Cars, for some people, are their first love and they get great enjoyment from modifying them. Although it is not for the majority of car owners, a few have found immense gratification and have spent a lot of cash on this activity. Modified vehicles require additional security to shelter them if they are involved in an accident or the target of vandalism.
Anyone that modifies and improves their vehicle will pay a higher premium price. Modified or performance cars are not a favorite for insurance companies to offer coverage for. Most insurance companies are willing to cover external alterations to the car but you will shell out funds for a higher premium.
The problem lies mainly with engine modification. Consideration is usually not given to cars with exceptionally powerful engines and those with engine modifications. Standard insurance quotes are usually given to cars with modifications to the in-car entertainment system and with additional exterior objects.
Insurance companies normally don't have a problem with insurance modifications when small changes are made. Typically, insurance companies will not consider coverage for young drivers attempting to insure high-powered cars or those with engine modifications.
Insurance for a modified street car used to be very hard to come by, but things have changed a bit. Determining the insurance premiums for these types of vehicles is one factor that hasn't changed.
It's all about the risk profiles of the driver and the car; and insurance companies tend to determine your risk profile by placing you as a driver into categories like gender, age, income, etc. and the same goes for your car. Modified street cars fall into one of two categories, show cars and street race cars, according to insurance agencies.
Show cars are likely to do extremely low mileage, usually in warm sunny weather, and are usually drives very carefully. Show cars are usually stored when not in use which makes them less prone to being ripped off. Your insurance broker views this as the best possible scenario for you.
Street racers are more likely to be abused, involved in accidents, driven in all weather, driven fast and at high RPM, stolen, parked in the street, and driven by 'boy racers'. Coverage for this kind of vehicle is extremely high to recoup any possible future losses.
Anyone that modifies and improves their vehicle will pay a higher premium price. Modified or performance cars are not a favorite for insurance companies to offer coverage for. Most insurance companies are willing to cover external alterations to the car but you will shell out funds for a higher premium.
The problem lies mainly with engine modification. Consideration is usually not given to cars with exceptionally powerful engines and those with engine modifications. Standard insurance quotes are usually given to cars with modifications to the in-car entertainment system and with additional exterior objects.
Insurance companies normally don't have a problem with insurance modifications when small changes are made. Typically, insurance companies will not consider coverage for young drivers attempting to insure high-powered cars or those with engine modifications.
Insurance for a modified street car used to be very hard to come by, but things have changed a bit. Determining the insurance premiums for these types of vehicles is one factor that hasn't changed.
It's all about the risk profiles of the driver and the car; and insurance companies tend to determine your risk profile by placing you as a driver into categories like gender, age, income, etc. and the same goes for your car. Modified street cars fall into one of two categories, show cars and street race cars, according to insurance agencies.
Show cars are likely to do extremely low mileage, usually in warm sunny weather, and are usually drives very carefully. Show cars are usually stored when not in use which makes them less prone to being ripped off. Your insurance broker views this as the best possible scenario for you.
Street racers are more likely to be abused, involved in accidents, driven in all weather, driven fast and at high RPM, stolen, parked in the street, and driven by 'boy racers'. Coverage for this kind of vehicle is extremely high to recoup any possible future losses.
About the Author:
To start saving much more visit Safe Auto Insurance and Cheap California Auto Insurance. Chimezirim Odimba writes on financial matters.
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