What's next for Personal Lines insurance?
When customers hear the term ‘vehicle modification’ – they could be forgiven for thinking that modifications were limited only to significant changes in the performance or the aesthetics of a particular type of vehicle. That’s why many drivers of ‘everyday vehicles’ do not realise their cars or motorcycles have relatively minor modifications that could affect their insurance policies.
Understanding more about modifications
Working in partnership with BIBA, we’ve created a Report on Modified Vehicles to help you and your customers understand more about the insurance of modified vehicles. What counts as a modification, what doesn’t, and how to navigate the challenges of modification-insurance.
For example:
- Does an insurer need to know about the special alloys ordered directly from the manufacturer*?
- A motorcyclist adds detachable panniers to a bike – does the insurer need to know?
You may be surprised by some of the real-life examples we’ve included. What we don’t want, is for your customers to be surprised by a vehicle being excluded, by accident.
Download the report here
It’s well worth sharing this with all of your motor insurance customers, but particularly with those who have higher end valuations or ‘natural’ fits for the modifications’ market.
Specialist advice – want to know more?
Our underwriting team has a wealth of experience, working with motoring enthusiasts to find policy solutions for modified vehicles. Take a look at the example case studies in the guide, to see some of the vehicle modifications we’ve insured recently – without any issues.
Then, if you have any questions, feel free to contact the team:
Underwriting queries
Personal lines underwriting support team
Phone: 0345 122 3288
Email: motoradmin@ageas.co.uk
*Yes – even though there may be no increase in premium, and whether it’s done by the manufacturer or by an after-market specialist, those particular modifications do need to be declared!
