The first problem you would have in a serious accident is that you would not have an air bag to deploy for the driver of your vehicle, likely you, and could receive injuries that may have been avoided if an airbag had still been installed.

Due to removing a safety feature from your vehicle if you replaced your "stock" steering wheel with an aftermarket wheel to customize your vehicle, you would need to inform your insurance company of this change. Insurance company guidelines differ but because of taking out the airbag, an insurance carrier will typically remove the discount that was connected to this or may apply the necessary surcharge to your policy.