A classic motorcycle is not a normal motorcycle for an insurer. It is used less, it is cared for more and it is worth an amount that does not fall with age. Specialist insurers write policies for that. They are usually good value, but the terms matter more than the price.
Agreed value or market value
- Agreed value. You and the insurer agree the value of the bike when the policy starts. If it is a total loss, that is what is paid. This suits a classic, whose worth does not follow a standard depreciation table.
- Market value. The insurer pays what the bike is worth at the time of the loss, often as it is judged by the insurer's own valuer. This can be far below what you paid or what the bike is worth to a collector.
Ask for agreed value, and check that the figure is reviewed regularly. A bike that was worth €8,000 five years ago may be worth more now, and an agreed value that is not updated leaves you underinsured.
Proof of value
The insurer will usually ask for photographs and often for evidence of value: a valuation report, a receipt, a club letter or a record of similar sales. See valuation reports and appraisals and how a classic is valued. Keep the photographs up to date.
What classic policies ask in return
- Use limits. Many classic policies restrict use to leisure and set an annual mileage. Using the bike to commute, or beyond the limit, can void a claim.
- Storage. Insurers often require the bike to be kept in a locked garage or building. Check what counts.
- Other vehicles. Some require that you have another vehicle for daily use.
- Club membership. Some insurers ask that you belong to a recognised club. See clubs and federations.
- Age or rider conditions. Minimum rider age or experience.
Questions to ask before you sign
- Is the value agreed, and when and how can it be changed?
- What are the mileage and use limits, and what happens if I exceed them?
- What are the storage conditions?
- Does it cover events, track days, transport and storage during restoration?
- Does it cover the bike while it is abroad, and in which countries?
- Who may ride it?
- Are accessories, spares and tools covered?
- What is the excess?
Liability insurance is the minimum
Whatever the value of the bike, you need third-party liability insurance for a registered vehicle. In the Netherlands, arrange it before you ride a bike that you have just registered in your name: see the Dutch rules. Comprehensive cover for theft, fire and damage is optional but sensible for a classic.
Transport and storage
Check that the policy covers the bike in transit when you buy abroad, or arrange separate transit insurance: see shipping a classic motorcycle. Tell your insurer when you put the bike into winter storage, as some offer lay-up terms: see winter storage.
