Irrespective of the type of automobile you drive or how old your vehicle is, there are a number of things to do with your car that will ameliorate depreciation and help it retain its value.
After a certain period of time, you will offer your car for sale, exchange it, or return it to a lease program. Several variables are considered while assessing a car’s value in all of such cases, including total mileage, condition, and age. While a few of these are out of your control, there are many that can be improved.
It has been nagging you at the back of your mind for a long time: you are constantly thinking to do some car tuning. However, you need to be informed that some modifications could be responsible for increasing the cost of your car insurance. Below are the reasons why:
Car Tuning May Add To Your Insurance Cost
Individuals driving modified cars tend to drive at a faster, subsequently resulting in more severe injuries if an accident occurs. For example, engine performance modifications may augment the chances of collision. What’s more, some modifications made to your car would, in all probability, contribute to its value. So in case your vehicle requires repairs, the repair cost will increase, thus escalating the compensation rate. In addition, you need to know that thieves are more likely to be tempted by modified automobiles.
Always Communicate With Your Insurance Company First
Considering this, it is critical to consult your insurance agency before putting your money into such a project. After a discussion with your insurance agent, you will be better informed if the intended modifications are going to increase your insurance premium or not. Regardless of the possibility that you are sure about this decision, you will still need to inform your insurance agency about every change made to your vehicle.
You should also know that you are just going out on a limb in case you do not communicate the improvements made to your vehicle with your insurance agency. In case they notice your inattentiveness after the mishap, your compensation could possibly be very well decrease granting that the pronounced modifications are not the cause. Your insurer may deny your claim if you didn’t disclose the changes beforehand.
Some Car Modifications Are Illegal
Be sure to get an expert’s advice before making changes to your car as all the modifications that you may think of making are not always legal. You may not know but you are not actually permitted to change the color of your headlights. Nor would you be able to change the safety belt in any way. You should likewise be careful about tinted windows as well.