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From what I understand, modifications to the car won't matter. If the mod breaks, they won't cover the mod. If the engine fails DUE to the mod, they will cover the original engine parts.
Also, the premium will slightly increase throughout the policy. It won't stay static at the low price you're getting now. The total cost will probably be ~$1,500 over 7 years which is still worth it in my opinion.
To those being skeptical, keep in mind that Geico insures all types of cars, not just expensive luxury cars. All those reliable Hondas, Toyotas, etc are subsidizing your price.
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