I would to but my previous insurer stated any change from that supplied at the time of purchase (left the factory) is a modification. I did change to another size wheel and tyre, upped from 17" to the 18" optional shown in the handbook and they noted it on my policy but didn't change my premium, at the time.....
I think the prudent action is to enquire of one's insurer before making any changes. Many don't penalise, many do!