With the growing number of brands and models of cars, the urge to stand out from the crowd is also increasing. When you buy a new car, you would want that your vehicle looks different than the rest. It is when you step out on the roads that you find there are hundreds and thousands of cars just as same as yours. This is when car modification will be your pal.
Car modification, as the name suggests, is the changes made on the car to change its performance, appearance, or sometimes, both! But, if you have already insured your car, you would worry if these modifications will affect your car insurance cover by any chance. Well, the answer is right here.
Car Insurance Cover and Car Modifications
The modifications you make in your car has a direct relation to the car insurance premium you pay according to your premium paying term. These modifications can be both advantageous and disadvantageous for your car insurance policy.
How does Car Modifications Alter the Car Insurance Premium?
Insurance is highly based on the risks of damaging the vehicle that is insured. Before issuing insurance, the insurance provider checks the chances of the damages that can occur to the vehicle. Due to this reason, the premiums you pay for a new vehicle is always lower than the ones you need to pay for the older cars. The car modifications type that can affect the 4 wheeler insurance are:
Performance and Aesthetic
Under this type, modification groups like engine and mechanics, bodywork, interior, brakes and suspension, paintwork, and wheels are included. The percentage increase in car insurance varies with each modification based on its type and group.
Under this type, modification groups like fuel economy, car climate, driver aids, towing and storage, and accessibility are included. The percentage increase in car insurance depends on the modification done and on the type and group of the modifications.
Things to Consider Before Opting for Car Modification
- Intimate your insurance provider about your decision to modify your car.
- Discuss the issue with the insurer as soon as possible to understand the exact rate that you would need to pay additionally with the car modifications.
- If you do not inform your insurance provider about the modifications, when the insurance provider finds the, it could lead to complications during the insurance claim.
Which is the Right Platform for Purchasing Car Insurance?
With increasing financial providers in India every year, Bajaj Finserv has emerged to be one of the leading Non-Banking Financial Companies. The car insurance policy offered by the company has some unique features, they are-
- A cashless settlement is available in the network garages.
- Roadside assistance for emergency repairs, towing, and storage assistance is provided.
- Quick and reliable repairs for roadside assistance facility is offered.
- Immediate claim assistance is provided round the clock.
- Temporary hiring of a car is available in case of theft or major car accident.
- Additional add-on covers can be purchased to enhance the basic coverage.
- You can renew your car insurance online through the quick online application and management procedure.
With the quick approval, easy application procedure, and the feature of self-customization, you can manage your car insurance efficiently without any hassle. You can check your car insurance premium using the online premium calculator to calculate the addition or deduction of premiums as per your choice of car modification.
How to Apply for Car Insurance with Bajaj Finserv?
Applying for insurance products as well as other financial products is quick and hassle-free with Bajaj Finserv. All you got to do is to fill up an application form with a few necessary details, and the insurer will contact you within a few hours.