What Is Classic and Antique Motorcycle Insurance?

Owning a classic or antique motorcycle is more than just a mode of transportation; it could be a passion, your share of history, or a cherished investment. Whether you've been carefully preserving your motorcycle for decades or are a new classic motorcycle owner, protecting your investment is essential.

Insuring these prized vehicles requires a unique approach, as standard motorcycle insurance policies may not adequately protect their value or cater to your specific needs. Enter classic and antique motorcycle insurance — a specialized coverage designed to safeguard your beloved vintage ride. Read on to understand how it works and when you need it. 

Understanding Classic and Antique Motorcycle Insurance

Classic and antique motorcycle insurance is a special insurance policy tailored to protect older, collectible motorcycles with significant historical or monetary value. These policies consider the unique characteristics of vintage motorcycles and provide motorcycle insurance coverage that addresses their specific risks and requirements.

Generally, a motorcycle is considered a classic or antique if it is at least 20 to 25 years old, has limited production, and holds a certain degree of rarity or historical significance. However, these are general guidelines; each insurance company's criteria and the types of motorcycles may differ slightly in coverage. Some motorcycle insurance discounts exist, so shopping around is essential. 

What Does Classic and Antique Motorcycle Insurance Cover?

Classic and antique motorcycle insurance policies typically offer a range of coverage options. Vehicle insurance can protect your investment and ensure peace of mind, whether riding or showcasing your motorcycle.

Agreed Value

One of the key features of classic and antique motorcycle insurance is the agreed value coverage. Classic bike insurance covers your motorcycle for an agreed-upon value that reflects its worth rather than relying on a standard market value assessment at the time of damage. This also increases clarity as you'll know the exact coverage amounts. 

For example, if you and your insurer agree that your 1970 Harley-Davidson Sportster is worth $15,000, that's the amount you'll receive in the event of a total loss, regardless of the bike's age or condition.

Comprehensive 

Comprehensive coverage protects your classic or antique motorcycle against non-collision-related damages, such as theft, vandalism, fire, or natural disasters. For example, if you have a prized 1965 Triumph Bonneville, and it is stolen from your garage, comprehensive coverage can compensate for its agreed value.

Liability

Liability coverage is essential for all motorcycle owners, including those with classic or antique bikes. It protects you financially if you cause injury or damage to others while operating your motorcycle. If you're found legally responsible for an accident, liability coverage can help cover the costs of medical expenses, property damage, and legal fees.

Collision

Collision coverage allows you to repair or replace your classic or antique motorcycle if it collides with another vehicle or object. This coverage can be especially important for vintage bikes, as repairs or replacement parts cost exceptionally high.

Underinsured/Uninsured Motorist Coverage

This coverage protects you if you're involved in an accident with a driver with insufficient or no insurance. It can help cover your medical expenses, lost wages, and other related costs.

Medical Payment Coverage (MedPay)

MedPay coverage helps pay for medical expenses incurred by you or your passengers in the event of an accident, regardless of who is at fault.

Original Equipment Manufacturer (OEM) and Spare Parts Coverage

Classic and antique motorcycle insurance policies often include OEM and spare parts coverage, ensuring that any repairs or replacements use authentic, high-quality components to maintain the bike's original integrity and value.

Accessories and Custom Parts/Equipment

Suppose you've invested in custom accessories or equipment for your vintage motorcycle, such as saddlebags, exhaust systems, or specialized handlebars. In that case, this coverage can help protect those investments in the event of damage or theft.

Restoration

Some insurance companies offer restoration coverage, which can help cover the costs of restoring your classic or antique motorcycle to its original condition if it's damaged in a covered incident.

How Classic Motorcycle Insurance Assigns Value?

Insurance companies typically assign value to classic and antique motorcycles based on various factors, including the bike's age, rarity, condition, and historical significance. They may also consider the motorcycle's make, model, and unique features or modifications. Insurers often rely on expert appraisals, market data, and industry guides to determine the agreed-upon value for your vintage ride.

How Much Does Antique Motorcycle Insurance Cost?

The cost of classic and antique motorcycle insurance can vary depending on several factors, including:

• The agreed value of your motorcycle
• Your location and the associated risk factors
• Your riding experience and history
• The coverage options you choose
• The deductible amount you select

Generally, classic and antique motorcycle insurance tends to be more expensive than standard motorcycle insurance due to the higher replacement costs and specialized coverage requirements. However, the premium is often worth the investment to protect your cherished vintage bike.

Things to Consider When Getting Classic Motorcycle Insurance

When choosing classic motorbike insurance, consider the coverage type, total costs, and use restrictions. Here is a detailed overview of what you may want to consider:

Type of Bike

Your classic or antique motorcycle's make, model, age, and rarity will significantly affect your insurance coverage and premiums. Your insurance company will assess the bike's value, replacement costs, and historical significance to tailor the policy accordingly.

Usage Restrictions

Some classic and antique motorcycle insurance policies may restrict how and when you can ride your bike. For instance, some insurers may limit coverage to pleasure riding or exclude usage during certain times of the year or in specific areas.

Ownership of the Bike

Insurance companies may require proof of ownership or documentation to verify the bike's age, condition, and value before issuing a policy. This helps ensure accurate coverage and pricing.

Deductibles and Discounts

As with any insurance policy, you can choose a higher or lower deductible, which can impact your premium. Additionally, some insurance companies offer discounts for factors like motorcycle club or organization memberships, taking safety courses, or maintaining a clean driving record.

Compare the Best Classic and Antique Motorcycle Insurance 

If you want to find the best motorcycle insurance companies here. You can check with Benzinga's trusted partners for competitive quotes and comprehensive coverage.

Should You Get Antique Motorcycle Insurance?

If you own a classic or antique motorcycle, the decision is simple. The minimal costs of specialized insurance are worth both the peace of mind and financial protection it offers. Classic and antique motorcycles are more than just vehicles; they're cherished pieces of history, meticulously maintained and treasured by their owners. 

Whether you're a collector, a restorer, or an enthusiast, specialized coverage tailored to your prized possession is essential for preserving your passion and ensuring its legacy for years to come. With a classic and antique motorcycle insurance policy to fit your bike's unique needs, you can protect your investment and enjoy the freedom of the open road, knowing that your beloved vintage ride is safeguarded against the unexpected. 

Frequently Asked Questions