In the midwest we start to get a little angsty when the seasons change and we lose sun and balmy temps. We are quickly reminded how good we have it when natural disaster strikes somewhere on the globe. Our hearts broke a little earlier this month when we received a text from a client who lost everything due to Hurricane Helene. His home, his car and his motorcycles...including the vintage BMW we built him. His insurance company was only willing to give him only 40% of the value of the classic motorcycle. Luckily he must've had an insurance company that understood the bike was restored. If they hadn't, it would have simply been considered a 1980 R65 with a value of about $3000.00
We do not claim to be insurance experts at Never Ending Cycles, but we have learned a couple of things along the way...
Insuring a vintage motorcycle requires considering the bike's condition, age, and how it's used and stored:
Age: Most policies require the motorcycle to be at least 20 years old.
Condition: The bike should be in good condition, either in its original state or restored to maintain its structural integrity. Some insurers may decline coverage if the bike isn't in excellent condition.
Use: The bike should be used infrequently for pleasure driving, shows, parades, or club activities.
Storage: The insurer may require the bike to be stored in an enclosed building.
Here are some things to consider when insuring a vintage motorcycle:
Coverage
Comprehensive and collision coverage are important to cover the cost of repairs or replacement if the bike is damaged or stolen. Liability insurance is also required in most states and covers expenses related to injuries or damages you cause to others.
Policy
A multi-bike policy can be obtained if you have multiple classic motorcycles.
Insurer
Some insurers offer specialty insurance for collector bikes. You can speak with a vintage and antique specialist to get the right coverage.
Premium
Premiums for classic motorcycles may be higher due to the bike's market value and the cost to repair or replace it.
Besides not being experts, we are also not endorsing any insurance company. We prefer brokers who have a bigger pool to research. We also had an opportunity to meet some of the guys from Hagerty one year at Road America and they were pretty knowledgeable. Whether you use Hagerty or Flo, be sure you have records from your builder and know the facts about your vintage motorcycle so if God forbid you have a personal loss you can get the best value from your claim.
We would like to extend our prayers, condolences and best wishes to all of the people that have experienced loss of any kind due to Hurricanes Helen and/or Milton.
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