Classic bikes are no longer a vehicle that is purchased by only collectors as more and more average people are enjoying the thrill of owning one of these amazing bikes. If you enjoy the freedom of riding a motorcycle, but want something that is older, a classic bike may be perfect. There is such a wide spectrum of age when looking at a classic bike that the process can be daunting.
You also need to consider the insurance that is needed for a classic bike, and understand how these policies vary to other insurance policies. Whether you own a classic bike that is considered to be an antique, or simply older than 15 years, you will need some form of insurance. The policy will cover theft, damage and in some cases restorations costs.
One of the biggest benefits of classic bike insurance is that the policies are typically cheaper, and you will be able to insure for the value of the bike. The policy is cheaper due to the fact that there are certain coverage’s that do not need to be met. However, you need to make sure that the policy you choose will cover everything that you need it to for the bike.
What you intend to use the classic bike for will often determine the amount for the policy as stored bikes will need less insurance. Some people never intend to ride their classic bikes, and will leave them in a garage on display. Other people like to show off their bikes, and enjoy using them every day like any other vehicle.
If the bike is being stored and never taken out the insurance policy will not include liability, making it far cheaper. If the bike is on the road, you need liability insurance to cover accidents to other people and road users. Another factor that will reduce the policy is the lack of collision insurance that is needed.
The insurance company that you choose will need to determine whether the bike is classic or simply older. Classic motorbike status relates to the age of the bike, and often this is when the bike is over 25 years old. Once the classification has been dealt with, you can go in search of a company that will insure the bike.
At one time, there were specialist companies that could dominate the insurance market and charge more the classic bike insurance. Thankfully today, more high street companies are choosing to adapt their policies and insure older vehicles. This has meant that prices have come down, and availability has increased.
The value of the bike must be determined before you proceed with the policy, and you must read all of the small print. As with all insurance policies, you need to make sure that you understand the policy, and know what you are entitled to if there is a problem. Far too many people leave reading the policy until they make a claim, and by then it is too late to argue.