25. classic motorcycle insurance need to knows

Owning a vintage motorcycle is everything you have ever dreamed of. With its onyx finish, soft, tan leather seat and chrome round side-mirrors, when you take it for a ride, you feel like the master of the double lanes. Nothing can come to harm you—this bike has lived through the Cold War! But, accidents do happen: at a vintage motorcycle fair you kindly let an exuberant rider take a seat on your bike. Little did you know as they were clamoring to sit on it, that they they really didn’t have the core strength to support the bike. Next thing you know, the bike has fallen on its side, pinning their leg in the process. As you lift the bike off the guy, you can’t help but notice the deep, jagged scratch all along its once perfect frame. As the guy hobbles off, thanking you for letting him sit on your bike, you wonder what it’s going to cost to fix it. When you have classic motorcycle insurance, your vintage bike is covered when catastrophe strikes.

Why Classic Motorcycle Insurance Matters

To keep your prized vintage bike in mint condition, you need to understand the benefits of classic motorcycle insurance. Like most vintage pieces, a classic motorcycle (depending on its condition) can be extremely valuable. Of course, you already treasure your bike, its sentimental value alone is priceless. But in the insurance world, sentimentality isn’t insurable. For exceptional coverage, we at CoverHound suggest that you get classic motorcycle insurance.

Let’s take a look at some of its benefits below:

Agreed Value Protection: When you set out to insure your vintage bike, you will find that insurers often disagree on its net worth. According to the Department of Motor Vehicles (DMV), this is because well-kept classic motorcycles have usually undergone extensive restoration, making it challenging to appraise the value accurately, especially in conjunction with the motorcycle’s age. One way to validate the worth of your bike is to get it professionally appraised. An appraisal from a reputable firm guarantees you full coverage of your classic bike.

Knowing the monetary value of your bike is crucial for your insurance agency because in the off chance that you need to file a claim, your classic motorcycle insurance will insure you for the entire cost of your bike. This includes when you file for damages, vandalism and theft. According to the Insurance Information Institute (III), there were 42,856 motorcycle thefts in 2014. Should someone ride away on your bike, you want to make sure that you’ll at least get reimbursed for your financial loss.

Liability Insurance: Like standard motorcycle insurance, you are required by state law to carry liability motorcycle insurance along with your classic motorcycle insurance. Liability insurance pays for property damage and injury sustained by another person or persons in an accident you caused. So if the person whose leg got pinned under your bike at the fair decides to sue, he can’t, because you have the insurance to cover his medical bills.

Where You Can Find Classic Motorcycle Insurance

The vast majority of insurance agencies that offer motorcycle insurance also offer classic motorcycle insurance, though keep in mind, this isn’t true of every company. And while you may consider your 2005 Harley Davidson a classic, insurance companies don’t count a bike as being vintage unless it’s at least 20 years old. When you do decide to invest in a policy, do your homework. Does the insurer offer storage-only policies? Do they offer discounts on low mileage and pristine driving records? What if you are part of a motorcycle organization – can you get discounts because of it? These are all questions to ask when you are comparing insurance plans.

At CoverHound, our representatives find the answers to these questions for you and provide you with economical insurance quotes. Compare and shop classic motorcycle insurance quotes and more today using our platform.

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