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Classic, Vintage & Veteran For Coventry and Meriden Models. Anything pre-Hinckley goes.

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Old 12-08-2012, 06:05 PM   #1 (permalink)
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Insurance on your vintage bike

Do any of you have full coverage insurance on your antique bike? Is there special insurance for a vintage bike?

Since I saw Baxter sold a 1953 Blackbird like mine for $26,000, I started thinking that maybe I don't have enough/ correct insurance.

Kem
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Old 12-08-2012, 07:34 PM   #2 (permalink)
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I insured mine through Shannons in Oz for an agreed value, 8 days riding a month, was very reasonable.
They also threw in full salvage rights at the same premium.
.
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Old 12-08-2012, 10:12 PM   #3 (permalink)
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I just went through this with State Farm for my '71 Bonneville that I just completed. They wouldn't do "agreed upon value" and I couldn't find any one local who could appraise it. Several years ago I had my '69 appraised by someone that they recognized and that is still in force. I need to have it reappraised but don't know who to take it to. There use to be some one attached to the Barber Museum in Birmingham that could do it but they had to actually see it in person. I don't know if they still are.

If you have a car insured with some of the vintage car insurers like Hagerty or Grundy they will do agreed upon value but it was my understanding that they would only insure a bike if you already have a car insured with them.

When I questioned my agent about specifically what they would total the bike out at they couldn't or wouldn't give me an answer so carrying comp, collision, fire, and theft was pointless as far as I could see. If you think about it if they total it out at some stupidly low figure they then own the bike which might be worth more in salvage than they paid you.

Anyway, the whole thing was very annoying so I ended up with just liability. I hope you find a good solution and if you do please pass it along.

Art.
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Old 12-09-2012, 01:35 AM   #4 (permalink)
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Originally Posted by BirdoPrey View Post
I just went through this with State Farm for my '71 Bonneville that I just completed. They wouldn't do "agreed upon value" and I couldn't find any one local who could appraise it. Several years ago I had my '69 appraised by someone that they recognized and that is still in force. I need to have it reappraised but don't know who to take it to. There use to be some one attached to the Barber Museum in Birmingham that could do it but they had to actually see it in person. I don't know if they still are.

If you have a car insured with some of the vintage car insurers like Hagerty or Grundy they will do agreed upon value but it was my understanding that they would only insure a bike if you already have a car insured with them.

When I questioned my agent about specifically what they would total the bike out at they couldn't or wouldn't give me an answer so carrying comp, collision, fire, and theft was pointless as far as I could see. If you think about it if they total it out at some stupidly low figure they then own the bike which might be worth more in salvage than they paid you.

Anyway, the whole thing was very annoying so I ended up with just liability. I hope you find a good solution and if you do please pass it along.

Art.
Art,

I'll keep you posted.

Kem
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Old 12-09-2012, 09:50 AM   #5 (permalink)
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I have my 1968 T120R insured through Dairyland/Sentry insurance and I have an agreed upon value written on my policy with no restrictictions with regard to riding time, etc.

Bob
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Old 12-09-2012, 01:04 PM   #6 (permalink)
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These are the things that the insurance company has to consider and it is what determines how they will write your policy.

First, is the bike in the condition you claim it is for the value you claim it is worth? A common scam is to insure a POS, pay for the policy and then report it stolen.

For that reason, most will either want to see it, or will want it appraised by a licensed appraiser, complete with a formal report and photos.

The other consideration is risk level. It's much easier to steal and part out a vintage bike than a vintage car or any modern vehicle, actually. So, the risk is higher for the insurance company. This is more than likey the basis for some companies not willing to insurance a vintage bike beyond liability.

Once you get over those hurdles, and how difficult that is probaby depend on where you live and who the insurance company it, you can then insure it for the appraised or claimed value. That value combined with the risks of loss will determine what your premiums will be. So a $250K value will command a higher premium than a $20K value.

Shop around. There are insurance companies, at least in the US, that specialize in insuring vintage vehicles. I had a '61 Corvette for years and it was appraised at $20K at the time and my insurance premium was $165/yr. I was limited to 2000 miles/yr, could not leave it unattended and it had to be kept in a locked garage.

Another thing to keep in mind is if you do not have the bike registered to operate on the highways, don't think it is covered under your homeowner's policy. It is considered a vehicle regardless so if you are building the bike and your garage burns down, you cannot claim the loss of the bike in the fire. You might be able to claim the loss of the parts, but you'd probably have to have an inventory to submit that showed they were parts and not just a disassembled bike.

Keep in mind that insurance companies do all in their power and within the law to not pay on claims. I was having a conversation with a fire investigator last night about this subject. Even if the fire dept investigator says it is not arson, the insurance company can bring in their investigator and if he says it is, then they can refuse to pay until it is proven that the owner is not the torchman.

regards,
Rob
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Old 12-09-2012, 01:14 PM   #7 (permalink)
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Thanks for all the great information. I was getting an online quote from Dairyland, and they said they couldn't continue the quote because my VIN is too short. My 1953 has a 5 digit VIN.

I'm definitely shopping around.

Kem
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Old 12-09-2012, 03:44 PM   #8 (permalink)
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I've found Geico in the USA to be great, I have 4 bikes insured through them at a total of about $300 per year. Adding my 73 Tiger cost me an extra $60, it was previously $240 for the 3 others. They have a lot of options that you can add in on the policies and I think they do agreed value or similar.
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Old 12-09-2012, 09:07 PM   #9 (permalink)
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Originally Posted by redhawk4 View Post
I've found Geico in the USA to be great, I have 4 bikes insured through them at a total of about $300 per year. Adding my 73 Tiger cost me an extra $60, it was previously $240 for the 3 others. They have a lot of options that you can add in on the policies and I think they do agreed value or similar.
Thanks, I plan on calling them this week.

Kem
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Old 12-09-2012, 09:24 PM   #10 (permalink)
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Progressive is pro-bike as well and it who I am insured with. I actually got a refund once when I added another bike. It was only $1.00, but a refund nonetheless. Not sure if they do agreed to values.

regards,
Rob
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