Classic and Antique Motorcycle Insurance

There are many motorcycle collectors in the world. If the motorcycle is over 20 years old and in a condition that is near original, they are generally considered a classic bike. People who own classic vehicles, including vintage motorcycles and classic motorcycles, have similar types of insurance that need to be purchased as the insurance for newer motorcycles and cars. That said, some older bikes are worth a lot more than the newer ones, and are more expensive to repair or replace. Due to this, motorcycle insurance for antique motorcycles can be more costly than standard bike insurance.

Due to these higher expenses and costs, collision and comprehensive insurance can be a higher priority. These will cover damages to a person’s classic bike, whether it is vintage, antique, or just more than 20 years old. 

What Is A Classic Motorcycle?

A motorcycle is a classic, vintage, or antique motorcycle if they are at least 20 years old. Some insurance providers put the cut off at 25 years old. They must look the way they were intended to when they were first manufactured or built to be considered a classic motorcycle. Classic motorcycles often need to be stored in a garage and should not be daily commuting vehicles. They can, however, be ridden semi-regularly. There are different types of insurance policies available for classic motorcycles, so discussing how often they can be driven with your insurance provider is essential.

Do I Need Insurance For A Vintage Motorcycle?

Anytime a vehicle is being taken out of the road, the driver will need an insurance policy on it. It is not legal to drive a motor vehicle on public roads without insurance on it in most states. With numerous different types of insurance coverage available, it can be confusing to determine what protection a person needs for their vehicle.

Liability insurance coverage is generally needed for all motorcycles, including classic motorcycles. The insurance requirements for vehicles are the same as the general insurance requirements law requires in whichever state you are driving it in. Other types of insurance coverage are also available on the vehicle, including collision coverage, comprehensive coverage, and others as well. Uninsured and underinsured motorist coverage can be a good idea to purchase too, as many drivers in the United States do drive without insurance policies. This leaves you open to not having enough money for repairs on your classic or vintage motorcycle if you are in an accident.

Keep in mind that accidents can happen at shows as well. Even if you are trucking your motorcycle in for a rally, anytime you are driving on your vehicle and damage happens; insurance could help you. You can get free quotes for motorcycle insurance here at Motor Insurance. Using the tools on this website, you can find the best prices for motorcycle insurance available.

There are numerous types of insurance plans a person can purchase for their motorcycle. This includes liability insurance coverage, which comes in both bodily injury liability coverage and property damage liability coverage. These types of insurance coverage protect you financially if you are found at fault for an accident and other people were injured or their property damaged in the accident. Most states require drivers to have a minimum amount of liability insurance coverage to drive legally.

Some states require a person to have uninsured motorist coverage as well. This insurance coverage pays for expenses related to an accident when the other driver is at fault, but does not have enough car insurance to pay for your expenses, or has no insurance at all.

While not required, people who have vintage motorcycles most often carry comprehensive insurance coverage and collision insurance coverage in addition to the others. These types of insurance coverages can save people a lot of money in the long run, particularly if a collision or other covered perils damage your vehicle. Comprehensive insurance coverage covers incidents due to specific types of weather, as well as things like vandalism and theft. Only specific perils are covered, as stated in your contract, so make sure to read that over so you know what is covered and what is not. Collision insurance coverage helps pay for damages to your vehicle, regardless of who is at fault, or deemed to be at fault, in the accident.

How Much Does Classic Motorcycle Insurance Cost?

With a wide range of auto insurance policies available to purchase, it is no surprise that the amount of money a person pays for insurance premiums can vary. Costs can also vary depending on the state a person is living in as well. People who own vintage motorcycles, or classic motorcycles, are recommended to get comprehensive coverage and collision coverage in addition to the minimum limits required by law.

Other variables that have an impact on a person’s motorcycle insurance costs include whether or not the motorcycle has a sidecar. You may need to extend coverage to both your motorcycle and your sidecar if you have one. People may also need to get a multi-bike policy if they have more than one classic motorcycle.

Another type of optional motorcycle insurance coverage is medical payments coverage. This will pay for your medical bills if you are involved in a crash.

Many variables go into determining your classic motorcycle insurance costs. Since older bikes tend to be slower and less powerful, they are often less risky than newer bikes. If an older bike is relatively easy to replace or repair, the insurance costs associated with it could be lower than that of the new bike. In many cases, however, older bikes are harder to replace. In many cases, they are also more expensive to repair, due to less availability of parts overall. These variables can increase the cost of collision insurance and comprehensive insurance on the vehicle, making them more expensive to insure than a newer bike.

Determining Your Classic Motorcycle's Value

Fortunately for you, you can get free quotes on motorcycle insurance at Motor Insurance. Many companies provide free auto insurance quotes for motorcycles over the Internet. A company will often use their own internal valuations for specific types of bikes. In some cases, however, they will ask potential policyholders to declare a value that both parties can agree upon. This agreed value is used to insure the vehicle and works similarly to other types of policies, with an agreed upon insurance policy limit. The assessment of value, however, is provided by you.

Other motorcycle insurance carriers will seek out an appraisal for the bikes they provide insurance policies for. In many cases, they will ask you to provide the appraisal, which should support your declared value. It is not always a requirement of insurance companies to do this, and in many cases, if the insurance provider determines that the amount is reasonable, they will cover the motorcycle for that value. Most classic motorcycles are factory built, meaning insurance policy providers can look up their value using the Kelley Blue Book or other appraisal guides. You can reference these as well.

Does Insurance Cover A Classic Motorcycle Jacket And Helmet?

In most cases, insurance policies for classic and vintage motorcycles will pay to replace safety gear and safety accessories, specifically if they are stolen. If they are damaged in a crash, as long as you have added carried contents coverage to your policy, they are covered.

Keep in mind that coverage for accessories will often have a claim limit, which is the most an insurance provider will pay towards the replacement of this type of equipment. If you have a lot of gear, or one of your items is exceptionally valuable, you may want to consider increasing your claim limit for this category to make sure everything is covered. If your claim limit is $2,000, but your motorcycle jacket is worth that much on its own, you will likely want more coverage.