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OP is in Canada and the rules are a bit different here.
Undeclared modifications will NOT be covered under most policies. They will only cover repairing/paying for the stock vehicle value.
If you want to have the value of mods covered you need to tell them so they can adjust your premium to reflect the value. You would need to speak to your company to find out how much that would cost but it is usually peanuts. My exhaust, tint (it is a mod) spoiler and lowering springs cost me a whole $4 a year above the stock premiums.
There are no penalties to not telling them beyond not having the mods covered.
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Racecar spelled backwards is Racecar, because Racecar.
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