Megapolis Insurance

UK motorists already pay some of the highest auto insurance rates in the industrialized world. And if some motorists across the pond get their wishes fulfilled by Father Christmas, they may wind up paying an even higher price for car insurance.

UK Insurance Customers, Take Note

Like their counterparts in the USA, UK drivers can be very attached to their motorcars – and like their cousins in the former colonies, often delight in making modifications to their vehicles. Such modifications may simply be cosmetic, such as alloy or chrome wheels, custom exhaust, lower suspension, fender flares or adding a spoiler. The British motor sport fan may also wish to add a turbocharger or intercooler (although why anyone living in a country where petrol is the equivalent of $10 USD per gallon would want to is a mystery).

However, even simply cosmetic modifications to a vehicle may result in a car insurance price hike of over £600 (approximately $1800 USD) per year.

Why?

Even in the U.S., if a motorist makes modifications to a vehicle, s/he can – and probably will – receive a higher bill from their car insurance company. UK insurers operate the same way in this respect. It makes sense: if you increase the horsepower and mechanical performance, statistically that can you are more likely to drive faster – and have a greater chance of being involved in an accident.

Ah, but what’s the big deal with cosmetic modifications? Here, it’s a matter of value and making a vehicle more attractive to car thieves.

Thinking of Hiding It? Think Again

Motorists may think they can get away with simply not telling their insurers about changes they make to their vehicles. This too is a mistake that can cost you plenty; should you need to make a claim and the adjuster finds out that such modifications have been made, the insurer is well within its legal rights to declare the policy null and void – meaning you would be stuck with any costs associated with the accident.

Vanity Comes At a Price

Even if a motorist is willing and able to shoulder the extra cost of coverage for a modified vehicle, s/he may very well find that few insurers in the UK are willing to underwrite policies for such vehicles. Those that are will likely charge a hefty fee.

It may seem nice to tool around in a vehicle that turns heads – but you may very well find that feeding your own vanity can cost far more money than it’s worth.

A motorcar is, after all, simply a conveyance designed to get one from “Point A” to “Point B” – and an Austin Mini will do the job every bit as well (not to mention for a far lower cost) as a Jaguar XKE.

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