Vintage motorcycle insurance is not really expensive, but it can save you from exorbitant expenses should something happen to your prized possession. Classic motorcycle owners know that finding insurance for their antique vehicles is not easy. It takes some looking around and your regular insurance provider may not have a solution for you.
Does your bike qualify as vintage?
Before you look for insurance, you need to know whether your motorcycle qualifies as a classic vehicle. Essentially, vintage motorcycles are a reference to those vehicles that have been restored from an aesthetic and functional point of view. There are many instances where classic bike insurance is provided only to those that are ridden in exhibitions and vintage shows.
In general, a motorcycle is considered to be a classic or antique one if it is between 15 to 20 years old. These standards can change depending on the company that is evaluating your bike and providing you with an insurance policy. Many companies take into consideration only bikes that are over 25 years old. There are also a few insurance companies that include a category defined as modern classic, under which they provide insurance to a range of classic motorcycles that may not be in the general age category stipulated.
What does your insurance include?
Since your insurance is for a classic motorcycle, in most cases, the policy will be able to predict the kind of services you will need and the repairs you may be faced with. Based on the model of your bike and the services offered, the terms of your policy can vary.
Your insurance policy will largely have liability insurance and accidental coverage, custom parts and equipment (CPE) cover, all included. The amount of liability you are entitled to, however, will depend on the way you ride the bike, the number of miles it has already covered and how many miles you plan to cover with it each year. In any case, it is always a good idea to buy coverage that exceeds the minimum state requirement.
The main idea behind CPE coverage is to ensure that custom parts and accessories that have been added to the bike after it rolled off the factory ramp are covered. There are numerous options here that you can explore.
Total loss insurance is something most vintage bike owners worry about. In vintage motorcycle insurance it can get difficult to estimate the value of the bike. Some providers work only on a depreciated value, which means you are entitled to lesser than what you have invested. The other way is to work on an agreed value – which is a value you set (in mutual agreement with the insurer), at the time of taking up the insurance policy.
You will need the help of an expert to arrive at the true value of your vehicle before you take up a policy. Any documentation that you can provide by means of sale agreement, appraisals, photographs etc. can help in this evaluation.
The premium you pay for vintage motorcycle insurance will be lower than what you would pay for a modern bike. The stipulations, however, will be much more. If you are looking for some expert advice on evaluation, and flexible options in vintage vehicle insurance schemes, Classic Auto Insurance Agency is the best place to go to!
About the Author
Drew Yagodnik is Vice President of Classic Automobile Insurance Agency, Inc. Classic Automobile Insurance Agency has been protecting collector, classic and exotics since 1992.