Gocompare.com warns top gear fans of the perils of uninsured modifications
Date: 04/10/2007 08:00:00
With just three days to go until Top Gear returns with more outrageous
motorised modifications, insurance comparison site www.gocompare.com is warning
fans that you don't need to put a wood burning stove into a Mercedes S Class or convert your
car into a boat to affect your motor insurance.
All modifications, including those made to the original specification on new cars,
should be declared to insurers. Failure to do so could leave drivers out of pocket as the majority
of insurers would not payout for damage or loss of undisclosed altered parts.
Hayley Parsons, managing director, Gocompare.com, comments, “While people often think about young drivers with
body kits, exhaust systems or suspension changes, in reality it is just as likely that the average new
car buyer opting for alloy wheels, a satellite navigation system or leather upholstery in the
showroom could get caught out. Many drivers do not realise that any changes you make need to be declared to your
insurer. If you don't, you won't be insured for the upgrades you've made, and the value of the
car will be based on the factory-standard fittings.”
Hayley Parsons explained: “For many people, their car is a way of expressing their personality and
they are prepared to spend thousands of pounds to improve both the look and the performance of their
vehicle. Often they may only add a few pounds to your annual premium but the cost of being
underinsured could ultimately be far greater.”
“Where this can become difficult for the policyholder is if there is a theft from the vehicle
or it is involved in a crash and the driver has not declared these changes on their policy. In this situation,
the insurer will only pay out for factory-standard fittings. With more extreme modifications such
as having your engine chipped, your policy could be made null and void should you have a crash and
these changes have not been declared.”
“Some insurance companies will not cover certain modifications so it's worthwhile contacting
your insurer before making any changes to find out how this will affect your premium. Even if you have
bought the car second hand and a modification has been made by the previous owner, you will still need
to declare this on your motor insurance policy.”
Adding items such as roof racks, luggage boxes and permanently fitted child car seats will not
generally be considered as modifications by insurers. However, with any changes to your vehicle,
drivers should call their insurer direct to check whether or not this affects their policy.
www.gocompare.com
Ends
Further information:
Lynsey Walden at Gocompare.com on 01633 654 055
Gordon or Liz at Maw Communications on 01603 505 845
Notes to editors:
Gocompare.com launched in November 06, the brainchild of Hayley Parsons the co-founder of
Confused.com. The first of the so-called 'Comparison 2.0' websites with a far greater
focus on product comparison as well as price, while cutting edge technology makes the
customer experience slick, quick and easy. Unlike some other aggregator services
Gocompare.com always provides a guaranteed quote, rather than just an estimate.
Gocompare.com comparisons are based on comparing the range of cover (using a five star rating process)
and not just cost.
Gocompare.com is authorised and regulated by the Financial Services Authority.