Each insurer evaluates bikes differently, so we recommend comparing quotes from at least three antique and classic motorcycle insurance companies to ensure you're getting the cheapest rate. Hagerty quoted all four classic motorcycles the same annual premium, while Geico and Progressive offered higher quotes for certain vintage bikes. The comparison above shows quotes to insure different 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 coverages. Comparison of quotes from classic motorcycle insurance companies
Factors such as the age and location of the owner, where a motorcycle is parked, how frequently it is ridden, and whether or not it has an anti-theft device are all considered when pricing a vintage motorcycle insurance policy. The type of bike can significantly impact the cost of a policy, as you're likely to find cheaper rates insuring a classic Vespa, for instance, as opposed to a similarly aged chopper.īeyond the make, model, year and engine of the vintage motorcycle, insurers assess its market value and costs associated with repairing or replacing it. In terms of a classic motorcycle itself, there is a long list of things considered when pricing a policy. But older bikes are generally harder to replace and more expensive to repair, increasing the cost of comprehensive and collision insurance. While the cost to insure classic motorcycles can vary, older bikes tend to be less powerful and not as fast, making them less risky, so your liability insurance is likely to be cheaper than it would be for a new bike. How much does classic motorcycle insurance cost? Harley-Davidson, Honda, Indian and BMW motorcycles alike are susceptible to being stolen or damaged during transport. There are many potential scenarios when collectors' motorcycle insurance could prove beneficial. Medical payments coverage pays for your own medical bills if involved in a crash.Įven antique motorcycle owners who don't take their bikes on the road should still think about comprehensive insurance. Your policy can extend to cover both the motorcycle and a sidecar, if you have one, or you can also get a multibike policy if you have multiple classic motorcycles.Īnother popular type of optional motorcycle insurance coverage is for medical payments. Motorcycle liability insurance is required in most states and is commonly included in most policies.įor a classic collector motorcycle, comprehensive and collision insurance are two of the most essential forms of coverage, as they cover repairing or replacing your bike if it's damaged or stolen. For example, if you hit a pedestrian, your liability insurance would cover the cost of the pedestrian's injuries, up to the limits of your policy. This typically also applies if you have a smaller bike, such as a classic moped or scooter, as you'll generally need insurance to ride on public roads.īodily injury and property damage liability insurance pays for expenses related to injuries or damages you might cause to others, or their property, while riding. It doesn't matter whether you take regular weekend rides on your classic motorcycle or only use it once a year, you'll need insurance to ride legally. require bike owners to show proof of motorcycle insurance coverage (bodily injury and personal property liability) in order to register their vehicles. If you ride your vintage motorcycle on public highways or roads, you are subject to the local laws and motorcycle insurance requirements of your state. What insurance do I need for a vintage motorcycle? This could have major ramifications on insurance rates, because the cost and labor associated with repairs for a customized bike can be quite high.
Classic motorcycles typically need to be stored in a garage and should not be your daily commuting vehicle, though they can be ridden semi-regularly.Ī custom motorcycle that has been largely rebuilt with fabricated parts might still qualify as "classic," or the modifications might classify it as a custom motorcycle in the eyes of an insurance company. Depending on the insurer, classic bikes as young as 20 years old can be considered vintage, but this isn't always the case.
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