Considering classic motorcycle insurance multi bike? That’s an excellent idea. Having your pride and joy covered by insurance can help give you peace of mind. But what exactly is classic motorcycle insurance? Also, when is a motorcycle considered classic?
Just read on if you want to know the answers. In this post, we explain everything you need to know about classic motorcycle insurance multi bike. From what classic motorcycle insurance is, when a motorcycle is considered classic to policy features and others.
What Is Classic Motorcycle Insurance Multi Bike?
Let’s start with the definition first. What is classic motorcycle insurance? It is a type of insurance that provides coverage for motorcycles made before a certain period. The insurance covers classic motorcycles for things like damage from an accident, fire, or theft.
There are three types of classic motorcycle insurance: third party only, third party fire and theft, and comprehensive.
Note that what is considered a classic motorcycle varies from one insurance company to another. We will talk about this more later. Just keep in mind that there is no universal age for motorcycles to reach to be considered classic.
Some insurance companies also offer what is known as “future classic” insurance policies for newer motorcycles that are likely to become a classic in the future. This proves that age has nothing to do with becoming a classic.
Do You Need Classic Motorcycle Insurance?
Next question: do you need classic motorcycle insurance multi bike? That depends. But if you want to protect your pride and joy, then the answer is yes. Whether you take your beloved motorcycle for touring in the countryside or for an occasional Sunday drive, you want it to be protected.
Not to mention that in most states in the U.S., motorcycle owners are required to show proof of some sort of motorcycle insurance to register their bikes. If you are a classic motorcycle collector, it is always better to have a classic motorcycle insurance multi bike than not.
Is It Different from Standard Motorcycle Insurance?
You might be wondering what makes classic motorcycle insurance multi bike different from standard motorcycle insurance. They are different. How? Allow us to explain.
Classic motorcycles tend to be ridden less frequently and are better-looked after than regular motorcycles. At most, classic motorcycles are taken out for occasional rides (touring in the countryside, Sunday rides, and so on).
Thus, classic motorcycles go much fewer miles than their regular counterparts. As a result, the risk of being involved in an accident is lower. Lower mileage is not the only factor that makes classic motorcycle insurance multi bike different, of course.
There are also the cost of classic motorcycle insurance plans, which, contrary to popular belief, can be cheaper than standard policies, and agreed value, which determines the value of a motorcycle based on the agreement of the owner and the insurer
When Is a Motorcycle Considered Classic?
Earlier we said that there is no universal age for motorcycles to reach to be considered classic. So, when is a motorcycle considered classic, then? That depends on the insurance companies. Each insurance company has its category for a motorcycle to be considered classic.
For example, Hagerty considers any motorcycle pre-1990 as a classic motorcycle. On the other hand, American Collectors requires a motorcycle to be at least 20 years old to qualify for classic motorcycle insurance multi bike.
When you shop around for classic motorcycle insurance, be sure to ask the insurance companies about what they define as classic and other qualifications for their classic motorcycle insurance plans.
Policy Features You Can Get with Classic Motorcycle Insurance
When you buy a classic motorcycle insurance multi bike plan, you may get the following policy features
1. Multi bike cover
If you have multiple classic motorcycles, you can add them to your classic motorcycle insurance plan. Oftentimes, buying an insurance plan that covers multi bike is cheaper than buying separate plans for each motorcycle.
2. Breakdown cover
If your classic motorcycle breaks down, you will get roadside assistance. Even if your motorcycle is in great condition, this is a very useful feature to have in your insurance plan.
3. Additional driver cover
Perhaps you are not the only driver? In that case, you want additional driver cover in your classic motorcycle insurance multi bike.
4. Lock and key cover
Losing a key is without a doubt a source of headaches. Even more so if it is a classic motorcycle. This feature will cover any costs related to losing keys.
5. Wrong fuel cover
No matter how careful we are, mistakes happen. In the event of you use the wrong fuel, this feature will help to cover the repair costs.
6. Event cover
If you own classic motorcycles, you probably attend events and trade shows. This special policy feature provides coverage for those times.
7. Accessories cover
This feature covers you If your accessories are lost, damaged, or stolen.
Are there other perks when you buy a classic motorcycle insurance multi bike? Of course. There are. But the perks depend on the insurer you are buying the insurance plan from.
For example, if you buy Hagerty motorcycle insurance plan, you will get perks like
- DriveShare, which allows you to drive other member’s insured motorcycles
- Driver’s Club Magazine, a bi-monthly magazine with amazing content on all the classics and collectibles that will fuel your passion for classic motorcycles even more
- Hagerty Drivers Club, which grants you access to many exclusive events (track days, car shows, special speaking engagements, etc.)
Now you know more about classic motorcycle insurance multi bike. Such an insurance plan will protect your beloved motorcycle collections and give you peace of mind. If you have multiple bikes, buying a multi bike insurance plan is certainly a good idea as it is often cheaper than buying separate plans.
When shopping around for a classic motorcycle insurance multi bike, be sure to take your time. Do your due diligence and get quotes from at least 4 insurance companies. This will give you an idea about how much money you will spend on your classic motorcycles and what kinds of coverage are available.