Many motorcycle dealers offer special deals on comprehensive coverage for new bikes they sell. However, when looking to insure a used or older bike you’ve owned for a while, you may need to navigate the process on your own. Here are some tips to help you find the best insurance for older bikes that meet your needs:
1. Don’t rely solely on a local broker. Many insurers now interact directly with customers online. It’s wise to seek quotes from at least two or three different providers to compare prices and coverage options.
2. Consider the type of coverage you need. As bikes age and lose their showroom appearance, opting for 3rd party, fire and theft cover might seem like a cost-effective choice. However, if your bike still holds significant value, opting for comprehensive coverage might be a better investment. Ensure any policy you choose includes breakdown recovery.
3. Opt for limited mileage policies if applicable. If you use your classic bike for leisure purposes and have low annual mileage, you may qualify for discounted insurance designed for occasional use.
4. Secure your bike in a lock-up garage. Keeping your motorcycle in a locked garage overnight reduces the risk of theft and may lead to lower insurance premiums. Calculate the cost of renting a garage to ensure it’s worth the savings in insurance costs.
5. Insure your bike for its replacement value. When insuring an older motorcycle, ensure you establish a realistic replacement value with your insurer. Using the price you paid as the agreed value may leave you underinsured if the bike is stolen.
Insuring an older motorcycle requires careful consideration and comparison. Take your time to find the right coverage at a competitive price.
Author:
Matthew works as a freelance writer for Carole Nash, a leading bike insurance provider in the UK that has covered approximately 240,000 scooters and motorcycles.
