CLASSIC MOTORCYCLE INSURANCE

CLASSIC MOTORCYCLE INSURANCE

What is Classic Motorcycle Insurance?

If you are the sort of person that believes your motorcycle is more than just a mode of transport then your classic motorcycle is probably your pride and joy. The good news is that insurers know this, assume that you will take greater care of your bike and lower the cost of classic motorcycle insurance accordingly.

Another reason that classic motorcycle insurance is often cheaper than standard motorcyle insurance is that premium prices are based largely upon the likelihood of a claim arising and statistics indicate that there are fewer claims for classic motorcycle.

This is not only because owners of classic motorcycle tend to take look after their vehicles more but also because classic riders are less attractive to thieves as they are often difficult to sell on.

However, one thing that can push up the price of a classic motorcycleinsurance premium is that the spare parts needed to repair a classic vehicle are generally harder to come by and therefore repair costs are often more expensive.

How to choose the cheapest Motorcycle Insurance? 

Lower your mileage

Classic motorcycle insurance policies usually have an upper limit on the amount of miles you can cover each year but if you agree to go below this limit then this could reduce the price further.

The logic is that the less time the bike spends on the road then the less likely it is to be involved in an accident. 

Increase the security

You can never be too careful, even with a classic motorcycle, so fitting alarms, immobilizers and tracking devices to your back will give you piece of mind and could lower the price of your policy.

It also helps if the motorcycle is kept in a locked garage when not in use and some insurers actually insist on this as part of a classic motorcycle insurance policy. 

Storage-only policies

If you do not plan on riding the motorcycle on public roads, preferring to take it to shows on a trailer for instance, then it may work out cheaper if you get a storage-only policy. However, you will have to make sure that any policy also cover your motorcycle is covered when it is in transit. 

Agreed valuation policies

You need to make sure that your policy will cover you for the exact amount your motorcycle is worth if it is damaged, stolen or written off. Possibly the best way to ensure this is to take out an agreed valuation policy whereby you send the insurers photographs and details of your motorcycle and then agree a valuation with them.

However, you must also bear in mind that the cheapest policy may not always be the best and you must make sure that you have chosen the right level of cover and not just the right price.

This is doubly important when taking out classic motorcycle insurance as you must also make sure that they agree to fit authentic replacement parts in the event of any repairs as using non-genuine parts will affect the overall value of your motorcycle.