Your Insurance Premium Could Rocket if you Tinker With Your Car
CHESTER, England, September 11, 2012 /PRNewswire/ --
- Modifying your car can increase insurance premiums by as much as 66 per cent
- Motorists risk invalidating cover if they fail to inform their insurer of changes
Adding alloy wheels or modifying your car with the latest accessories could dramatically increase the cost of your car insurance premium, according to research by MoneySupermarket.com.[1]
The UK's number one comparison website found making common modifications to your car can increase the cost of your insurance premium. For example, if a 30 year old male added alloy wheels to his Ford Fiesta he could expect to see a 30 per cent increase to his premium. Similarly, if a car phone was added, the cost would increase by 50 per cent, and if it was "pimped up" with a complete body kit, the same male motorist could expect to see a 66 per increase, with annual premiums as high as £900 on average.
Pete Harrison, car insurance expert atMoneySupermarket, said: "Cars are used by many as a way to express themselves, and for some people, modifications are an essential part of personalising their vehicle. Motorists need to be aware that even the smallest of modifications can impact the price of car insurance. It pays to contact your insurer before you go ahead and make any modifications, as you will need to decide whether the extra cost to cover the changes is worth paying.
"Some insurers won't offer insurance to cars that have already been modified, so it's crucial to check with your provider first. More importantly, drivers need to realise that not informing an insurer of modifications made to a vehicle can invalidate a policy - a mistake motorists can't afford to make."
Analysis of MoneySupermarket car insurance data revealed the most popular modifications motorists make to their cars.[2]Alloy wheels accounted for nearly half (43 per cent) of all modifications made to cars. A further 11 per cent of motorists have opted for tinted windows and nine per cent have widened the wheels or trims of their car. Out of the modifications made, older drivers (over 65s) were most likely to add a tow bar to their vehicle (29 per cent), closely followed by one in five (20 per cent) modifying their car with parking sensors. Parking sensors were the most popular choice with female drivers(12 per cent), compared to only eight per cent of men making this alteration to their cars.[3]
Pete Harrison continued: "It is a myth that car modifications are only made by 'boy racers'; many people alter their cars for very practical reasons such as adding parking sensors or tow bars. Modifications don't have to break the bank where insurance premiums are concerned, and those looking to streamline or tweak their cars should scour the market to ensure they are not paying over the odds. On average, motorists save themselves around £404 by shopping around for their insurance premiums through MoneySupermarket.com.[4]"
Notes to editors:
[1]Top ten car insurance quotes:
Annual
Annual Premium Annual Premium Premium
Annual (with complete (with alloy (with car
Provider Premium body kit) wheels) phone)
Provider one GBP408.97 N/A N/A N/A
Provider two GBP431.90 N/A GBP431.90 GBP431.90
Provider three GBP493.01 N/A N/A N/A
Provider four GBP540.60 N/A N/A N/A
Provider five GBP543.78 N/A N/A N/A
Provider six GBP563.92 N/A N/A N/A
Provider seven GBP576.97 N/A N/A N/A
Provider eight GBP581.74 N/A N/A N/A
Provider nine GBP599.40 N/A N/A N/A
Provider ten GBP620.66 N/A N/A N/A
Average GBP536.10 N/A GBP431.90 GBP431.90
Based on a 30 year old male teacher, driving a Ford Fiesta 1.2 with 5 years NCD
Sourced by http://www.moneysupermarket.com 31.08.2012
Top ten car insurance quotes (with car modifications):
Annual Annual
Annual Premium Premium
Premium (with (with
(with car alloy complete
Provider phone) Provider wheels) Provider body kit)
AXA GBP431.90 AXA GBP431.90 Flux Direct GBP640.39
More Than GBP701.83 Flux Direct GBP584.90 Admiral GBP703.84
Broker King GBP786.72 Admiral GBP696.42 Elephant.co.uk GBP707.02
e choice GBP802.78 Elephant.co.uk GBP699.60 Diamond GBP713.38
Performance Direct GBP837.35 More Than GBP705.41 Bell GBP771.68
Insure Your Motor GBP841.72 Diamond GBP705.96 Broker King GBP786.72
Endsleigh GBP845.33 Bell GBP763.20 Insure Your Motor GBP841.72
Aim GBP921.94 Broker King GBP786.72 Performance Direct GBP962.95
Flux Direct GBP953.41 e choice GBP796.81 Post Office GBP1,328.19
The Co-operative GBP953.51 Insure Your Motor GBP841.72 HSBC GBP1,468.00
Average GBP807.65 Average GBP701.26 Average GBP892.39
Based on a 30 year old male teacher, driving a Ford Fiesta 1.2 with 5 years NCD
Sourced by http://www.moneysupermarket.com 31.08.2012
The average of the top ten insurance premiums is £536.10, compared to the top ten premiums for a vehicle with a car phone which is £807.65. There difference is £271.55, therefore an increase of 50.65%.
The average of the top ten insurance premiums is £536.10, compared to the top ten premiums for a vehicle with alloy wheels which is £701.26. The difference is £165.16, therefore an increase of 30.8%.
The average of the top ten insurance premiums is £536.10, compared to the top ten premiums for a vehicle with a complete body kit which is £892.39. This difference is £356.29, therefore an increase of 66.45%.
[2] MoneySupermarket.com site data sourced between January 2011 and June 2012. Based on 594,512 quotes
[3]Female and male drivers between 17-64 years old.
[4]Average saving of £404 with MoneySupermarket.com when shopping for car insurance. Based on online independent research by Consumer Intelligence during 1st July 2012 to 31st July 2012.
MoneySupermarket.com compares (at 30th Aug 2012)
- 107 car insurance providers and 82 home insurance providers
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- 62 mortgage lenders and 28 credit card providers
- 66 savings providers and 37 current account providers.
- Over 1,200,000 mobile phone deals
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SOURCE moneysupermarket.com
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