Below is the text of an e-mail I've just sent to Admiral about cover on my wife's new car - hopefully self-explanatory. It would appear to be worth checking what insurers are now classing as mods. I have double checked this and I also rang Elephant (a sister company to Admiral) and they are taking the same approach. Other insurers I have tried aren't taking this approach. This probably isn't too much of an issue for the S given the limited number of options but some have other cars as well.

"I have arranged for cover for my wife's new car to commence from Friday of next week with your company.

On arranging the cover, I have been advised that aproximately

 

It's a standard 'con' for these low-cost insurers. Bail out while you can.

So many people don't read the smallprint, the odd customer they lose is offset by the thousands who don't read their policy document.

Elephant also have the interesting 10 month 'bonus accelerator' practice which is good for catching out the unwary. You're led to believe you can go for 10 months and change, but of course no other insurer will recognise that as a year, so you are stuck with elephant again.

Cheapest is not always best....

 

Looking at it another way, cars like the Mini and Boxster can have a list of options as long as your arm and add half as much again to the purchase price. It doesn't matter if they are performance enhancing, the fact is if the car is nicked or crashed these will need to be replaced by the insurer, which adds significantly more financial risk for them.

Makes sense to me.

 

Apparently, this is a change in policy (no pun intended) from Admiral. The previous definition of modifications wasn't so far reaching. We've been with them for a few years and I've always fully disclosed any options but have never had this response.

 

I can see where they're coming from but the point is I want insurance to cover the total value of my car not just an amount that the company feels like insuring.

I don't expect to pay the same price as for the standard car but I do expect to be able to pay extra to have a higher value covered thus reflecting their financial risk - higher risk = higher premium, I have no problem with that, I just want cover for my entire outlay and not to have a four grand exposure.

 

Are you saying I'm unwary?

 

S2KUK Members get upto 15% discount from Adrian Flux. Who are reported to be "mod friendly". Whatever that means.
http://www.s2kuk.com/s2kuk/Benefits/InsuranceDeals.php

 

The 10 month policy was worthwhile for me, as it it moved the start date of my next policy to a date that gave full no-claims.

 

Makes no sense to me - if you buy a Boxter with

 

I have to wonder what the FSA would make of it. If you insure the car for a value, then that is the replacement value, not the value of a similar vehicle.

Wouldn't like to be the one to test it in court though.