How To Insure A Vintage Motorcycle
If you own a vintage motorcycle, you have probably put a lot of time, work, and money into your bike. While you can't ever get that time and work back, a good vintage motorcycle insurance policy can help protect the money you put into your classic ride.
Not every insurance company offers vintage motorcycle insurance, but it is still readily available. Continue reading to learn why you need vintage motorcycle insurance and how you can buy the best policy possible for your classic motorcycle.
Why Get Vintage Motorcycle Insurance?
Most states require you to have liability insurance for your motorcycle. Liability motorcycle insurance will pay for injuries or property damage suffered by others in an accident you cause. If you were just going to purchase liability insurance for your classic bike, you would probably be fine buying a standard motorcycle insurance policy.
However, if you are looking to buy coverage that will protect your vintage motorcycle when it is damaged, you will need to purchase a vintage motorcycle insurance policy.
Purchasing a vintage motorcycle insurance policy does not necessarily mean you will have to pay more for your motorcycle insurance. In fact, classic motorcycle insurance can sometimes be cheaper than standard motorcycle insurance because some insurance companies consider them to carry less risk than newer motorcycles.
Vintage motorcycle insurance is separated from standard motorcycle insurance due to the different challenges that come with covering classic bikes.
One such challenge that insurers face with vintage motorcycles is assessing the value of the motorcycle. Because vintage motorcycles are older and typically have gone through restoration, it is difficult to asses their value.
Knowing the value of your bike is important for the insurance company, because if you need to file a claim, your vintage motorcycle insurance company will cover you only up to the value of your bike.
When you purchase a vintage motorcycle insurance claim, you will be responsible for providing the insurance provider with the cash value of your motorcycle. If the insurance company agrees with the value you provide, this will be the agreed value of your motorcycle.
In an agreed value policy, your bike will be covered for physical damage up to the agreed value.
Where to Get Classic Motorbike Insurance
Several companies that offer motorcycle insurance also offer vintage motorcycle insurance.
Shopping for vintage motorcycle insurance can be simple. Most companies that offer vintage motorcycle insurance allow you to get motorcycle insurance quotes online.
Remember, when shopping for your vintage motorcycle insurance, you should compare at least 3 different quotes in order to ensure you get the best policy at the best price.
Questions to Ask Before Insuring a Vintage Motorcycle
When speaking to a potential motorcycle insurance provider, asking the following questions will help you make an informed decision:
- How much liability insurance do you recommend?
- If I am involved in an accident, will my insurance premium increase?
- Do you recommend custom parts and equipment (CPE) insurance for my particular bike?
- Is there a limit to the number of miles I can ride on my insurance policy?
Remember, the more questions you ask and research you do ahead of time, the more likely you are to get a classic motorcycle insurance policy that is well suited to your needs.