08:03 26 June 2013
Do you have classic motorcycle? Do you consider it as one of your most prized possessions? Then, you need to do something to protect it from theft and damages, right?
You can do this by taking out classic motorcycle insurance preferably from insurers that are specializing in this area. If you don’t drive your motorcycle and use it mainly for display, get a policy that covers theft and damages.
If, however, you drive it, get additional third party liability coverage. This covers property damage to other people’s property as well as bodily injury to other people involved in the accident.
However, there are certain things that you need to keep in mind when taking out this type of policy. First, insurance companies will expect you to use your motorcycle less frequently in order to qualify for the third party liability coverage.
Talk to your broker about this as different insurers have different limitations. Second thing to remember is that you won’t probably get collision insurance. This covers repair to your bike it was damaged in an accident. Classic motorcycles are so old that collision policies do not cover most repairs.
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