I once coverted an old Camaro from a 307 automatic to a factory (crate) 350, a Muncie, 3.73 rear, new springs and tons of other stuff to accomodate the new power. Did I tell the insurance company? Three guesses and the first two don't count. All they knew was that I had a '71 Camaro with a 307. Fine with me, as they wouldn't have paid for the engine and other stuff. I also had all new body panels, interior and trim, which I did tell them about when I had an accident that almost totalled it, but the adjuster never even noticed the new engine and other performance equipment. They paid to get the car repaired and I had it a long time before selling it to finance my then-new Mustang.
Keep your upgrades to yourself; telling the insurance company is unnecessary, in my opinion.
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