Ben - If you have a "bump" then you may have the chance to change bits over yes. If you have a "crash" you might not get your car back to change the things over. Imagine your horror when your insurance phones you, saying that upon inspection of the car, they have noticed there are some undeclared items which in turn invalidates your insurance. Now let's look at the cost of fixing that BMW X5 you smashed up too... can't afford it? Ok then, time to go to court. Driving without insurance on your record possibly? Try finding cheap insurance then...
Look, at the end of the day, it's not the worst crime in the world, no. But the simple fact is that insurance companies are a law unto themselves, and if the oppurtunity arises whereby they can get out of paying out, they will do it! Why give them the chance? You pay for a service which is needed by law, if you don't play by their rules, they certainly won't provide what you pay for.
Turn it the other way. I pays my money for the Pulsar. I have everything declared (quite extensive

). Now, if I'm sitting at some lights and some knobber in a max powered punto or something smashes into me, it's his fault and his insurance will pay out. But then what if they don't pay out because he hasn't declared all his mods. I'm then left with a smashed up car chasing this little scrote through the courts and trying to claim through that uninsured drivers thingy, or it goes through my insurance and puts it up for me. Nice one.
Chances are you'll be fine. Chances are you won't get caught. Chances are you'll not have a crash. But there's always a chance you will...
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Quote Clarkson, Top Gear, 17th July: "I'm not having a stroke... just driving a Nissan!"
Quote Ry, Mallory Park, 3rd Dec:
"Ahhhh crap... Just a bit too over eager really!""I used to be an adventurer like you, but then I took an arrow in the knee"