For some things, that isn't the worst idea. For instance, manufacturers work very hard to make front ends that crumple and save pedestrians lives and then people bolt a huge brushbar on their SUV that never leaves pavement.
Instead of more bureaucracy though, I'd rather have insurance take care of it. If they have to pay out a claim and you have modified your vehicle in a way that could have affected the incident (eg. you hit and injured a pedestrian with the aforementioned brush bar) you are responsible for paying a percentage of the settlement (or proving why you shouldn't have to pay eg. you installed chromed foam brush bars).
I have no problem with people modifying vehicles, but when it serves no useful purpose and just hurts those around (like the stanced car wipeout vid posted a year ago), you should have to live with the consequences of your choices.