increase security, such as storing your vehicle in a secure garage overnight.
Similarly, you could consider undertaking an advanced driving qualification like the Pass Plus scheme. While this will cost you around £150, passing it could result in more than this amount being reduced from your annual premiums. This type of activity is particularly useful for younger drivers, as those under the age of 25 typically pay much more than experienced drivers.
Adding a Second Driver
Similarly, younger drivers can benefit from adding an older, more experienced driver to their policy. However, it’s important that you don’t put the additional driver, usually a parent, down as the main driver. This is known as ‘fronting’ and could lead to penalty points on your license, a potential fine, or even your insurance being invalidated altogether.
Taking out Specialist Cover
Those looking for a new insurance provider should consider limiting their search to lenders who offer specialist cover like A-Plan. These types of companies will have a much better understanding of the market, and you won’t have to worry about explaining the purpose of every single one of your modifications. However, don’t forget to declare all of your changes. Failing to do so could result in your insurance being made void.
Increasing Your Voluntary Excess
Finally, when choosing the details of your insurance policy, consider increasing your voluntary excess. This will reduce the price of your annual policy, as the provider won’t have to pay out as much in the event of an accident. Since it will require you to pay more should you have to file a claim, it’s important that you find the right balance.
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