News came from a spokes man in a top car insurance company, claiming that car policy rates are most likely to be increased by 20% by the end of the year. This is as a result of the rise in car insurance claims and other fraudulent claims. The insurance companies have no other choice than to increase their insurance prices in other for them to cover their costs. As long as you have the intentions of modifying your car, bear in mind that your policy rate will definitely be increased.
Increment of rate can go up to 10% if your car modification includes tinted windows, alloy wheels, adjusted engines and spoilers. This is because the thing you added beautifies your car and attract theft or damages. Policy providers classify this as more risk because you are more motivated to claim your cover than someone that did not modify his or her car.
Many people are surprised to know that one third of car modifications are done by women. Insurers are warning people who are likely modify their car especially the generation of younger drivers that they should take note of the rate increased and also that the value of modification will have serious effect on their finances.
Insurers are warning people to be careful and take note of the extra cost to know if they can afford it. And also insurers appeal to all customers to be honest in cases of modification in their cars. Your insurer would be less concerned to pay you out on a claim if they are not stated on your rate even though it is connected to the actual modification.
Modifying your car will only be achieved when you compare quotes from trusted insurer. Never be in a hush t accept any deal unless you are convinced with the coverage the policy offers.
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