| Insurance refers to a contract or a ‘policy’, as it is often called, under which an insurer provides financial protection against losses for a person, business or an organization in exchange for a regular payment of an amount, called ‘premium’. The United Kingdom law mandates some types of insurance while others are purely optional. This concept in fact has become an important part of the life of UK citizens, offering valuable protection against potential losses and in turn invaluable peace of mind. Nowadays the UK insurance companies have broadened themselves to guard against almost any conceivable risk to a customer. Among them, insurance cover for those who own Left hand drive, American or Modified Cars is one of the insurance types offered by the insurance companies in the country. If an individual decides to buy an American car that has not been manufactured in UK, he has to go beyond the normally set boundaries of car insurance. This is because an imported car has been built without taking into account the laid down UK build specifications. There are different types of imported car insurance, depending on where you import it from. For example, if an individual wants to import an American sports car, before investing several thousand pounds on the vehicle, it will be better if he speak to some insurers first and ascertain how much the insurance will cost for the imported car he wishes to buy. Also if you do own an imported car, then you will have to pay a higher premium than a standard car purchased in the UK. To insure an imported car, you have to provide the insurer with detailed information about the vehicle’s specification in order to be able to assess its suitability for the policy. When it comes to insuring a Modified Car, the scope and amount involved is quite different and there are certain areas in particular which will affect the insurance premium offered to these cars by an insurance company. And if you wish to add any modification to your car, it is worth consulting an insurer about how the insurance premium will be affected by the specific change. Generally, the motor insurance companies assess the value of ones’ car by referring to trade guides and car manufacturer information. The manufacturer’s guide will not take into account any external modifications such as exotic car stereos, body modification kits, satellite navigation systems, engine modifications and aftermarket alloy wheels. As these additions won’t figure in the manual, the added performance of the vehicle and the changed external appearance of the motor car make it difficult for companies to assess its true value. This is the main reason why most insurance companies ask the customer whether there is any modification in the vehicle and if so what the change is. For example, if a customer fits alloy wheels or adds any custom body kits, the company will not cover for these additional fittings unless explicitly mentioned in the policy. The change of the specific modification can be seen reflected in the insurance policy. Hence it is advisable to consider reviewing the level of cover before adding any additional fitting to the vehicle – it will come handy as you will get a clear idea about the increase in the amount of premium that needs to be paid for the customization. Therefore before taking an insurance package, it is advisable that you rationally select the package that suits you best. The insurance premium will vary from company to company, as may other parts of the contract such as excesses. Shop around and compare policies on a like for like basis before committing. About the Author Jason Hulott is Business Development Director of Protection Insurance. Protection Insurance is an internet based insurance business dedicated to getting consumers the very best insurance rates and the best products. Our product portfolio includes modified car insurance |
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