| Link(s): | Car modifications can wreck your insurance – Financial Ombudsman service (financial-ombudsman.org.uk) Car modifications and insurance – Financial Ombudsman service (financial-ombudsman.org.uk) |
Context
FOS has issued a press release and an ‘advice’ update outlining some of the insurance issues arising from car modifications. The Ombudsman has said that it is “…hearing from increasing numbers of vehicle owners who have been left to pay significant sums because they unknowingly invalidated their car insurance.”
Key points to note and next actions
FOS is advising consumers (so insurance firms might want to make these issues clear to motor insurance buyers):
- Check your policy: Before making any modifications, review your insurance policy and contact your insurer to clarify what needs to be declared.
- Understand before you buy: If you buy a vehicle ask questions and examine paperwork to understand if it has previously been modified.
- Be honest and transparent: Always provide accurate information about any changes to your vehicle when applying or renewing your insurance.
- Seek advice: If you are unsure whether a modification could affect your insurance, it is always best to ask your insurer.