Automotive Upgrades That May Affect Your Car Insurance

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There are many things to ponder when you start shopping for a new car. The mileage, price tag, transmission, and year all form part of the decision-making process. However, automotive upgrades you plan on making, or that already exist on the car, can also be worth thinking about.

Believe it or not, they may just affect your vehicle insurance. Before you sign on the dotted line for your new set of wheels, be aware that the following things may need to show up on your insurance forms. 

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Customized Color Scheme

There is nothing wrong with factory color schemes. In fact, today’s car manufacturers are coming up with all kinds of stunning color blends that make your wheels stand out from the crowd. In saying that, sometimes you may want something a little bit different. Surprisingly, a customized color scheme can affect your auto insurance

You’ve potentially added thousands of dollars of value to your vehicle, but the insurance company may have only valued it in its original state. If you’re about to invest in a new coat of paint, keep all the receipts for potentially adjusting your vehicle’s value. 

Rims and Tires

Sometimes, factory rims and tires aren’t suitable for your needs. You may decide to empty your piggy bank and upgrade to some that are considerably more valuable. In this case, vehicle upgrade insurance may be required. Otherwise, you may be paying out of pocket if you’re involved in an accident, and you haven’t informed your insurance company prior. 

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Things That Require Documentation

If you plan to remove or install something in your car that may alter its value, you may need to provide documentation.

This can be in the form of inspection documents, invoice copies, and certification documents. For example, if you were to install an LPG/CNG kit, you may need a registration certificate, invoice copy of the installed products, and a vehicle inspection report

Interior Changes

Whether you’re installing a flash new stereo system, luxury seats, or even custom pedals, it can be worth phoning your insurance company.

These small changes can add value to your vehicle, which may not be covered after an accident. What’s more, interior changes like sound systems can also increase the risk of theft, which is worth keeping in the back of your mind if you’re trying to reduce your car insurance. 

Branding

You may have spent thousands of dollars on branding design and vinyl wrapping, but have you let your insurance company know?

Since vehicle signage doesn’t seem like a vehicle modification, it may not be something you think you need to worry about. However, consider the costs of redoing that signage. Notifying your insurance company and adjusting your premiums could see it covered if the worst happened.   

It’s only natural to want to customize your car so that it suits your personality. However, it’s worth being aware that some automotive upgrades may affect your insurance premiums. Take care to calculate the costs during the modification process so you can adjust your insurance accordingly.

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