We share our top tips for saving on the cost of quality insurance for your classic motorcycle.
If you own a classic motorcycle, insuring it as such could really help you cut the cost of the specialist cover that your bike needs.
Why classic motorcycle insurance?
Insurers know that owners of classic bikes tend to take much better care of their motorcycles than other riders and so reward them with lower premiums and policies that are tailored to reflect a bike’s real value.
While, because of its more specialist nature, classic motorcycle insurance wasn’t always readily available on the mass market, an increasing number of providers are now choosing to offer this option. For you, the classic motorcycle owner, this can only be a good thing as more competition in the market place means cheaper premiums. For this reason taking the time to compare a few quotes from a number of different providers will help you to cut the cost of making sure that your bike is protected with the cover it deserves.
What counts as a classic motorcycle?
The ‘classic motorcycle’ classification used by insurance companies is largely dependent on age. However, the issue is complicated slightly by the fact that different insurers set their classification limits at different ages. This means that while some insurers will class a 15 year old bike as a classic, others will only extend their insurance to bikes more than 20 years old.
Again, this is why it’s important to compare different policies so that you get cover tailored to meet your bike’s needs.
What’s an agreed valuation?
An agreed valuation represents the maximum amount an insurance company will pay out in compensation for the total loss of your motorcycle. This is a necessity on most classic bike policies and is a feature that is beneficial for you as well as the insurer. Agreeing the worth of your bike at the outset means that you will receive this amount rather than the current market value of your motorcycle if the unforeseen does occur.
As the amount the insurer will agree to pay out will depend heavily on the condition of your motorcycle some insurers will require you to send in pictures or present your bike for independent valuation (although the latter happens very rarely).
Make sure you are happy with the valuation offered before you take out a policy as this is likely to be non-negotiable once the cover starts.
Should I go for limited mileage?
Most classic motorcycle insurance companies design their policies on the assumption that you will use your classic bike for ‘domestic use’ rather than for racing or commercial purposes. For this reason many offer limited mileage discounts whereby they reduce your premium providing you agree to complete fewer than a specified number of miles in the policy term.
Most insurers can be flexible on the cap with lower mileages attracting greater discounts. However, on some policies a limited mileage agreement is compulsory so this is something worth checking if you do cover a fair discount on your bike.
It’s worth bearing in mind that if you are found to have exceeded your agreed mileage an insurer is unlikely to pay out for a claim so being realistic with this figure is essential. However, if needs be most insurers allow you to increase this amount in the policy term.
Security
No matter where you live, storing your classic motorbike in a securely locked garage when it’s not in use will help to reduce the cost of cover. Additional security measures are also likely to have a positive impact on the cost of your cover.
Comparing policies
Whether you have a single classic bike that is your pride and joy or several vintage motorcycles in your collection, taking the time to shop around for quality cover will mean that you get complete peace of mind with a realistic price tag.
