To be honest, I'd say that if you have mods to your bike, it also gives the insurers an idea of how the bike MAY be ridden and the type of owner depending on the specific mods and so the risk to a 3rd party is greater.
It may also mean that you are travelling faster and therefore more likely to have a prang, or in the case of a theft, make it more desirable to thieves, therefore more likely to be stolen.
If you don't declare mods and the bike is stolen - you'll get paid out - however - if the bike is then recovered, it'd go to them and you'd have a tough time arguing that the mods were made AFTER it was stolen and they'd come after you for the payout back.
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