June 22, 2024

Why do I have to list accessories on my vehicle for my Insurance?

Why do I have to list accessories on my vehicle?

Having motor vehicle insurance gives you peace of mind while driving. Accidents can happen unexpectedly, and insurance provides a safety net that helps alleviate the financial burden and stress associated with such situations. It allows you to focus on your well-being and the well-being of others involved, knowing that you have coverage to handle potential damages or injuries.


The inclusion of accessories in your insurance policy may affect the premium you pay. Some accessories may increase the value of your vehicle, and thus the cost of coverage.


Listing accessories on your vehicle when obtaining an insurance policy is essential for the following reasons:

Coverage and Valuation: By listing accessories, you ensure that these are included in the coverage provided by your insurance policy. In the event of damage, loss, or theft, the insurance company will consider these accessories as part of the insured value. Without listing them, the insurance company may not provide coverage for those accessories, and you may not receive compensation for their loss.


Premium Calculation: Some accessories can add value to your vehicle, and they may affect the premium you pay for your insurance policy. By listing these accessories, the insurance company can accurately assess the value of your vehicle, including the added value from the accessories. This helps in calculating the appropriate premium amount based on the overall insured value.


Customisation and Modifications: If you have made significant modifications or customisations to your vehicle, such as adding performance enhancements, body kits, or aftermarket parts, it is essential to list them. These modifications can impact the risk profile of your vehicle, which may affect your insurance coverage and premium. Failure to disclose modifications could result in coverage issues or the denial of a claim.


Claims and Replacement: In the event of a covered loss or damage to your vehicle, listing the accessories ensures that they are included in the claim. Without proper listing, the insurance company may not reimburse you for the value of the accessories. Including them in the policy allows for smoother claims processing and ensures that you can replace or repair the accessories if necessary.


Policy Accuracy and Compliance: Listing accessories in your insurance policy helps ensure that the policy accurately reflects your vehicle’s features and characteristics. It demonstrates your compliance with the terms and conditions set by the insurance company. Failure to disclose accessories may lead to policy discrepancies, potential coverage disputes, or even policy cancellation.


When listing accessories for an insurance policy, it’s essential to provide accurate descriptions, including their make, model, value, and any other relevant details. This information helps the insurance company assess the risk and determine appropriate coverage and premiums for your vehicle and its accessories.

It’s also advisable to review your policy regularly and notify your insurance company of any changes or additions to your vehicle’s accessories to maintain appropriate coverage.


ARMA Insurance Brokers Hunter Valley understand the complexities of different insurance policies, coverage options, and pricing structures. Our expertise can help you navigate through the various options and select the most suitable motor vehicle insurance policy based on your specific needs.

Contact us.

Phone: 02 4932 4444

Email: maitland@armainsurance.com.au