Classic motorcycles are like rare beauties in the world of automobiles. While everyone has seen a motorcycle before, most people do not know enough to distinguish between a new or a classic motorcycle. Classic motorcycles are basically the motorcycle equivalent of classic cars that are at least 20 years old. Finding insurance for a classic motorcycle often requires a different level of coverage because they tend to be worth a lot more money, and the parts and accessories are more expensive and difficult to find. Here is some information about what classic motorcycle insurance is and how to obtain it.
What is a Classic Motorcycle?
The definition of what is considered a classic motorcycle is not very clear. In general, most motorcycles need to be at least 20 years old to be considered classic or vintage, but it may also depend on the actual make and model as well. There are also very rare and limited edition motorcycles that may be not be 20 years old, but they may still fall under the classic motorcycle coverage. Before you go about obtaining an insurance policy for your motorcycle, it is recommended that you have a motorcycle dealer or expert take a look at it and suggest what type of policy you should get. In addition to getting an assessment of your motorcycle, you should also ask them to come up with an appropriate market value for it. This is important because the auto insurance company will use it to create an agreed upon value that covers the cost of the motorcycle and its parts.
How to Get the Best Classic Motorcycle Insurance Rate
The first thing to understand is that all insurance companies do not offer classic motorcycle insurance. Finding typical coverage for a motorcycle is relatively easy to do, but it does not usually cover motorcycles that are worth over a certain dollar amount. Instead, look for an auto insurance company that specifically offers classic motorcycle insurance first. Once you have selected a few potential insurers, you will want to see an expert to verify that it fits the criteria and then come up with an agreed upon value for the insurance policy. Once that has been done, your agent can help you to evaluate offers from the insurance companies. Most auto insurance policies will provide coverage for the agreed upon value of the motorcycle and its parts in incidences of theft, fire, collision, etc. However, they may have some limitations on the amount of mileage you can put on it because they do not provide coverage for daily use of the motorcycle.
Classic motorcycle insurance is a necessity for you if you own a classic motorcycle. You will have to find insurance companies that offer coverage for classic motorcycles and work with them to establish an agreed upon value for your policy. Compare offers from different insurance companies, and negotiate the precise level of coverage that you want in order to get the most value out of your policy.
If you want more advice on choosing classic motorcycle insurance in Kendall, call us at (305) 969-8776.