Classic motorcycle insurance is an insurance that protects your antique bike. If you have a classic insurance policy, your vintage motorbike can be kept in its best condition. Whether you want to drive your motorcycle or you just want to display it, having proper financial protection is very important. There are many reasons for a person to own a classic motorcycle, but it is usually out of love. Sometimes it is troublesome to track a specific part, or it is very expensive, but insuring it- that is much easier to do.
What is classical motorcycle insurance and what does it cover?
This type of insurance is similar to the insurance of a classic car. The first criterion is that a motorcycle must be registered for at least 40 years. Still, some insurance companies will make you a classic policy for models produced between 1983 and 1998. Vintage models such as Harley Davidson, Triumph or Royal Enfield often need special classic motorcycle insurance policies. The conditions are different between insurance companies. However, they all offer extra options that might be important for you.
The first feature that you might find significant is comprehensive coverage. If you have this option in your policy, it will cover repairs of your bike caused by accident. Comprehensive coverage is the highest form of protection for a classic motorcycle. It ensures that the insurance company will pay and arrange all repairs. This is especially important when the bike is damaged.
The second feature you might want is called agreed values. This means that the insurance policy allows you to agree on the value of your motorcycle and set it when the policy becomes active. Keep in mind that vintage motorcycles can vary in values. Some of the custom or well-preserved models can reach very high prices on the market. Even more, if the type of bike is rare. You should think about exploring this category before activating your insurance policy.
Another category that is an extra feature on your insurance is a mileage discount, which is usually limited. There are many vintage motorbikes that people work on during the year. On the other hand, there are many more which are just for display. If you wondered is classic motorcycle insurance cheaper, this is one of the ways to get a discount. When you don’t ride your bike often, you can get reduced premiums for it. The insurers will give you the mileage limit, and as long as you don’t cross it, everything is fine. Keep in mind that passing the limit may lead to some additional charges regardless of the initial discount.
Also, be mindful that sometimes buying the cheapest classical insurance policy isn’t the best choice. Sometimes the price isn’t your only priority. Many vintage bike lovers consider the protection of their vehicles more important. Pay attention to the quality of the conditions and features of your policy.
Factors that can influence your classic motorcycle insurance
There are many things that you need to consider to ensure your bike. When it comes to insurance policies, some of the factors that can help you decide are:
- The type of bike and what kind of rider you are. This will define your policy price. It will also influence the amount of coverage that you need. Insurance companies can reduce premiums for experienced riders. They also usually have offers for classic motorcycle insurance if you are a multi-bike owner.
- Every insurance company offers different coverage. It is really important that you check and compare as many offers for classic motorcycle insurance in the UK. Be careful in reading the details. There are various add-ons that you can find useful or useless.
- Use motorcycle insurance guides. These guides can help you understand the amounts and types of coverage for your bike. Guides usually include basic information about the type of bikes. Furthermore, they explain how insurance representatives calculate policy prices.
- Look for comparison online. Many websites offer free comparisons from over 40 companies. They provide you with details of the policies and premiums. You can also find a lot of useful tips.
Why having a motorbike that is over 40 years old is an advantage?
If you have a vintage motorcycle that is over 40 years old, several things can save your money. First of all, you don’t need to pay any vehicle taxes for your rides. This means that your bike doesn’t longer need an MOT certificate. In a nutshell- it becomes MOT-exempt. For any other motorcycle MOT is obligatory. This certificate is valid for a year. So if you have a regular bike, you need to take it through MOT every year. Still, you must have an insurance that states that your motorbike is legal for the roads. Technically, it has to be in condition good enough to pass through the MOT. But you don’t need to pay for it.
Besides, every insurance company will demand that your vintage bike must be in drivable condition. This will be even more significant if you want to ride your motorbike often. In case of an accident, you need to be able to prove that your motorcycle was good for the road. If you fail to prove it, insurance might not cover the expenses.
Also, keep in mind that if you want to buy a vintage bike outside the UK, you need to register it through DVLA. This is a standard procedure and legal requirement for imported bikes.
How to make your classic motorcycle insurance policy cheaper?
Taking care of a classic motorbike isn’t cheap. Still, few things make insurance cheaper than the regular one.
One of the things that classical motorbike insurance makes cheaper is an experience. Riders of the vintage models are considered to be more careful and experienced. Since they have old and valuable models it is less likely that they will cause damage. Also, it is less probable that someone will steal a classic bike. Owners have good security systems and it is easier to track a vintage model. Also, it is far more difficult to sell a vintage motorcycle and get unnoticed.
The price of insurance is different because the classic bikes are in different conditions. Owners don’t drive them often and their market price is far more valuable than regular bikes.
This being said, classic motorbike insurance saves you money. However, you need to make precise conditions in your policy about some things. This includes mileage limitation and repairmen coverage mostly.
Getting and reducing classic bike insurance policy price
You can additionally reduce your premium price if you put an immobilizer on your bike. Consider putting an alarm and integrating a tracking device into your motorcycle. Security measurements are the best way to get a lower quotation for your classic motorcycle insurance in the United Kingdom. If you keep your bike locked in your garage rather than outside, it can get you a discount. Some insurance policies provide a discount if you are a member of certain motorbike clubs too.
To get the best insurance policy, the best thing would be to get as many offers as you can. You might need to send some additional information to get inquiries. This usually includes the model and the year of your bike. Insurance companies can ask about the value of the bike when you bought it. They might require information about how long you’ve been the owner. They can ask if you’ve made some modifications too.
Keeping in mind all of this, make sure to use a tool like Quotezone when finding the ideal price point for your insurance!