Now that spring is here, the coming months will have many vintage motorcycle shows and exhibits. Even if you are not an enthusiast, seeing motorcycle history is a great experience. Viewing vintage motorcycles and seeing parts hunted down or made in an exhibitor's garage is a fun activity that also provides the evidence of the hard work and money that enthusiasts expend, an investment that should be protected with vintage motorcycle insurance.
Why Vintage Motorcycle Insurance?
In nearly every state, laws require you to buy liability insurance for your bike. This is the kind of insurance that covers you for others’ property damage and personal injury resulting from an accident you caused. Vintage bike owners who just want liability coverage are often fine with a standard motorcycle insurance policy. However, these policies do not cover your own damages; for this coverage you need a vintage motorcycle insurance policy.
There are several features available to vintage bike owners who buy specialized policies. Often, vintage policies are no more expensive than standard coverage and may even be less costly as insurance companies may view them as less of a risk than a new bike of equal value. Below are some of the key components of a vintage motorcycle policy.
Agreed Value
When you buy a new bike, it depreciates in value quickly. But classic rides do not. In fact, their value often increases. That is why you and your insurance company agree upon the bike’s value. This means, should your bike be totaled, you receive the total agreed upon value less any deductible. Agreed value coverage is the only way you can be reimbursed for the parts you rebuilt or made yourself.
Full Coverage
If you take your bike out for a ride, you must have liability insurance, whereas agreed value coverage is optional. Most vintage bike owners also buy uninsured/underinsured motorist coverage. The addition of this protection makes sure that damage to your bike is covered even if the other driver is at fault and has little to no insurance.
On the other hand, if your bike is museum quality and it is displayed but never taken on the road, then you only need comprehensive insurance. This covers the agreed value if your bike is stolen, suffers damage from fire or some other disaster that is not caused by a collision.
Most insurance companies consider any bike over 25 years old as a vintage motorcycle. To qualify for a vintage motorcycle insurance policy, the bike should be used for limited riding (such as for pleasure rides on weekends) and garaged when not in use.
Get a quote today. Call Mosley Insurance Agency at (405) 224-1000 for more information on Oklahoma City motorcycle insurance.