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?