Lots of stories, but in the end, they can only refuse insurance if the modification contributed to the accident and was found to be illegal or not up to standard.
They may refuse to replace your $5000 wheels with a new set of $5000 wheels if you don't specifically list them (so instead you get a set of stockers), but refusing to pay up when you have a crash just because you had different wheels to stock (again, as long as road legal), wouldn't get them very far.
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