Upgrade insurance penalties?
Discussion
Dear all,
I'm aware that insurance companies need to be informed of engine upgrades/alterations. Is it true, though, of all upgrades? What about brake/suspension upgrades? Do they need to know if, for example, you change to 16" wheels?
Yes, I have a done a search...but...well, I have...
Inny.
I'm aware that insurance companies need to be informed of engine upgrades/alterations. Is it true, though, of all upgrades? What about brake/suspension upgrades? Do they need to know if, for example, you change to 16" wheels?
Yes, I have a done a search...but...well, I have...
Inny.
I dont think I've paid extra for mine, some ask for an engineers report tho..
Best bet is to declare everything, if you end up writing it off theres a good chance they will find out about any changes and this can invalidate your insurance (or at least reduce the payout)
For what its worth, my 450 has uprated suspension, Steve heath ARB links, drilled and grooved disks all round with EBC reds and optional Estoril wheels. All declared to the insurance co, none of them resulted in any premium increase. IIRC the comment from the broker was something like 'why would your premium go up if your car now handles and stops better than when it left the factory'.
For what its worth, my 450 has uprated suspension, Steve heath ARB links, drilled and grooved disks all round with EBC reds and optional Estoril wheels. All declared to the insurance co, none of them resulted in any premium increase. IIRC the comment from the broker was something like 'why would your premium go up if your car now handles and stops better than when it left the factory'.
What Bigdods said is correct - if in doubt - tell them (confirmed by either of you in writing), as I mentioned on a topic last week insurance companies have been known after an accident to employ an engineer to check whether a car was altered (and they can be remarkably thorough in their investigations). The insurance company usually require you to inform them about any "material" changes but that is very open to definition, if the accident is a biggie with people maimed or worse this would be a very bad thing!
Just to clarify a point for Big Daddy - it isn't whether you have improved aspects of the car even if they are safety related it is the fact you have changed the basis of their understanding of the contract between yourself and the insurance company (ie: that the car they have insured is absolutely bog standard or whatever you declared at the time). They can take the view the mods do not affect the policy but that is entirely their decision, you would find it extremely difficult to argue with them.
Germs said:
Just to clarify a point for Big Daddy - it isn't whether you have improved aspects of the car even if they are safety related it is the fact you have changed the basis of their understanding of the contract between yourself and the insurance company (ie: that the car they have insured is absolutely bog standard or whatever you declared at the time). They can take the view the mods do not affect the policy but that is entirely their decision, you would find it extremely difficult to argue with them.
I know,thanx,my point is how many of you declare all the mods,and i mean all
not trying to get into an argument,just a small point.Edited by That Daddy on Saturday 1st December 12:06
The insurers and brokers don't seem to mind so much, its the assessors in case something does go drastically wrong. Do you want to take the risk? Its a personal choice I suppose. As long as you know you could get into a mare situation if you have an accident then all is fine.
There are lots of different stories about insurers eg, I don't pay extra for a roll-bar but there have been reports of insurers wanting a lot extra for one. You always need to be specific when getting quotes, finding the insurer who gives you the best deal for what you want includes the spec/mods of your car in my mind.
Dave
There are lots of different stories about insurers eg, I don't pay extra for a roll-bar but there have been reports of insurers wanting a lot extra for one. You always need to be specific when getting quotes, finding the insurer who gives you the best deal for what you want includes the spec/mods of your car in my mind.
Dave
That Daddy said:
Insurance companies would,ent know what their looking at on these cars anyways
i.e whats stock not stock,a supercharger may be to far though or 20"wheels,bling bling.....
Yes, but it's well known that TVR did make a supercharged V8S, how was I to know it wasn't original occifer? Dead right about the bling wheels though. i.e whats stock not stock,a supercharger may be to far though or 20"wheels,bling bling.....
GreenV8S said:
That Daddy said:
Insurance companies would,ent know what their looking at on these cars anywaysi.e whats stock not stock,a supercharger may be to far though or 20"wheels,bling bling.....
Yes, but it's well known that TVR did make a supercharged V8S, how was I to know it wasn't original occifer? Dead right about the bling wheels though. i.e whats stock not stock,a supercharger may be to far though or 20"wheels,bling bling.....
Didn't someone post recently that they had some comment from their insurance company comparing actual RWBHP in comparison to factory figures (at the flywheel)??? Could have been IM when he was looking for insurance for the SC conversion?? I seem to recall being a bit taken aback by a posting of the like.
On the whole we get pretty good deals from insurance companies IMO.
Dave
On the whole we get pretty good deals from insurance companies IMO.
Dave
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