Author Box
Articles Categories
All Categories
Articles Resources

What Is Classic Motorcycle Insurance?

February 06, 2012 | Comments: 0 | Views: 141

Many motorcycle enthusiasts purchase older bikes because they still run well and are cheaper to purchase than equivalent new bikes from the same manufacturers. Antique bike collectors also purchase these classic bikes. If you purchase a classic motorcycle, you need classic motorcycle insurance. This insurance covers damage and theft so that you never have to worry about covering the costs of restoration if someone hurts your classic bike or decides to steal it. You may also find that classic motorcycle insurance is cheaper than standard insurance for your vintage bike because you don't need certain coverages. You need to consider several factors when purchasing classic motorcycle insurance.

When purchasing your classic motorbike insurance, consider whether you intend to use the bike. Some motorcycle collectors use classic motorcycles as display pieces and never intend to ride them; if so, you only need insurance for theft and damages; you don't need liability insurance. Many bikers, however, purchase their motorcycle in order to show them off; if you intend to drive your classic bike, you will need liability insurance. This type of insurance covers you if you have an accident while riding your motorcycle. Liability insurance covers property damage to other people's property as well as bodily injury to the other people involved in an accident. However, keep in mind that many insurance companies expect you to drive your classic bike less often than your newer bikes; you may be limited to occasional use in order to get classic bike insurance.

You probably will not have to get collision insurance even if you plan to drive your classic motorcycle sometimes. Collision insurance allows you to repair your bike if it is damaged in an accident. However, some classic motorcycle collectors take pride in dings, dents and other signs of minor collisions because it makes the bike appear more used. Thus, you might not want to repair damages. In addition, since classic motorcycle are so old, standard collision policies won't cover most repairs. If your classic bike sustains major damage requiring repair, you can usually buy used parts fairly cheaply; the money you would ordinarily spend on collision insurance could be put into savings to use in the event you need to purchase parts for your classic motorcycle.

Before determining what type of insurance to purchase, you also need to make sure your insurance company considers your bike a classic. Classic motorbike status doesn't have to do with how high an opinion the insurance company has of that kind of bike; it has to do with the bike's age. Most insurance companies require a bike to be more than 25 years old before considering it a classic, although some companies consider bikes that are only 15 years old to be classic bikes.

You'll need to find an insurance company that specifically covers classic bikes if you want to get insurance on your classic motorcycle. If you purchase only a standard insurance policy on your classic bike, you'll only be insured for the bike's current value. This value may not reflect what the classic bike is worth because of depreciation. Bikes tend to lose value over time, and if your bike is 25 or more years old, it may be worth a lot less than it was when it was new. Most classic motorcycle insurance companies cover a flat amount regardless of depreciation.

For example, if you have a classic bike that was originally worth $100,000 but is now worth only $10,000, standard insurance policies will only reimburse you for $10,000 worth of damage. Most classic bike insurance companies, however, will cover you for the entire $100,000 worth of damage--or, if not, an agreed-upon amount that is closer to the bike's original value.

Some standard motorbike insurance companies offer classic bike insurance in addition to standard insurance; ask your insurer. It may be in your interest, however, to purchase insurance from a company that specializes only in classic motorcycles. That way, there's no confusion over what your insurance policy covers. You are also likely to get better service from a company that specializes only in classic motorcycles because this type of insurance company is more familiar with the needs of classic bikers than a company that insures both new and vintage motorcycles.

If you want to learn how to get the Best motorcycle insurance or just more about Motorcycle Insurance, then visit our site today!

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Classic Motorcycle


Classic Motorcycle Insurance


Classic Bike Insurance

Auto insurance is probably one of the most expensive insurance types in Canada. An average car insurance policy in Canada costs approximately $1,200 per year and in Ontario, the largest Canadian

By: Alex Saltykov l Insurance > Car Auto l July 09, 2013 lViews: 553

Your house is often your largest investment that you need to protect via insurance. We created a list of multiple savings tips related to Home insurance and hope that these will help you to save a

By: Alex Saltykov l Insurance > Home Owners Renters l December 27, 2012 lViews: 380

Most auto insurance companies design specific car insurance policies for classic and antique cars. If you think you have a classic car and want classic car insurance, you will need to be sure that

By: Richard l Insurance > Car Auto l October 17, 2012 lViews: 570

Business Overhead Expense Insurance Plans can provide cash flow to the business in the event of a disability to a key employee or owner. For a small, growing company it might make the difference

By: T. Spencer White l Insurance > Disability l July 17, 2012 lViews: 243

Workers compensation costs are rising. According to a recent report by the Workers Compensation Research Institute (WCRI), indemnity costs per claim (the loss of earning capacity, payments for lost

By: Kelly C. Williams l Insurance > Workers Compensation l July 08, 2012 lViews: 221

One of the most helpful government programs out there is the SSI Disability program. A person that is legitimately disabled, and cannot work to provide an income for themselves for their family

By: Oleg Winter-Burnett l Insurance > Disability l July 04, 2012 lViews: 282

There is nothing like the freedom and thrill of riding a motorbike on the open road. However bike insurance can be a costly necessity so you do need to know what to look for in the market.

By: Anthony Saxonl Insurance > RV Motorcyclel April 03, 2012 lViews: 257

If you own either a touring or static caravan it is essential that you have the correct type of caravan insurance cover in force. By their very nature caravans are at risk of catastrophic or total

By: Dave Healeyl Insurance > RV Motorcyclel March 15, 2012 lViews: 158

As a caravan owner you know how integral your caravan is to your life. Understanding more about how the insurance policy and companies work, especially in the event of needing to claim, is very

By: Michael Stammersl Insurance > RV Motorcyclel March 08, 2012 lViews: 163

Insuring your campervan before you set off on your travels is a must, making sure that should anything happen you are covered and so is your motor home. With insurance being a legal requirement for

By: Ian Douglas Spencerl Insurance > RV Motorcyclel March 05, 2012 lViews: 143

Similar to motor insurance, bike insurance is a legal requirement in the UK for anyone riding a moped or motorbike vehicle. The insurance cover is intended to provide protection against liabilities

By: Anthony Saxonl Insurance > RV Motorcyclel March 02, 2012 lViews: 252

Choosing the right motorcycle insurance is an important consideration for many motorcycle owners. This insurance can pay for medical bills resulting from motorcycle accidents, as well as for

By: Sharon S OberLehnl Insurance > RV Motorcyclel February 19, 2012 lViews: 189

Average motorcycle insurance rates depend on how much of an accident risk your insurance company deems you and your bike to be. While motorcycle fatalities have declined over the last couple of

By: John D. Brianl Insurance > RV Motorcyclel February 02, 2012 lViews: 139

What is Temporary Motorcycle Insurance? Sometimes insurance policies can be really expensive and when you already have to pay regular insurance for your car it could be quite a burden to have to pay

By: John D. Brianl Insurance > RV Motorcyclel February 02, 2012 lViews: 152