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