Say yes to cheaper van, home and car insurance

Modifying a vehicle can have an affect on the cost of its car insurance policy, a price comparison website has claimed.

According to research from Confused.com, there can be a difference of as much as 182 per cent between automobiles that have been spruced up and those which have not.

By installing spoilers, tinted windows and alloy wheels, drivers could "dramatically increase" the cost of cover, commented head of car insurance Will Thomas.

Mr Thomas indicated that shopping around for the best deal is a good option for those who have improved their vehicle since they bought it.

"[Modifications] can render car insurance void in some instances, especially when the driver fails to inform the insurer of any changes," commented the official.

Meanwhile, research from Halifax has found that 20 per cent of people would use a loan to finance a new car.