How to Insure a Classic Motorbike

A vintage or classic motorbike is often a prized possession. It's been lovingly maintained and painstakingly restored to its original grandeur, so owners should purchase sufficient insurance to protect their investment. Classic motorbike insurance is not prohibitively expensive, but it can save you from significant expense if something should happen to the bike.

What constitutes a classic motorbike?

A classic or antique motorcycle, according to Lisa Nichols, is at least 15 to 20 years old, though standards vary. Some insurance companies might provide classic insurance only to bikes over 25 years of age, so it's important to survey several different companies.

What will the insurance pay me for a total loss?

One of the hard parts when it comes time to insure a classic motorbike is the value of the vehicle. Some insurance companies will pay only the depreciated value of the bike, which means you might get back much less than what you've put into it. Others pay "agreed value," which means you determine a value at the time you open the policy.

Make sure to talk with your insurance agent about the different methods of valuing an antique motorcycle. Provide any documentation you might have, such as bills of sale or appraisals, as well as detailed photographs.

Can I ride my classic motorbike?

Insurance companies do not prevent their customers from using classic motorcycles, but it is important to purchase the right type of coverage. For example, if your motorbike is extremely valuable and only displayed, you can purchase a comprehensive policy that covers only theft and vandalism. Conversely, if you ride your bike (even if it's just to hobby events), you should purchase liability and collision as well.

Should I use my car insurance company?

Not necessarily. When you insure a classic motorbike, you want to make sure you are getting the best insurance product possible. This means going through a knowledgeable, experienced agent who knows about classic motorcycles and can provide valuable insight into the different coverage levels.

Your car insurance agent might not have that type of specialized experience. Consequently, you will want to research other companies, perhaps even those that specialize in vintage vehicles. That way, you know that your bike is covered based on how it is used, maintained, and stored.

How much will classic motorbike insurance cost?

The rates for classic motorbike insurance are generally lower than those for contemporary bikes. That said, vintage vehicle insurance usually comes with certain stipulations.

For example, you might have to agree to ride the bike only a certain number of miles per year. You might also be required to garage the vehicle in order to protect it from the elements.

Talk to your insurance agent about the different options, and choose an insurance package based on how you use (or don't use) your classic motorbike.