What to declare on insurance?

[-Woody-]

Car Insurance Modifications - Should I Declare Them?

Yes, yes, yes and yes!!! Car modifications should always be declared even if it costs extra. If they are not declared, then in the event of a claim your insurance policy could be voided which will lead to all sorts of problems. If you have a heavily modified car it is recommended that you get insured with an insurance specialist that deals with modified cars.
How much does it Cost to Declare Car Insurance Mods?

The cost for different car modifications varies massively between insurance companies. Before purchasing a modification we recommend you check with your insurance company how much it will cost. It is also worth noting that in most cases in the event of a claim the modified part will only be replaced by the standard part.
Why does it Cost Extra to Insure a Modified Car?

There are two main reasons why mods cost extra on insurance policies. Modifications tend to fall into two categories, each category is explained below and why it increases the premium.

1. Performance Modifications such as suspension, engine tuning, filters, exhausts and induction kits put up your insurance as they make the car faster which means you are more likely to crash.

2. Aesthetic Modifications such as body kits, tints and spoilers increase your premium as it makes your car more attractive to thieves and vandals.

What do Insurance Companies class as a Modification?

99% of insurance companies will class any modification to a car after it has been manufactured as a modification. It is worth nothing that some insurance companies will class factory fitted extras as modifications.

To what level would you need to declare mods?

Judging by this quote of http://www.carinsuranceexplained.com i should declare EVERYTHING? Window tints, Do-luck filter, even if i had clear indicator blubs!?

 

[JamesSSB]

Yes declare all mods!
It's not worth not doing it as you will void your policy and wast your money also.

Iv declared all my mods on my DC5 with sky.

 

[-Woody-]

Im know the main modifications to do, im with sky to but what about aftermarket HIDs, Do-Luck air filter, Clear Indicator Lights, Wipers etc?

 

[C&S Evo7]

if it is not std as the car came from honda then it MUST be declared. you would be ok with factory options mostly, but as there arnt really any worth mentioning

somewhere on your application there will be a box asking has the vehicle been changed from std in any way (or something similar) if you tick it then be prepared to have your claim refused if it is modified.

often they wont charge stupid amounts for mods as long as they ar not related to huge power gains, when i fitted my cage mine went down as they classed it as a safety mod.

 

[rodney]

I need to get this sorted, how have folk's premium's changed from induction/exhaust mods to the RBC plus mapping or rather what was their response. I gather an extra 30/40 ponies will hurt the pocket or has anyone's policy been cancelled due to the current insurer not willing to take RBC etc into account?

 

[JamesSSB]

Normally anything that does not change the power bhp off the engine will not incur a charge. So tints or wheels suspension.
Kpro will as it's increasing bhp so will intake manifold ect.
But each insurance company is different. I can't say what sky charge as I got my quote with mods declared from day 1.

 

[C&S Evo7]

it would not be obvious to any inspector that an rbc wasnt std. they cant tell what power it has if its stolen or upside down in a ditch, until its recovered and they can see it, if you can see bits are different, then i would defo declare them. for example exhaust and induction and ecu.
DON'T talk in horsepower gained, talk in percentage over std, as to most people 30-40 hp is huge wheras as a percentage of the factory its 15-20% so not so much of an increase in their eyes. p(in a corsa it could be 50% increase)

if you had a 2.2 stroker they are unlikely to do a cylinder capacity test if its burnt out after a theft

from experience they would class exhaust and induction as 3-4% increase (as it would be on a dc5 without a map) and not worry too much

my current insurance company have a replacement policy where they will replace with new any parts you have fitted as long as they are claimed in the first place with evidence (photos receipts etc)

 

[MattDC5]

My insurance went from £500 standard to £750 modified (RBC, GruppeM, full exhaust, Kpro , springs, Fast Road and Volks). Bit or a rip off, but I'd never not declare.

 

[-Woody-]

That sounds quite good imo.

 

[rodney]

Thanks Si, I'll hop to it once I've got RBC/K100 fitted.

 

[sky insurance]

Come on guys.. it really isn't hard.. if you make ANY change to your vehicle they should be disclosed to the insurer.

 

[C&S Evo7]

Come on guys.. it really isn't hard.. if you make ANY change to your vehicle they should be disclosed to the insurer.

Quite agree but if the companies were more realistic with there charges more people would declare more things,
I'm sure if you (Sky) were to insure a highly modified dc5 with mods declared and that car was stolen you would offer bottom book on a STD car to the owner.regardless of it's condition etc .
Even though his premium had probably doubled would that make the car twice as likely to be stolen or crashed? Simply , no it wouldn't.

It is very rare you hear of dc5's being stolen at all,

 

[sky insurance]

Come on guys.. it really isn't hard.. if you make ANY change to your vehicle they should be disclosed to the insurer.

Quite agree but if the companies were more realistic with there charges more people would declare more things,
I'm sure if you (Sky) were to insure a highly modified dc5 with mods declared and that car was stolen you would offer bottom book on a STD car to the owner.regardless of it's condition etc .
Even though his premium had probably doubled would that make the car twice as likely to be stolen or crashed? Simply , no it wouldn't.

It is very rare you hear of dc5's being stolen at all,

My company are very realistic with our pricing and quite often insure modified or import cars cheaper than a standard or UK model.

We also cover modifications on a 'like for like' basis, but this will not exceed the value of the car, no insurer will add the price of the car + what you have spent on modifications, more often that not adding modifications will not increase the value of the car .

If my company were placing our business with underwriters who were not paying out the true values of the cars we insure, we would have been laughed out of town a long time ago.. I have spent £10,000+ on my 1988 MR2, does that make it worth the £10,000 + what I paid for it?

 

[C&S Evo7]

Of course it doesn't but if you were selling it then the value would be higher than for a STD car,

In the case of an accident rather than total loss , let's say front corner , the car has coilovers fitted that are claimed but costed 3k, and are only available as a set, 1 unit is damaged, and lets say a bumper and the lower arm, would you then replace the parts or offer a STD damper instead leaving the owner 3 k out if pocket?
In my experience so far with several companies it has been replace with STD parts despite having a like for Like policy.

 

[Mark_teg]

model.

I have spent £10,000+ on my 1988 MR2, does that make it worth the £10,000 + what I paid for it?

O/T, but pics/details please? Sounds very interesting, mk2 fan myself though..

Back on topic :arrow:

 

[sky insurance]

Of course it doesn't but if you were selling it then the value would be higher than for a STD car, .

again though, that does depend.. eg someone would usually pay more for an unmodified DC5 over say a DC5 fitted with exhaust, filter and different wheels from standard, I know I would!

In the case of an accident rather than total loss , let's say front corner , the car has coilovers fitted that are claimed but costed 3k, and are only available as a set, 1 unit is damaged, and lets say a bumper and the lower arm, would you then replace the parts or offer a STD damper instead leaving the owner 3 k out if pocket?
In my experience so far with several companies it has been replace with STD parts despite having a like for Like policy.

The example of coilovers is a difficult one to answer, if they cannot be bought as a single unit then they would have to be purchased by the insurer as a set of four or as a pair but only the damaged side would be replaced.
If the price of repair using like for like aftermarket parts exceeds the value of the vehicle it would be deemed a write off though.

I can confirm though that the like for like cover we provide does what is says on the tin, if an aftermarket part is damaged in an accident, it will be replaced on a like for like basis.

 

[sky insurance]

model.

I have spent £10,000+ on my 1988 MR2, does that make it worth the £10,000 + what I paid for it?

O/T, but pics/details please? Sounds very interesting, mk2 fan myself though..

Back on topic :arrow:

3SGTE (Mr2 Turbo/Celica GT4) engine swap
Hybrid CT26 Turbo @ 14psi

13.0 standard quarter with more boost to come ... my pride and joy

Ollie

 

[Mark_teg]

=D>

Awesome Ollie

 

[tron2k3]

model.

I have spent £10,000+ on my 1988 MR2, does that make it worth the £10,000 + what I paid for it?

O/T, but pics/details please? Sounds very interesting, mk2 fan myself though..

Back on topic :arrow:

3SGTE (Mr2 Turbo/Celica GT4) engine swap
Hybrid CT26 Turbo @ 14psi

13.0 standard quarter with more boost to come ... my pride and joy

Ollie

Does that 10k include labour or just parts value?

 

[sky insurance]

Does that 10k include labour or just parts value?

£10k is actually a conservative estimate, the real figure will be much higher but does include modifications, bodywork, paint, upkeep, repairs etc.. it's not hard to get to £10k once you get started, and it was bought with the intention of being a sleeper!