Your classic motorcycle represents more than just freedom. It is a piece of history. Older motorcycles considered antique, classic, or vintage holds a special place in America’s automotive hearts. Making sure you have the proper insurance will go a long way in preserving your one of a kind rolling pieces of memorabilia.

 

Unlike standard insurance policies, classic motorcycle insurance should include special provisions as unique as your ride. Whether your ride is an original masterpiece or a custom restoration, understanding your insurance options will help you protect your passion.

 

Defining a Classic

There isn’t a set definition of what determines classic motorcycle status. In some instances, insurance companies will follow the definitions set by the State of the motorcycle’s registration. In other instances, insurers will use their own model year ranges to define antique, classic, and vintage motorcycles.

In general, the term “collector motorcycle” can be used as a catchall for motorcycles more than 15 years old, including these salivating cycles:

 

• Café Racers like the Ducati 900SS
• Cruisers including the Harley Davidson FL
• Dirt bikes such as the older Yamaha YZ
• Classics like the 1940 Indian Chief
• Standards such as the Triumph Bonneville

Just because your motorbike is old, doesn’t always qualify it for classic motorcycle coverage. Often your prized ride must be stored in a fully enclosed garage. If you have a sidecar, to qualify it must be original equipment from the era of your bike’s manufactured date. And restored motorcycles must meet minimum value requirements to be considered.

 

Agreed Value         

To you, the 35-year-old classic café racer you enjoy riding on only the perfect summer day is priceless. But, to everyone else, it may not be worth anything more than its scrap metal value. This is where including Agreed Value is critical if a claim were to occur.

Simply put, Agreed Value coverage sets the limit of insurance available at a fixed amount. Since classic motorcycles are older, may have been restored or modified, and have a limited yet fanatical audience, it is difficult to assess their value. Look for policies which include Agreed Value. When you purchase an Agreed Value policy, make sure the value is adjusted at each renewal to keep up with your bike’s appreciation.

 

Parts Coverage

An important consideration when determining the value of your motorcycle is including the cost to replace custom or original parts. Finding or repairing either can be a costly process. Many insurers offer the ability to include “custom parts and equipment” coverage, or CPE.

Although not very expensive, CPE coverage will ensure your motorcycle is repaired with the exact same parts before the damage occurred. Note that there are some limitations as certain parts may no longer be available or are priced above the limits provided by CPE coverage. Expect your insurer to require you to carry collision and OTC (other-than-collision)insurance before adding CPE as it is not available alone.

 

Liability Coverage

Most states legally require motorcyclists to purchase liability insurance. This coverage ensures that you have the ability to pay for damages or injuries to others when you are the at-fault party in an accident. This coverage does not cover injuries you sustain; this exposure if covered under your policy’s Medical Payments Coverage.

In addition to legal fees, bodily insurance liability coverage will pay for a number of expenses including:

• Medications
• Lost income
• Funeral costs
• Hospital stays
• Doctor’s visits
• Physical therapy
• Emergency room
• Ambulatory costs

The amount of liability insurance you need is a personal decision. Speak with your insurance agent to learn the cost of the limits available to you. Also, consider purchasing umbrella insurance. Umbrella policies can pick up expenses after exhausting those provided by your primary motorcycle policy.

 

Conclusion

For most classic motorcycle owners, there is an emotional attachment to your bike. Maybe you’ve spent hours upon hours bringing your two-wheeler back to life. Or, perhaps your vintage ride is a family heirloom keeping history alive for you and your family. Whatever the reason, obtaining the proper insurance will help keep an accident from turning into a tragedy.

To learn more about homeowners insurance, contact our team at ProtectiveAgency.com or call (877) 739-9367. Our licensed insurance agents will be happy to answer any questions you have.