For many motorcycle owners, riding is more than just a recreational activity, it's a lifestyle. Riding represents freedom, friends and fun. It's what fuels daydreams and fills weekends. Vintage or classic motorcycles are the pride and joy of their owners many of whom like to parade and demonstrate them at classic bike festivals or other outdoor events.
With classic motorbikes the insurance implications are different to those with standard bikes. Motorcycle Insurance companies will normally insist on certain criteria on which they base the cost of the annual bike insurance premium for your policy and will also dictate whether your bike falls into the classic bike category.
With classic bikes it is generally acknowledged that an 'agreed value' insurance policy is the most effective way to insure. One of the main benefits of an agreed value motorcycle insurance policy is that you have the value of your vehicle agreed at the start of the policy, meaning if you have to make a claim there can be no doubt about the motorcycles worth.
To obtain an agreed value policy, insurers will usually request a fully completed vehicle condition form and 4 coloured photographs of the vehicle.
Classic bike insurance packages are specifically created to give owners peace of mind that their prized
possession is covered for every eventuality
Generally, classic bike insurance premiums are much more competitive than an average policy premium based on the market value of a bike and even though older vehicles are more prone to breakdown and repairs and parts for specialist and obsolete models can incur a major expense, other factors for the classic bike insurance criteria override these and essentially reduce the risk therefore reducing the price.
So what are the factors which meet the classic bike criteria and how does this allow reductions in the motorcycle insurance premium.
* The motorcycle must be at least twenty years old.
* The policy will have a limited mileage restriction. This usually ranges from 2000, to 3500 or 5000 miles per annum. Obviously the lower the mileage restriction on a motorbike policy, the lower the usage on a public highway reducing the risk of a road traffic accident.
* The policyholder must have the sole use of another vehicle for daily use again this reduces the amount the bike is actually used on the road.
* The motorcycle must be kept in a secure, locked garage at the home address when not in use. This will reduce the theft risk of the bike which reduces the cost of the bike insurance premium.
* The usage on the policy is restricted to social, domestic and pleasure use only excluding commuting again possibly reducing the amount of time the motorbike is on the road.
* Drivers on a classic bike policy must generally be over the age of 30 and must have held a full motorcycle driving licence for at least 2 or more years. This again ensures a better risk based on age and experience, thus making a bearing on the premium.
There are usually many benefits provided under a Classic motorcycle insurance policy that would not be normally included under a standard motorcycle policy.
This may be automatic cover for all club organised rallies, cover for the insured motorcycles spare and dismantled parts whilst stored in a locked garage or other secure premises and possibly free breakdown recovery in addition to the main benefit of an agreed value.
Policies usually have a minimal excess of 50.00 pounds for both accidental damage, fire and theft claims and generally exclude the riding other bikes clause. This is so riders do not take advantage of the competitive lower classic bike insurance premium to use a much higher rated bike.
