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.
A classic motorbike insurance quote (as opposed to standardised bike cover) omits those things you don’t need but provides a vital financial safety net for your bike.
Why classic bike 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 tailored to reflect a bike’s real value.
Because of its more specialist nature, classic motorcycle insurance wasn’t always readily available on the mass market. However an increasing number of providers are now choosing to offer this option.
For the classic motorcycle owner this can only be a good thing – more competition in the market place should mean cheaper premiums. Undertaking a classic motorcycle insurance comparison will help cut the cost of protecting your bike 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 more complicated than this: for classic bike insurance UK providers will often set their classification limits at different ages.
This means that while some insurers class a 15 year old bike as classic, others will only extend their insurance to bikes more than 20 years old. As a result it’s vital to compare classic bike insurance UK wide so that you get cover tailored to meet your bike’s needs.
What is 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 beneficial for you as well as the insurer. Agreeing the worth of your bike at the outset means that you are protected against the market value of your bike falling. If you do need to claim, it is guaranteed for up to this figure.
The amount the insurer agrees to pay out depends 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 bike insurers design their policies based on ‘domestic use’ rather than for racing or commercial purposes. This assumes you will build up a lower mileage year on year – and are therefore less likely to claim.
Limited mileage discounts mean reduced premiums providing you agree to complete fewer than ‘X’ number of miles during the policy term. Most insurers are flexible on the cap, with lower mileages attracting greater discounts.
However, on some policies a limited mileage agreement is compulsory. You need to be confident you can stay within the mileage cap, or you might find riding your bike beyond this point invalidates your policy.
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.
No matter where you live, storing your classic bike in a securely locked garage when it’s not in use will help to reduce your classic motorcycle insurance rates. Additional security measures such as immobilisers are also likely to have a positive impact on your classic bike insurance quote.
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 classic motorcycle insurance comparison will help you get complete peace of mind with a realistic price tag.