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The Complete Classic Bike Insurance Guide

Is your motorbike more than a mode of transport for you? Is your classic motorbike also your pride and joy? If it is, insurance companies such as Footman James will be happy to charge you lower premium for classic bike insurance as they are aware that you will take greater care of your classic motorbike.

One other reason for cheaper classic motorbike insurance premiums is that claim rates for classic bikes are much lower than other motorbikes. The premium prices you pay for the insurance are based on the likelihood of a claim being made and statistics are in favour of classic motorbikes.

The theft rate of classic motorbikes is very low as compared to other motorbikes as these are difficult to sell and this factor coupled with the owners taking greater care of their classic motorbikes leads to lower insurance premiums.

On the other hand, since classic bikes are comparatively rare, the replacements parts needed for repair are comparatively costly. This factor contributes to increase in insurance rates.

To get the best bang for your buck, you should try to get multiple classic motorbike insurance quotes for cover of your classic motorbike. But, how sure are you of your bike being identified as a classic motorbike?

What makes a classic motorbike?

The answer to this question is not easy as different insurance companies have their own criteria for classification.

If the bike you own is at least 20 years old, chances are that it will be classified as a classic. But to be sure, you will need to check with specific insurance companies as some of the insurance companies keep the limit as 15 years whereas some others insist on 25 years. Also, a new insurance category known as modern classic is also being used by insurance companies.

One other restriction on classic motorbike insurance policies is that they should have limited mileage. Insurance companies assume that you are using your bike only for social outings and not for commuting on a daily basis. If you are using the bike for commuting, then your chances of getting your bike classified as a classic motorbike are low.

How to get cheap classic motorbike insurance?

There are many ways to get cheap deals on insurance. Some other ways are also listed below.

Lower your mileage

As discussed earlier, insurance companies put an upper limit on the total mileage put on the bike. Here the underlying assumption is that the bike is much less likely to be involved in an accident if it does not spend much time on the road.

It should also be noted that this mileage limit is usually on a yearly basis.

Increase the security

More security means lesser chances of a theft. Therefore, you can get a lower price on your insurance premium if you use alarms, tracking devices, immobilisers and other methods to keep the bike safe. Some insurers also make it mandatory to have a locked garage for storing the bike when not in use.

Storage only policies

Insurance companies also offer storage only policies. Storage only policies cover the bikes which are only being used for shows and is not being ridden. These policies are much cheaper comparatively. So, if you are not riding your bike and just taking it to classic motorbike tours, than this type of insurance policy is perfect for you. While taking out a policy, ensure that the policy also covers in-transit insurance.

Agreed valuation policies

In the unfortunate event of bike getting stolen or damaged, the insurance policy should be able to cover you for the exact amount, your bike is worth. To ensure this, you can take an agreed insurance policy from your insurers. Under this policy, you will need to provide the insurers with photographs and other details regarding your bike and then agree on a valuation for the bike.

Some bike owners make the mistake of putting price before peace of mind. They take policies with the lowest premium but find out later that their policy does not cover all areas. Therefore, check all aspects of your insurance policy with a fine comb and be ready to pay a fair insurance price for peace of mind.

Your insurance policy should also allow for genuine replacement parts in case of repairs as putting anything else will lower the valuation of the bike.

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