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FireFox-89

Insurance Question

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Hey guys,

 

When I buy my E39 later this year eventually I want to upgrade the brakes and suspension, would this be classed as modified and as a result would have to inform the insurance company?

 

Thanks

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Believe so, probably worth asking the question when you first take out the policy and ensure you go with a company who will cover them for not much more. Last thing you want is to take out a policy with someone who won't cover them and then be paying cancellation charges. 

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Of course - all 'modifications' by the very nature of the word require notification to an insurer.

Even changing the stereo is a mod that could make the car more attractive to the local oiks and hence may incur a premium hike.

You always need to err on the side of caution if in doubt ask the insurer the consequences of the money grabbing bar-stewards wriggling out of paying a claim because you failed to tell them about something they considered a mod is very real and hence risky.

 

For particular mods they will sometimes request an engineers report.

 

I added a Supercharger, exhaust, remap rear spoiler and various other updates to a V8 MG and the extra premium was about £30 so it is not always overly expensive

 

 

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Aww that sucks although I should have known that. Just did an insurance quote for a 2002 530i which is £620 with 7 years NCB but adding uprated brakes, suspension and braided lines knocked it to over £1,300 so I will be keeping it stock.

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So make it safer and get charged more?! Ring some specialist insurers and I bet you'll do better! I just saved 32% on insurance for my modified bike (exhaust, mapped, braided brake lines) by ringing round.

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43 minutes ago, Machinehead said:

 

So make it safer and get charged more?! Ring some specialist insurers and I bet you'll do better! I just saved 32% on insurance for my modified bike (exhaust, mapped, braided brake lines) by ringing round.

 

Ooo nice, what company is that mate?

 

I wonder if I would get away with just discs and pads, I'm thinking EBC not sure on the exact model and Yellowstuff pads which I was recommended at the Autosport.

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13 hours ago, FireFox-89 said:

 

Ooo nice, what company is that mate?

 

I wonder if I would get away with just discs and pads, I'm thinking EBC not sure on the exact model and Yellowstuff pads which I was recommended at the Autosport.

 

The quote was from Bennetts, underwriters are Ageas - decent enough and good on claims.  Bennetts don't do car insurance though, not as far as I can see anyway.  Oddly both my cars are with the same insurance company (but different brokers) so I was thinking I should apply for block discount!!! 

 

H&R insurance (based in Aberdeen) have been good in the past, there is Chris Knott Insurance services that sponsor this site, Adrian Flux might be worth a look but do check out the insurer they offer too.

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For most mods don't use online quoting systems most will not quote and those that do will be silly money.

Mods are all about perceived risk to the underwriter so they need a bit of one to one discussion.

So going at your suspension with an angle grinder is clearly a much bigger risk than a professionally fitted and designed (with receipts to prove if requested) set of springs.

 

Many mods get recorded on the policy but don't attract a premium hike and In some cases, especially if the car is a classic and has an agreed value, it is certainly worth having everything stated.

An example the tool roll in an older Ferrari can be worth thousands on its own, you would be mad not to include that on a policy because that is the first sort of thing that often goes walkies after an accident when the car gets towed to a "safe location" yep been there done that :(

 

Mods aren't all bad if you mod your car by buying a private number plate strangely you might find the insurance quote is less, ditto for improving security with professionally fitted trackers etc.

 

 

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I never would have realised any of these things were mods. Are you guys sure that suspension and brakes are mods?

If that was the case, surely any non-OEM part would be considered a mod, and therefore no insurer would pay out on (most) cars?

I thought it was for bodykits, alloys, spoilers, non standard engine swipe: things that make the car appear more desirable to a thief, and therefore raises the risk of theft or damage. Am I wrong?

I guess if anyone went out of their way to call their insurer to say they'd modified the suspension, the insurer would construe the call to mean 'I don't think I'm paying enough', which by virtue of an industry without virtue would result in a self-declared increase...

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Go with a better insurer I'd say... That price hike is just stupid! :roll: 

 

None of those mods add power, in fact they make it better braking etc!

 

Better discs, more aggressive pads and braided brake hoses are one of the first things I do to any car I buy... Always declared and never charged a premium... 

 

 

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7 hours ago, pidgeonpost said:

I think it largely depends on the insurance company. To companies mods = boy racer so they pump the price up.

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That's the issue though and that's what makes the insurance industry and absolute joke!

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To an insurance company,Uprated suspension = Faster around corners,Uprated alloys = Lighter/Wider wheels so faster around corners,Uprated brakes = Driver can slow down quicker after going faster around corners.More percieved "Risk" to them,more money for you.:)

Edited by badoffroader

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One thing that confused me about this is that if the discs and pads were completely different and outside of the factory specs then I can see where the insurance company is coming from but since the discs especially are the same thickness and diameter (only difference is that they're drilled and slotted) as the factory discs. I didn't think that at least would be that much of a modification.

 

I did another quite with just discs and pads without braided lines and it worked out at about £1,300 again. Nearer the date I might contact one of these companies and just run it by them.

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