Motorcycle insurance is not a purchase that sets the pulse racing. It’s often seen simply as a necessary evil. Arguably that view is less prevalent among the classic motorcycle fraternity because enthusiasts invest so much time, resources and passion in their bikes. But, wherever you stand, the universal truth is that you want to get the best value and cover for your bike? With that in mind we asked Nick Baker, Products and Marketing Director at top bike specialist Carole Nash, for his top tips for getting the most from your classic bike insurance.
For many classic enthusiasts their bike is part of their life. If you’ve scoured autojumbles for parts and given up your weekends and cash to renovate your machine, losing it can be almost unbearable. Typically if a motorcycle is written off an insurer will simply offer you a cash settlement. That may not fill the void. That’s why for many of you it’s important to buy a classic motorcycle policy which offers salvage retention rights (only on agreed value policies). Then you can rescue parts or perhaps look to restore.
Get in the club
Joining a recognised owners club not only provides you with a mutual support and social network, it can earn you a generous insurance discount. Always ask if discounts are available for club membership. It can be very worthwhile. For example, Carole Nash offers up to 10% discount on classic motorcycle insurance premiums to members of the Vintage Motorcycle Club (VMCC).
Check what’s included, what’s not and how well a policy fits your specific needs. For example, buying breakdown and accident recovery cover separately might cost as much as £100+ when the better classic bike policies will include it as standard. Similarly if you’re likely to be taking your machine abroad, see if your policy includes foreign travel.
A decent broker will offer you a free and easy 'agreed value' service so that, should you claim, you know you’ll receive a pre-agreed sum rather than a 'market value'.
Our claims data has shown around 45% of thefts occur between November and April. Many bikes are also taken from homes. So don’t think that just because you’re not taking your bike out that it doesn’t need insurance.
More is less
If you own more than one motorcycle cover them on a multi-bike policy which should save money – and hassle.
The young ones
You might be surprised to hear that a bike as young as ten years old may be eligible for lower cost classic insurance rates. Carole Nash offers a Modern Classic policy with rates significantly lower than for newer machines.
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