| For many motorcycle owners, riding is more | | | | * The motorcycle must be at least twenty |
| than just a recreational activity, it's a | | | | years old. |
| lifestyle. Riding represents freedom, friends | | | | |
| and fun. It's what fuels daydreams and fills | | | | * The policy will have a limited mileage |
| weekends. Vintage or classic motorcycles are | | | | restriction. This usually ranges from 2000, |
| the pride and joy of their owners many of | | | | to 3500 or 5000 miles per annum. Obviously |
| whom like to parade and demonstrate them at | | | | the lower the mileage restriction on a |
| classic bike festivals or other outdoor | | | | motorbike policy, the lower the usage on a |
| events. | | | | public highway reducing the risk of a road |
| | | | traffic accident. |
| With classic motorbikes the insurance | | | | |
| implications are different to those with | | | | * The policyholder must have the sole use of |
| standard bikes. Motorcycle Insurance | | | | another vehicle for daily use again this |
| companies will normally insist on certain | | | | reduces the amount the bike is actually used |
| criteria on which they base the cost of the | | | | on the road. |
| annual bike insurance premium for your policy | | | | |
| and will also dictate whether your bike falls | | | | * The motorcycle must be kept in a secure, |
| into the classic bike category. | | | | locked garage at the home address when not in |
| | | | use. This will reduce the theft risk of the |
| With classic bikes it is generally | | | | bike which reduces the cost of the bike |
| acknowledged that an 'agreed value' insurance | | | | insurance premium. |
| policy is the most effective way to insure. | | | | |
| One of the main benefits of an agreed value | | | | * The usage on the policy is restricted to |
| motorcycle insurance policy is that you have | | | | social, domestic and pleasure use only |
| the value of your vehicle agreed at the start | | | | excluding commuting again possibly reducing |
| of the policy, meaning if you have to make a | | | | the amount of time the motorbike is on the |
| claim there can be no doubt about the | | | | road. |
| motorcycles worth. | | | | |
| | | | * Drivers on a classic bike policy must |
| To obtain an agreed value policy, insurers | | | | generally be over the age of 30 and must have |
| will usually request a fully completed | | | | held a full motorcycle driving licence for at |
| vehicle condition form and 4 coloured | | | | least 2 or more years. This again ensures a |
| photographs of the vehicle. | | | | better risk based on age and experience, thus |
| | | | making a bearing on the premium. |
| Classic bike insurance packages are | | | | |
| specifically created to give owners peace of | | | | There are usually many benefits provided |
| mind that their prized possession is covered | | | | under a Classic motorcycle insurance policy |
| for every eventuality | | | | that would not be normally included under a |
| | | | standard motorcycle policy. |
| Generally, classic bike insurance premiums | | | | |
| are much more competitive than an average | | | | This may be automatic cover for all club |
| policy premium based on the market value of a | | | | organised rallies, cover for the insured |
| bike and even though older vehicles are more | | | | motorcycles spare and dismantled parts whilst |
| prone to breakdown and repairs and parts for | | | | stored in a locked garage or other secure |
| specialist and obsolete models can incur a | | | | premises and possibly free breakdown recovery |
| major expense, other factors for the classic | | | | in addition to the main benefit of an agreed |
| bike insurance criteria override these and | | | | value. |
| essentially reduce the risk therefore | | | | |
| reducing the price. | | | | Policies usually have a minimal excess of |
| | | | 50.00 pounds for both accidental damage, fire |
| So what are the factors which meet the | | | | and theft claims and generally exclude the |
| classic bike criteria and how does this allow | | | | riding other bikes clause. This is so riders |
| reductions in the motorcycle insurance | | | | do not take advantage of the competitive |
| premium. | | | | lower classic bike insurance premium to use a |
| | | | much higher rated bike. |