What is Classic and Antique Motorcycle Insurance?

Classic motorcycles are those that are more than 20 years old and are in near-original condition. In terms of the types of coverage available, insuring a vintage or antique motorcycle is similar to purchasing a policy for any other bike. Some antique motorcycles, on the other hand, may be extremely valuable and more expensive to replace or repair. As a result, owners of vintage motorcycles should strongly consider comprehensive and collision insurance policies to cover any damage to their classic bikes.

When is a motorcycle a classic?

Classic, vintage, or antique motorcycles are typically at least 25 years old and appear exactly as they did when they were first manufactured or built. Classic bikes as young as 20 years old can be considered vintage, depending on the insurer, but this isn't always the case. Classic motorcycles should be stored in a garage and should not be used as a daily commuting vehicle, though they can be ridden on a semi-regular basis.

A custom motorcycle that has been largely rebuilt with fabricated parts may still be considered "classic," or the modifications may qualify it as a custom motorcycle in the eyes of an insurance company. Because the cost and labor associated with repairing a customized bike can be quite high, this could have a significant impact on insurance rates.

What kind of insurance do I need for a vintage motorcycle?

If you ride your vintage motorcycle on public highways or roads, you must follow local laws and meet your state's motorcycle insurance requirements. In order to register their motorcycles, the majority of states in the United States require bike owners to show proof of motorcycle insurance coverage (bodily injury and personal property liability).

Whether you ride your classic motorcycle on a regular weekend basis or only once a year, you'll need insurance to ride legally. This is also true if you own a smaller bike, such as a classic moped or scooter, because you'll need insurance to ride on public roads.

Liability insurance for bodily injury and property damage covers expenses incurred as a result of injuries or damages caused to others or their property while riding. If you hit a pedestrian, for example, your liability insurance would pay for the pedestrian's injuries up to the limits of your policy. Most states require motorcycle liability insurance, which is commonly included in most policies.

Comprehensive and collision insurance are two of the most important types of coverage for a classic collector motorcycle, as they cover the cost of repairing or replacing your bike if it is damaged or stolen. Your policy can be extended to cover both the motorcycle and a sidecar, if you own one, or you can get a multibike policy if you own several classic motorcycles.

Medical payments are another popular type of optional motorcycle insurance coverage. If you are involved in a car accident, medical payments coverage will pay for your own medical bills.

Even if you don't ride your antique motorcycle on the road, you should consider getting comprehensive insurance. There are numerous scenarios in which collectors' motorcycle insurance could be beneficial. Motorcycles made by Harley-Davidson, Honda, Indian, and BMW are all vulnerable to theft or damage while in transit.

How much does classic motorcycle insurance cost?

While the cost to insure classic motorcycles can vary, older bikes are less powerful and faster, making them less risky, so liability insurance is likely to be less expensive than it would be for a new bike. However, older bikes are more difficult to replace and more expensive to repair, raising the cost of comprehensive and collision insurance.

When it comes to classic motorcycle insurance, there is a long list of factors to consider. The type of bike can have a significant impact on the cost of a policy, as you're more likely to find lower rates insuring a classic Vespa than a similarly aged chopper.

In addition to the make, model, year, and engine of the vintage motorcycle, insurers consider its market value and the costs of repairing or replacing it. When pricing a vintage motorcycle insurance policy, factors such as the owner's age and location, where a motorcycle is parked, how frequently it is ridden, and whether or not it has an anti-theft device are all taken into account.

Comparison of quotes from classic motorcycle insurance companies

The above comparison shows quotes for insuring various classic motorcycles for a 45-year-old male rider in Ohio, for a policy that included bodily injury protection ($50,000 per person and $100,000 per accident) and personal property damage coverage ($25,000), as well as $500 deductibles for collision and comprehensive coverage.

Hagerty quoted the same annual premium for all four classic motorcycles, whereas Geico and Progressive quoted higher premiums for specific vintage bikes. Because each insurer evaluates motorcycles differently, we recommend comparing quotes from at least three antique and classic motorcycle insurance companies to ensure you're getting the best deal.

You might not be able to find online quotes for classic motorcycles.

There are some exceptions to the rule that owners can get online quotes for many classic and vintage motorcycles. Classic motorcycles that are limited editions, rare antiques, or exceptionally valuable for any reason, like classic cars, may require a specialty policy to insure. In such cases, you should contact a specialist bike insurer, such as Hagerty or American Collectors, for a quote on classic motorcycle insurance.

Obtaining a quote from an agent in person or over the phone is similar to obtaining a quote online. The agent will need the same information from you as a rider, as well as information about the bike you want to insure. Before a company will insure a limited edition or collector's motorcycle, it may require a third-party appraisal or documentation.

Determining a classic motorcycle's value for insurance

Unlike vintage automobiles, most large insurance companies will provide quotes for classic motorcycles online. They accomplish this in two ways: They either provide a quote for a vintage motorcycle based on their internal valuations for specific bikes or ask potential policyholders to declare an "agreed" value. Agreed value motorcycle insurance is typically limited to classic or collector bikes and works similarly to other policies, with the exception that you, the owner, determine the bike's value. Some insurers will also request an appraisal to back up your declared value, but this is not always the case.

Once the owner declares a value, an insurer determines whether or not that amount is reasonable (within an acceptable value range based on make, model, and year) and covers the motorcycle for that amount. Because most classic motorcycles are factory-built, insurance companies can estimate their value using the Kelley Blue Book or the NADA Motorcycle Appraisal Guide, which you can also use as a reference.

A mutually agreed-upon price for a classic motorcycle can be both good and bad. It's beneficial to consumers because it allows you to purchase the appropriate amount of coverage if you believe your bike was undervalued based on the insurer's estimates. On the other hand, it places the onus on you to determine the correct value of your vintage motorcycle. If your estimate is incorrect, you may overpay for coverage that isn't necessary or be underinsured.

We recommend that classic motorcycle owners have their bikes professionally appraised if they have any doubts about their bikes' true value. Hagerty Insurance also has an online appraisal tool that you could use to double-check. It allows owners of antique bikes to search by make, model, year, and VIN.

If you are in an accident and your motorcycle is badly damaged enough to be considered a total loss, insurance companies such as Progressive will typically pay the agreed-upon value of a classic motorcycle. If an owner decides to keep their motorcycle, the insurance company will pay out the agreed-upon amount less the salvage value of the motorcycle.

If you expect the value of your classic motorcycle to rise over time, you should look for a specialty insurer who can provide coverage tailored to your bike. You will almost certainly be required to provide proof of the motorcycle's value, such as an appraisal or documentation proving it is a limited edition. It's critical not to be underinsured in case your motorcycle is damaged and worth more than it was when you bought the policy.

Does insurance cover a classic motorcycle jacket and helmet?

So long as you've added the carried contents coverage to your policy, classic and vintage motorcycle insurance will generally pay to replace safety gear and accessories if they are stolen or damaged in a crash. Coverage for accessories, like bodily injury and property damage protection, usually has a claim limit—the maximum dollar amount the insurer will pay toward replacement.

Motorcyclists have a lot of gear, and standard equipment can be quite expensive. If a person owns a classic motorcycle jacket or helmet that is extremely valuable, they should think about raising the claim limit for this category. A typical claim limit is $2,000, but a single motorcycle jacket can cost more than that.