If you consider yourself to be a motorcycle guy or gal, you might have an appreciation for vintage models. You might even own a vintage motorcycle. As a tribute to the past and built for speed and style, classic motorcycles have a very popular place in the U.S. Classic rides are often very valuable and sometimes come with expensive repairs with hard-to-find parts. While every roadster should get motorcycle insurance, coverage for a vintage motorcycle can be a little different.
What you need to know
Not all insurance companies offer policies that are specifically for classic motorcycles, but there are several options to ensure that you will be able to get the right type of coverage for your bike. When comparing insurance companies that offer policies designed for vintage rides, it is important to remember to shop around. Spend time comparing one policy against another to make sure you get enough coverage. Speaking with other vintage or classic motorcycle owners can also be a good idea to see what type of experience they have had insuring their prized possessions.
The agreed value option is one choice for motorcycle insurance. This means that there is a value on the bike that will be given in the case of an accident and repairs are needed, minus the deductible rate. If the motorcycle is completely totaled, then the agreed value will be given to the rider with no deductible. The value placed on the motorcycle is the market price at the time the insurance policy is drafted. This option is typically used for bikes that are 25 or older and can help cover the cost of pricey repairs.
In addition to getting coverage over the value of the bike, it's important to get liability coverage especially if you frequently take to the road. Liability coverage will give you some protection if there are injuries or property damage. For the most part, insurance companies consider classic bikes to be at least 25 years old. All motorcycle owners - of vintage or new styles - should get liability coverage. Motorcycles can come with certain dangers, one being little physical protection in the event of an accident. Liability insurance will give you peace of mind as well as the necessary financial protection.