For many motorcycle enthusiasts, their bike is much more than just a mode of transport. A lot of care and hard work often goes into maintaining a motorbike, so owners are much more likely to take great care of it and shield it from damage, whether at home, in a garage or on the road.
Because of this, it will generally be less expensive to insure a motorbike than many other vehicles. In some cases, the type of motorbike will also have an effect on the kind of insurance premiums you can expect, with relatively low and affordable quote often being applied to classic and vintages bikes. While there may be fewer specialist insurers willing to provide cover for more valuable vehicles, those who do may offer competitive quotes to classic bike owners.
It’s common to assume that rare and expensive models would be more attractive targets for thieves. However, classic bikes can be traced fairly easily if they go missing and it’s difficult to sell on a stolen bike without being caught out, so ultimately thieves are less likely to target classic bikes.
Instead, smaller claims – like spare parts and vintage paint colours for repairs – may be more common. As these components may be harder to come by, as well as trusted garages suited to carrying out necessary repairs, this can potentially push up the price of your premium.
It’s difficult to properly define what is or isn’t a classic bike, particularly because definitions can vary from one insurer to the next. In general, any motorbike that’s more than 20 years old could be considered a ‘classic’, but some providers may make their own distinctions to refer to certain models or time periods.
Depending on the insurer, your bike could fall under more specific categories like ‘antique’, ‘vintage’ or ‘modern classic’. This helps to give your insurer a clearer idea of what your bike is and what it will most likely be used for. As opposed to standard bikes that may be someone’s primary mode of daily transport, classics can be something of a restoration project, only venturing onto the roads for special occasions.
Some providers may also set minimum age limits of 21 or even 25 for classic bike policies on the basis that classic bike owners are likely to take more care of the vehicle both on and off the road. Insurers may also be willing to insure classic models at an agreed value rather than the current market value, as well-maintained classic bikes can retain their value instead of depreciating over time.
Policies for classic motorbikes tend to be cheaper than standard ones thanks to a reduced element of risk, as owners will generally be considered to cherish the vehicle as best as possible. However, there will always be the potential for something to go wrong and insurers calculating those risks will need to factor this into their policies.
There are a few things you can do, however, to help limit those risks as much as possible, resulting in a lower premium. If you don’t expect your classic bike to cover great distances over the duration of your policy, keep your estimated mileage low. It can also help to keep a record of your mileage, so that you can keep your insurer updated if you don’t cover as many miles as first thought.
Increased security and safe storage are also good ways to keep policy costs down. Including a fitted alarm, immobiliser and tracking device to your classic bike could not only lower your premium, but also give you the peace of mind that it’s highly unlikely your bike will fall into the wrong hands.
If you’re a member of a club for classic bike enthusiasts, this can even result in a discount on your premium. Insurers will view this as further evidence of your commitment to being a careful and cautious owner.
Here at Arkwright, we have the specialist knowledge available to help you find an appropriate classic bike insurance policy from across a wide range of insurers. We know it’s important to you, so it’s important to use to arrange for a tailored policy that suits you at the lowest possible premium.
Get in touch with us on 01204 392 525 today to chat to one of our friendly experts about your requirements for classic bike insurance. Alternatively, send us a few details online and we’ll get back to you as soon as we can.