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.
What makes a bike a classic? On average, if the bike is older than 15 years (though some providers state as old as 25 years) then it is considered a classic and can be covered by classic motorbike insurance.
In general, claim rates for classic bikes are much lower than other kinds of bike insurance. Since the premium prices you pay for the insurance are based on the likelihood of a claim being made, statistics are in favour of classic motorbikes. Though providers do check your driving record to see how good you are at handling your classic bike. If you’re a very reckless biker you may not notice a difference in price.
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 increasing in insurance rates for some models of bike.
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?
We briefly touched upon this earlier in that the age of the bike is what determines if it is a classic. However different insurance companies have their own criteria for classification ranging between 15-25 years.
You will need to check with specific insurance companies to see their bike age range and limits. Also, a new insurance category known as modern classic is also being used by insurance companies so you may want to check out the criteria for that as well.
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.
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.