Classic Motorbike Insurance
If you are the sort of person that believes your motorbike is more than just a mode of transport then your classic motorbike is probably your pride and joy. The good news is that insurers know this, assume that you will take greater care of your bike and lower the cost of classic bike insurance accordingly.
Another reason that classic motorbike insurance is often cheaper than standard bike insurance is that premium prices are based largely upon the likelihood of a claim arising and statistics indicate that there are fewer claims for classic bikes.
This is not only because owners of classic motorbikes tend to take look after their vehicles more but also because classic bikes are less attractive to thieves as they are often difficult to sell on.
However, one thing that can push up the price of a classic bike insurance premium is that the spare parts needed to repair a classic vehicle are generally harder to come by and therefore repair costs are often more expensive.
The best way to get the best price is to shop around for cover and compare classic motorbike insurance quotes, but how do you know if your bike is a classic or not?
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What makes a classic motorbike?
This is a difficult one to answer as the definition can vary depending upon who you speak to, including insurers.
The general rule of thumb though is that to be considered a classic your bike has to be at least 20 years old, but you will need to clarify this with specific insurers as some say 15 years while others will insist on your vehicle being 25 years old. Furthermore, some companies now also offer a ‘modern classic’ category.
Classic motorbike insurance policies are often restricted by a limited mileage policy as it is assumed that these vehicles are only used socially and not for commuting purposes. So if you are going to be travelling to or from work or covering large distances on your classic bike then it’s unlikely that you will be suitable for a classic policy.
How to get cheap classic motorbike insurance
Comparing deals with MoneySupermarket’s search tool is one way to get cheaper classic motorbike insurance but there are other ways you can reduce the price of your premium.
Lower your mileage
Classic motorbike insurance policies usually have an upper limit on the amount of miles you can cover each year but if you agree to go below this limit then this could reduce the price further.
The logic is that the less time the bike spends on the road then the less likely it is to be involved in an accident.
Increase the security
You can never be too careful, even with a classic motorbike, so fitting alarms, immobilisers and tracking devices to your back will give you piece of mind and could lower the price of your policy.
It also helps if the bike is kept in a locked garage when not in use and some insurers actually insist on this as part of a classic motorbike insurance policy.
If you do not plan on riding the bike on public roads, preferring to take it to shows on a trailer for instance, then it may work out cheaper if you get a storage-only policy. However, you will have to make sure that any policy also cover your bike is covered when it is in transit.
Agreed valuation policies
You need to make sure that your policy will cover you for the exact amount your bike is worth if it is damaged, stolen or written off. Possibly the best way to ensure this is to take out an agreed valuation policy whereby you send the insurers photographs and details of your bike and then agree a valuation with them.
However, you must also bear in mind that the cheapest policy may not always be the best and you must make sure that you have chosen the right level of cover and not just the right price.
This is doubly important when taking out classic bike insurance as you must also make sure that they agree to fit authentic replacement parts in the event of any repairs as using non-genuine parts will affect the overall value of your bike.