We report an experimental observation of three distinct resonances in split ring resonators (SRRs) for both vertical and horizontal electric field polarizations at normal incidence by use of terahertz time-domain spectroscopy. Breaking the symmetry in SRRs by gradually displacing the capacitive gap from the centre towards the corner of the ring allows for an 85% modulation of the fundamental inductive-capacitive resonance. Increasing asymmetry leads to the evolution of an otherwise inaccessible high quality factor electric quadrupole resonance that can be exploited for bio-sensing applications in the terahertz region.