Informing Insurance of Mods (Independant.ie link)

[RossYB]

What's peoples opinions on this?

http://www.independent.ie/life/motoring/car-news/insurance-alert-tiny-modifications-to-cars-can-wipe-out-cover-31273560.html

'Err on the side of caution and tell their insurance company of all and any changes - no matter how small or apparently irrelevant' & 'Changing a vehicle from its factory specification, opting for alloy wheels, a satellite navigation system or leather upholster'

Do you have to tell your insurance if you change your black plastic dust caps to shiny red ones? :hehe!:

Does anyone here have modifications declared and how much extra did it cost?
Anyone here work in insurance, What's your opinion?

[Curran]

So if you have alloys on factory spec, do you have to ring them if you get a puncture and put on a spare? :P

[Gar]

The indo have been recycling that story for the last 24 months


Its a disgrace to think that your insurance could be void if you have fitted a sat nav its actually unbelievable

[GERMANIKS]

I guess I am f#cked :crying:

[Gar]

What have you got there mike f10 set up is it ?

[GERMANIKS]

What have you got there mike f10 set up is it ?

2014 F30 NBT iDrive yeah

[JohnH]

With this in mind can someone explain the difference between spurious parts and mods?
Eg. If I put kvd shocks in the car they're spurious but if I put bilsteins in is that a mod??

[Gar]

With this in mind can someone explain the difference between spurious parts and mods?
Eg. If I put kvd shocks in the car they're spurious but if I put bilsteins in is that a mod??

Even jesus himself wouldn't know the answer the rules are so vague suits the insurer perfect

[E46Padge]

I guess I am f#cked :crying:

Lookes like iam fecked too. No more shagon wagon steelies back on as we speak


That's a load of horse shit. I wouldn't worry about it. I sleep well tonight..

[dergside]

Its a sensationalist piece by the Indo - shows where journalism has descended to in this country.

Technically the piece is right. The contract of insurance is covered by the concept of "uberrimae fidei" - utmost good faith. What it means is that the onus is on the person seeking insurance to supply the person giving the cover with any and all information that may impact on the risk and the insurer's decision to undertake the risk or that may affect the price they charge for it. A good example would be insurance cover for the Apple Watch. Given that there is a huge price difference between the std watch and the Gold version then that would likely be a material fact that the person seeking insurance should disclose their watch is Gold when submitting a proposal form as it is likely that it would effect either the taking on of the risk or the premium.

In reality, insurance companies in Ireland have taken a fairly pragmatic view, especially in relation to minor specification differences, optional extras fitted, etc. because in totality, whether a car has std 17" alloys or optional 18" alloys probably won't make a material difference to level of risk or the payout should there be a claim. However, if your car is new, has expensive factory Individual paint and leather, 22" custom alloys, etc. then they may care because the cost to replace with an equivalent spec car will be greater in the event of a claim. In the same circumstances, on a 15 year old car it probably has little impact on value and therefore payout. Their main concern in these circumstances (older example) may be whether there is a higher risk of certain claim types (e.g. theft) as a result of the modification from std spec, so the 22" custom alloys might still be a deal breaker.

In the UK there have been plenty of instances of insurers voiding policies due to modifications when claims are submitted but that is usually by the "cheap" insurers that are looking at every way possible to avoid payouts or reduce claim costs. There was a slightly similar culture here when Quinn Insurances were going but I think that has gone away, but I'd still tread warily with some of the budget, no nonsense type, insurers.