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A couple things:
1- If you do not tell the Ins. company that you increased the value of the car, then they will not insure it for more than the value they believed it was worth since you began the policy.
2 - If you tell them that you are making performance mods, they will assume you are a more aggressive (higher risk) driver and you will have a higher premium IN ADDITION to the higher premium because the car is worth more.
3 - If you DONT tell them and total the car, they can be ****s and deny your claim entirely because you made performance modifications (see above) without informing them.
Check your current policy. You will see wording to that effect.
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