Antique & Classic Motorcycle Insurance 101

[photo: motorcycle]
 

Why insure your special bike with standard coverage? After all, your bike is anything but standard! With antique & classic motorcycle insurance, you not only benefit from broader “agreed value” protection, but you also potentially save hundreds of dollars per motorcycle on your annual premium.

Agreed Value protection

Collector motorcycles tend to appreciate in value, so it is important to make sure that your insurance policy is written to cover your bike's full collector value. An American Collectors policy insures classic motorcycles for an agreed amount, meaning that in the event of total loss, you are paid the vehicle’s full-insured value (less any applicable deductible) with no depreciation.

Full coverage

If you enjoy riding your classic bike, it is important to purchase liability coverage, which pays for bodily injury or property damage you may cause with your motorcycle, up to the policy limit. You should also purchase uninsured/underinsured motorist coverage, which protects you in the event of an accident involving an at-fault uninsured or underinsured motorist. In some states, Pedestrian Personal Injury Protection (“PIP”) or Pedestrian Basic First Party Benefits coverage is also available, paying for pedestrian injuries up to the policy limit.

If your bike is truly a museum piece and it is displayed but never ridden, you can purchase comprehensive coverage only, which is very affordable and covers your bike for its agreed amount if it is stolen or damaged by flood, fire, or other disaster. American Collectors offers a range of deductibles to even further reduce your low annual “collector” premium.

Qualifications & Usage

Collector bikes are typically older (25 years+), although American Collectors will consider newer classic bikes 15 years and older. They should be garage-kept and driven on a limited basis, generally for pleasure rides and hobby activities. The requested value should reflect the vehicle’s current condition (photos substantiating the bike’s value are required). Bike appraisals are generally NOT required.

To obtain a free quote & purchase coverage for your antique or classic motorcycle, please call 1 (800) 360-2277, Monday - Friday, 8:30 a.m. to 7:00 p.m. EST & Saturdays from 9:00 a.m. to 5:00 p.m. EST. or send an email to info@americancollectors.com