05 April 2018

Classic bike insurance quotes: a guide to getting the right deal

With many insurers and even more policies, getting classic bike insurance quotes can be a bit of a faff!

When you compare motorcycle insurance, there are a host of things you should watch out for.

Are you comparing like with like? For example, cheaper classic bike insurance quotes might include a limited mileage clause.

Does the cover give you what you want? We know that for classic enthusiasts a bike is not just a bike. It’s an investment not just of money, but time, of passion. So if yours was written off, would you want to be offered the chance to buy back that write-off so you can salvage the parts or even restore it to its former glory?

The age of your bike is important. The definition of a classic motorcycle can be a little fluid, but typically you’re looking at bikes which are aged 15 years or more.

However some insurers also offer modern classic motorcycle insurance for newer bikes, usually of between ten-15 years.

Be aware too that at least one insurance comparison website is unable to offer classic bike insurance quotes for vintage machines older than 70 years.

Because classic bike owners treasure their motorcycles and are therefore likely to take better care of them and ride them less, insurers usually see them as lower risk. That tends to mean that the classic bike insurance cost is lower than for modern motorcycles.

Comparing classic bike insurance

If you’re setting off down the road to Classic Bike Insurance Quotes Comparison, remember that we, as an independent specialist broker might be able to help you avoid some of the metaphorical potholes along the way!

We can help by comparing motorcycle insurance quotes offered by the specialist insurers on our panel.* By knowing the right questions to ask, we may also be able to help you get a cheaper quote. More importantly, by discussing your circumstances and needs, we can find the most appropriate for you from those offered by our insurers.

Getting the cheapest bike insurance quotes

As we’ve said, it’s not all about the pounds, shilling and pence. Cheap classic bike insurance does not necessarily mean the best classic bike insurance for you.

But equally nobody wants to pay more than they need, so here’s a few tips on how to cut the cost of your cover.

Voluntary excess

Some insurers will do a trade off with you. If you agree to pay more towards the cost of any claim you make – your excess – they will in return reduce your premium.

Limited mileage insurance

Classic bike insurance quotesIf you’re willing and able to restrict your miles then some insurers offer limited mileage discounts. However, being able is key. If you’re tempted out on your bike more than you planned and exceed your policy limit, this could impact your cover and/or lead your insurer to levy an additional charge.

No claims discounts

Obvious, but its still worth a reminder that notching up years of claim-free riding can earn you significant discounts. No claims bonus rates and scales vary between insurers. They can reach as high as 75% with the insurers on our panel.

If you hold a recognised advanced riding qualification, this too might earn you brownie points with an insurer.

Discounts of up to 15% may be offered if you’ve completed a certified advanced riding course. These might include programmes run by the Royal Society for Prevention of Accidents, Institute of Advanced Motorists. There is also a government-backed  or the Enhanced Rider Scheme.

Insurance approved security

Again some insurers offer rewards to those bikers who invest in addition and insurance approved security devices. These might include high tech kit like Datatag’s forensic marking security system through to brutally simple solutions like a mighty ground anchor. Available discounts vary but can reach 10%.

If you’re able to secure your bike in a garage that too is likely to be looked on favourably – depending upon where you live and what you want to insure, it might even be an underwriting condition.  In the world of insurance, the term “garaged” can be a little fluid. Insurers may need you to provide details of the storage facility – whether it’s a garage, lock-up, shed etc.

Telephone preference service

Motorcycle insurance quote staffYou’ll find that you can get our best classic bike insurance quotes by calling (0330 024 0087). That’s because we can take the time to chat about you and your bike. Getting to know more about both will help our advisors find you the most appropriate and best value quote from those offered by our panel of insurers.

And on that note…

 

 

 

 

What do you want from your classic motorcycle insurance?

When you’re comparing classic motorcycle insurance quotes, make sure the cover provides what you need, but not what you don’t.

Many insurers and brokers are fond if bundling bike insurance with “add on” policies. These might be for things like breakdown and accident assistance which you may already have through a standalone policy or bank account perk. So make sure you don’t end up paying twice for the same thing.

Think too about the level of cover you want: Fully Comprehensive, Third Party, Fire & Theft or Third Party Only? If your bikes is as precious you as we think it is, then fully comprehensive insurance could be your best option given, for example, that it will cover you for the repair of your bike if it is damaged through an insured event.

Policy benefits to look out for that you might want to look out for include:

Agreed value

This is a process by which you and your insurer agree the value of your bike when taking out insurance. This can prevent disputes and financial disappointments should you later need to claim. It’s important to keep an eye on the value of your bike when it comes to renewing, as like anything else, their value can fluctuate.

Classic and vintage motorcycles often appreciate in value and, of course, if you invest in further restoration during the term of your policy, that too can increase the worth of your machine.

Salvage retention rights

Classic bike insurance quotesThese allow you to buy back your motorcycle from the insurer should it be “written off” – damaged beyond an economically viable repair.

For many classic bike enthusiasts their bike is more than the sum of its parts. Insurers get that you may have spent years scouring auto-jumbles, small ads and online auction sites to find that rare oil filter cover or vintage fairing. They know that “economically viable” is not necessarily the most important phrase to you when looking at the possibility of a repair.

Multi-bike insurance

If you’re looking to insure a classic bike collection, the multi-bike insurance is worth considering. This is likely to be cheaper than insuring bikes separately and you can cover any combination of modern and classic motorcycles, cars or vans.**

 

Optional cover

You might also want to complement your core classic motorcycle insurance policy with optional protections.

At Principal we can arrange a variety of additional cover options. These include Helmets & Leather insurance which protect those titular items along with other biking gear such as boots and gloves.

Other optional additions include Breakdown & Accident Assistance, Key Care, Excess Protection and Personal Accident insurance.

We also offer Road Halo motor prosecution insurance. This is designed to help protect your licence by providing access to specialist  legal advice to motorcyclists and motorists accused of a motoring offence.  These might be things like speeding tickets or charges for careless driving.

 

* Please ask for details of the insurers we use to compare classic bike insurance quotes. ** The cost per bike can be lower when taking multi-bike insurance than when insuring motorcycles separately.

 

 

 

 

 

 

 

 

 

 

 

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