why modified cars cost more to insure?

Answer 1

because the peson who is insuring/driving the car has modified it for a reason, usually to go faster or attract more attention, hence it's a higher risk of being stolen or wrapped round a lampost ;-)
Have a nice day

Answer 2

(I have copied and pasted my answer from another question for you)

I'm afraid the reason they are more expensive is not due to the fact the drivers are more reckless.

A modified car usually (!) looks much more attractive to car thieves, especially for the fact the car could be stripped and the mods sold on. Therefore unless the car is fitted with a Thatcham Category 1 alarm/immobiliser, the car is at greater risk of being stolen.

Also, should a mod car be involved in an accident, the cost of repair will be higher (think of the cost of repairing or replacing a body kit versus a standard car).

In the event that the car is under 1 year old and you have a New for Old clause on your ins policy and your car is written off, the ins company has to give you new for old car the exact way your old car was. The cost of this will be higher for a mod car.

If the mod car is older than 1 year old when its written off, the ins company will still have to write a bigger cheque, because obviously the value was higher.

(ALways tell the ins company your car has mods...if anything happens, you will lose money. In some cases, the company states you commited fraud at the time of taking the policy and your policy will be null and void meaning your insurance will not pay out anything).

Hope this helps you understand things from the ins company side a bit better...happy driving!

Answer 3

well for a start, U have added something to the car, so if U crash the car then the car and what U have bought would have to be replaced by the insurance company, or they would have to give out more money.

most people modify cars so that they have better acceleration, and high top speeds, so the insurance companies assume that U will be tearing around the place, so more likely to have an accident

a modified car is more likely to be damaged, by someone cause they are jealous of the car, or someone breaking into the car wanting to steal it of anything inside it, as they usually have good stereos, amps,speakers etc.

Answer 4

Actually old style Land Rovers aren't too bad for insurance, and if you live on a farm in the sticks so much the better. All these things are relative however, we're talking about the difference between the £10k it could cost if you tried to insure something like a Rav 4 in the city to the £2-3k it'll probably cost you. As with all these insurance questions though, the only way you'll know for sure is to ask an insurance company, all you'll get on here are guesses.

Answer 5

Modified cars are worth more, for obvious reasons. Also, depending in which they are modded, they might be used differently, which could cause more problems. Modified cars are also more prone to theft, for, again, obvious reasons. All in all, they are much more likely to cost the insurance more company money than a standard car, unless the standard car is something top class...

Answer 6

The insurance industry charges rates based on statistical analysis. With "stock" factory cars, there are large, reliable data sets on repairs, part costs, etc. A modified or custom vehicle requires the insurance company to expend more effort to determine a quote (which makes providing the insurance more expensive) and there are much greater unknowns including the cost to repair, replacement value, etc. I also expect that owners of custom vehicles would be more likely to squabble over the value and that the value is more difficult to determine.

Answer 7

It's because the car's parts don't retain the same quality they had before modifications on some cases, therefore raising issues with reliability that wouldn't happen with the stock car, according to the manufacturer.
Modified cars are known to be unreliable up to a point.
Tinker with one thing in a car and it affects the car entirely .One factor changes one thing after the other.

Answer 8

The real reason is that the people that tend to modify cars also tend to have more accidents in them. Of course, this is a generalisation, but based on statistical analysis by the insurance industry.

Answer 9

Because they can be dangerous if you don't know what you are doing. They are more attractive to car thieves and insurance companies believe people who own high performance cars are a higher risk.

Answer 10

If you modify your car a incuranse agence thinks that you will drive fast and recless and that its more likely that you will crash your car. If you are younge you will also pay more because, they drive more recless than a old man