Classic Motorcycle Insurance is a specialty insurance for collector-type motorcycles typically 20 to 25 years or older. It is important for classic motorcycles to be insured for Agreed Value, unlike standard motorcycle policies which are insured for Actual Cash Value, because as collector vehicles age, they appreciate in value. Determining the value of a classic motorcycle should rest with the owner and the insurance company.
Owners of classic motorcycles and their agents should consider several factors when determining what coverage should be obtained on a classic motorcycle.
How often is it ridden? If the motorcycle is never ridden and kept inside on display, the insured could obtain a Comprehensive only policy, which would replace the motorcycle at the agreed upon price if it was damaged by flood, fire or stolen. If the owner rides the motorcycle
If the motorcycle owner enjoys riding the vehicle, it is important to have liability to pay for bodily injury to the insured and others, as well property damage to third parties. This is in addition to the Comprehensive and Collision coverage with agreed value used to repair or replace the motorcycle in the event of a loss.