Many people are concerned that getting a personalized license plate will pay a higher insurance premium than they do now. After all, it’s common knowledge that auto insurance companies frown on the vast majority of vehicle customizations and modifications.
You may have to say goodbye to low-cost car insurance if you modify your vehicle by installing an aftermarket exhaust system or tuning the engine. In some cases, it could even result in the cancellation of your auto insurance policy.
While you must notify your insurer that you have purchased a new, private number plate, the good news is that your insurance premium is unlikely to rise due to this notification. They claim that having a personal license plate makes them more desirable and valuable, and they plan to get one installed.
Others might argue that a personalized plate makes the vehicle more visible, making it easier for police to identify it in the event of a collision. Your insurance company may reduce your premium, but it’s unlikely.
Any policy changes should be communicated to your customers as soon as they become available.
Your insurer will almost certainly charge you an administrative fee to cover the costs of updating your policy on their system, just like any other change to your policy. It is a standard operating procedure.
However, whether they do so and how much they charge depends entirely on which insurance company you choose to insure with. The only cost associated with purchasing a private number plate is removing it in the future, which is currently £80 per number plate.
You can file a complaint with the appropriate authorities if your vehicle insurance company attempts to raise the cost of the policy of the private number plate. You are not altering or improving your vehicle’s performance as a result of the change.
If ‘admin fees’ is to be charged at all, they must be reasonable in comparison to the cost of the service. You can file a request with the Financial Ombudsman Service if you believe they are overcharging you.
We’ll use the following illustration to demonstrate the importance of notifying your insurance company of any changes in registration, no matter how minor they appear to be. If you do not follow these instructions, your car insurance will most likely be invalidated, making it much more complicated – and expensive – to obtain car insurance in the future.
Your car insurance premium is unlikely to rise due to using your license plate, but it’s always a good idea to double-check. Many insurers do not offer it, and those do not advertise it prominently in their advertisements. They may decide to include it in your policy coverage as a gesture of goodwill and to keep you with them for a little longer, depending on how long you’ve been a loyal customer.
Although using a private number plate should have no bearing on your insurance policy, you may want to pay a little more for more coverage if you want complete protection and peace of mind. If you need any more information contact us at our website.