Motorcycle Insurance for Your Classic, But Non-Working Bike

You have that motorcycle that’s sitting in the back of the garage. Whether you bought it just yesterday or you’ve had it for a dozen years, you know the bike doesn’t really run well and may not be safe to take on the open road. On the other hand, you wouldn’t do that to your classic bike. Its value is too high. Should you have motorcycle insurance on this type of a bike? Insurance for motorcycles is not just a type of financial tool to keep you legally able to operate your bike, but it is also meant to protect the vehicle’s value.

Coverage to Protect Its Value

Perhaps you have a classic bike that’s 25 years old. You may have a vintage or even antique bike that dates back much further. When you have this type of bike, the value of it isn’t based on its features and how fast it goes. Rather, it is based on how rare and valuable the motorcycle is. If the motorcycle does not have any resale value, but only maintains value to you personally – perhaps it was a family heirloom – you can insure it as well.

Agreed upon value is the most common type of motorcycle insurance payout for classic and vintage bikes. This means that, at the start of the motorcycle insurance policy, you and the insurer will agree to the value of the bike. It is protected for up to that amount from covered claims. It may not be possible to replace the motorcycle or it may not hold the same value to you personally as to someone buying it off the street. With agreed value, you don’t have to justify the cost through an appraisal, but you can maintain insurance to cover your motorcycle from many of the risks you face.

This type of motorcycle insurance may protect you from theft, damage from unavoidable and accidental incidents, fires, and vandalism. If you have this type of antique or valuable bike that isn’t insured, now is the time to take the steps to put a policy in place. That is the best way to protect your bike from the risks it faces even if it remains in your garage and never gets back on the street.