Classic Motorbike Insurance: What You Need To Know

Delivering power and prestige at a fraction of the cost of four-wheeled counterparts, classic motorbike ownership is an affordable passion. But the spending doesn’t stop at finding and buying your dream bike.

You might plan to take it to the Isle of Man each August for the Classic TT. Or maybe you only intend to show it at vintage rallies, and only if the sun is shining! However you use your historic motorcycle, the ongoing costs can quickly add up. It pays to know where to look and what to ask for when you’re shopping around for the best value premiums. That way you can enjoy your bike, confident in the knowledge you’re covered for every eventuality.

Call us now on 0800 917 9522 for a free no obligation quote.

Best value classic motorbike insurance

Vintage motorcycles can be worth ££hundreds of thousands of pounds and can deliver serious speed. So you’d think insurance premiums would be just as eye-watering? Well, think again. Specialist insurance companies understand that classic bikes are more likely to be lovingly cared for and maintained by their owners, and often only cover low annual mileages. That all adds up to lower premiums than you might expect.

Don’t just use your usual insurance company

If you try to insure your cherished bike through your usual insurance company you might find yourself forking out above the odds. That’s because insurance is calculated on risk. Some insurance companies simply don’t want to take on risks associated with anything out of the ordinary. And, as you know, classic motorbikes are anything but ordinary. That means you can’t assume that the insurance company that you use for good value insurance on your three-year, family estate car will also be able to offer you a competitive quote for your classic bike. Instead, you need to look towards specialist providers, who understand classic motorbikes and the way you ride it, to tailor-make a policy that suits your exact requirements.

What is an agreed value?

If your bike is declared a total right-off, most standard policies will pay out a ‘market value’. This can be a problem for owners of vintage motorbikes, or newer models that can be considered future classics, as it may not represent the true value of your bike. An ‘agreed value’ insurance policy allows you to agree with your insurance company in advance what your bike is worth. Then, if you do need to make a claim, any payout will be based on this agreed value, not the current market price.

Check you are not under-insured

It might have been a project piece, but a rare 1939 Vincent-HRD 998cc Rapide Series-A still sold for over £270,000 earlier this year at Bonham’s Spring Stafford sale. And that’s nothing on the ‘Captain America’ Harley-Davidson Panhead, once ridden by Peter Fonda in the 1969 film Easy Rider, which raised a whopping US$1.35million at auction in 2014.

Although you can still get a lot of bike for your buck, just like classic cars, values of vintage motorcycles are increasing. If you’ve owned your bike for a few years or have inherited it, you might be surprised by its current value. That can be a pleasant discovery for many of us, but only if you’re insured for the correct amount . If not, you could find yourself unable to replace your bike if anything unfortunate does happen.

Do I need insurance cover even if I’m only riding on a track or off the road at a classic meeting?

Yes, you’ll still need insurance unless your bike is SORN. Your bike could be damaged at an event, or even when it’s stored in your garage, so insurance is a must for peace of mind.

Breakdown assistance cover

Unfortunately, as any classic owner can tell you, older bikes are more prone to break down. Purchasing breakdown assistance cover with your insurance can save a few pounds on your annual running costs and give you peace of mind.

Other insurance options – Leathers and helmet

Don’t forget other essential pieces of kit like your leathers and lid. These can represent a significant investment, and can be added on to your classic motorbike insurance package.

Driving a better deal

If you’re looking to renew your classic motorbike insurance, compare prices from several specialist insurance providers or use an independent broker to do the leg-work for you. Our expert easy2insure.com team understands the specific needs of classic motorcycle enthusiasts. We know where to look for the right level of cover and can negotiate the best deal for you.

We have over 25 years of experience and know that sometimes the cheapest option is not the best. That’s why we look for the best value, tailored cover for your classic motorbike that won’t leave you with any nasty shocks if you do need to make a claim.

Call us now on 0800 917 9522 for a free no obligation quote.