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Can Racing Stripes Really Increase the Cost of Insurance?

on January 23, 2019
car_racing_stripes

Can Racing Stripes Really Increase the Cost of Insurance?

on January 23, 2019

One of the most commonly believed myths when it comes to cars and the cost to insure them is that a red car will cost significantly more than a silver or black car.  The truth is – car insurers do not care what the color of your car is.  It’s likely that your insurer doesn’t even know what color your car is, as they only document the VIN number which includes the year, make and model of the car, but not the color. 

With that said, shouldn’t it be safe to assume that racing stripes have no effect on the premium since the color is typically irrelevant to insurers?  As it turns out, car racing stripes actually can influence the cost of car insurance and can increase car insurance quotes depending on the situation itself

Most racing stripes for cars are added by the manufacturer itself with the most common being Mustang racing stripes, Camaro racing stripes, and even Dodge Challenger racing stripes.  When those who drive these types of cars insure them, they most likely are aware of what type of price they’re going to be offered to cover such a car and whether they have car racing stripes or not is irrelevant when calculating the typical sports car premium.

When Race Stripes Really Matter

It doesn’t matter who you are, cheap car insurance will always be important to you.  While it is true that the color of your car does not really disqualify you from affordable car insurance, adding racing stripe decals can potentially cause your average car insurance cost to noticeably rise. 

Depending on your car insurance provider, racing strip decals for cars may be considered a cosmetic modification to your vehicle if your vehicle did not come with them pre-installed.  Most car insurance companies have policies regarding modifications made to insured vehicles that may include several changes to your agreement:

  • Your insurance quotes will increase
  • Specific modified components can be declined coverage in the event of an accident
  • Your auto insurance may be canceled altogether (typically for illegal car modifications)

Why Does Car Modification Increase Insurance Rates?

DIY car tuning can significantly increase your insurance rate depending on what type of modification is performed.  The most common type of modifications that insurers definitely pay attention to on modified cars is electric car modification as well as modifications made to the engine to make the car drive faster.  If you know how to tune a car, car upgrades such as entertainment system upgrades and car light modification can be extremely tempting.  Though, most drivers typically bring their vehicle to a car modification shop.

Before researching how to put stripes on your car, it’s crucial that you understand that a car with stripes can be seen as a bigger risk by most car insurance companies in terms of how likely the car is to be broken into and how likely it is to speed on the road. 

Should You Report Your Car’s Modification to Your Insurer?

It’s no secret that car insurance providers are not the biggest fans of modifications made to vehicles, especially those that increase the speed and make the car more of a target to car burglars.  The possibility of an increased rate can be tempting to avoid informing your car insurance provider of modifications you made, but should you?

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Failing to Report Car Modifications Can Cause Big Trouble

Depending on your insurance provider, failing to report a car modification can result in you being flagged for “material misrepresentation”.  Once officially flagged, you risk having a claim refused in the event of an accident.

Insurance policies are contracts between both you and the insurer.  Your policy outlines exactly what is being insured and the coverages, exclusions, terms, and conditions.  If you modify the vehicle and fail to update your contract, you risk having your contract terminated altogether depending on the severity of the modification and the insurer itself.

If you are looking to save money on your auto insurance there is much better practices to follow. Failing to report any requested information to the insurer is never recommended.

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