Just purchased a 1979 Honda CBX 1000. Anyone have experience with classic or antique insurance for an older bike? Or an affordable rate for regular insurance? I've been getting quotes for $2500, which is insane and double the price of my 2013 CBR 600RR.
I'm 27 years old, M license, clean record. Thanks
First of all, beautiful bike! are you planning on doing a 6-6?
I know of wawanesa/economical insuring these bikes for reasonable prices.. They will insure your old bike as long as you bring a car over.. I have a 74 cb550 and i'm paying $450/year
You can get classic motorcycle insurance just like you can get classic car insurance. Just like a classic car policy, a classic motorcycle policy will come with a few restrictions on usage, how old your motorcycle is, you'll need a regular use motorcycle, and you'll want to get an appraisal to get an accurate value. The plus side of a classic motorcycle policy is if you have a collector bike that you want insured and don't use it on a regular basis, the insurance is a lot cheaper than if you have it insured as a regular use motorcycle. If you want to insure an older motorcycle to use just like a regular motorcycle, you can get it insured as a regular motorcycle as well. So long as you have a clean riding record, there's lots of options for insuring an old bike, based on what you want it covered for, and what how you are going to be using it.
You can get classic motorcycle insurance just like you can get classic car insurance. Just like a classic car policy, a classic motorcycle policy will come with a few restrictions on usage, how old your motorcycle is, you'll need a regular use motorcycle, and you'll want to get an appraisal to get an accurate value. The plus side of a classic motorcycle policy is if you have a collector bike that you want insured and don't use it on a regular basis, the insurance is a lot cheaper than if you have it insured as a regular use motorcycle. If you want to insure an older motorcycle to use just like a regular motorcycle, you can get it insured as a regular motorcycle as well. So long as you have a clean riding record, there's lots of options for insuring an old bike, based on what you want it covered for, and what how you are going to be using it.
Any chance you can give us relative pricing? Not looking for a quote, just a ballpark to compare.
Use me as an example: 50+, Married, Markham, home/multi-auto/multi-bike bundle, no tickets, accidents,cancellations and lots of years M licenced. I have 3 antiques, a 69 Triumph TR25 (250cc), a 76 Honda GL1000 (1000cc) and an 82 Yamaha XV920R (920cc). They aren't worth much, so lets say basic insurance for riding them to meets and shows.
You can get classic motorcycle insurance just like you can get classic car insurance. Just like a classic car policy, a classic motorcycle policy will come with a few restrictions on usage, how old your motorcycle is, you'll need a regular use motorcycle, and you'll want to get an appraisal to get an accurate value. The plus side of a classic motorcycle policy is if you have a collector bike that you want insured and don't use it on a regular basis, the insurance is a lot cheaper than if you have it insured as a regular use motorcycle. If you want to insure an older motorcycle to use just like a regular motorcycle, you can get it insured as a regular motorcycle as well. So long as you have a clean riding record, there's lots of options for insuring an old bike, based on what you want it covered for, and what how you are going to be using it.
Thanks Jimsun. They're a sweet bike for sure. Mine's all original with a hard to find original exhaust. And I've called brokers who deal with Wawanesa/Economical, but they don't seem to offer cheap rates? One broker offers classic bike insurance with restrictions and low prices, but minimum age requirement is 30, and I'm 27. Bummer.
Thanks Jimsun. They're a sweet bike for sure. Mine's all original with a hard to find original exhaust. And I've called brokers who deal with Wawanesa/Economical, but they don't seem to offer cheap rates? One broker offers classic bike insurance with restrictions and low prices, but minimum age requirement is 30, and I'm 27. Bummer.
Well dam, I never even thought about classic insurance. I've been resto-modding a 1984 Magna, it fits those criteria. I don't have the second insured bike though. How many km/year do they let you ride?
@ Mad Mike, Generally with classic motorcycle you're looking at a 30-50% discount on the price depending on the type of coverage. Riding your bike only in classic bike events is exactly what classic motorcycle policies are for. It's not priced for regular use and doesn't cover regular pleasure use. It's a great way for collectors such as your self to have your collection insured so you can take your bikes to shows, and know that if something happens to them you have coverage, without having to insure them for regular daily use.
Well dam, I never even thought about classic insurance. I've been resto-modding a 1984 Magna, it fits those criteria. I don't have the second insured bike though. How many km/year do they let you ride?
Good question JP0160. Asking questions about insurance and what is available is one of the best ways to make sure you have the right coverage for your situation. It's not a specific km per year limit, it's a type of use restriction. To quickly quote the restrictions from the insurance companies where we can place a classic bike "the motorcycle that they can only be used on public roads in connection with antique/vintage group sanction rallies, historic runs and other group sanctioned events and events of public interest such as parades. This insurance is not intended for and does not cover motorcycles that are used for regular, or limited pleasure or business purposes".
Classic bike insurance is a lot cheaper than regular motorcycle insurance because of the restrictions on use. With motorcycle insurance most of the premium is going towards the mandatory accident benefits that cover you if your are injured in an accident. If the bike is only being used in a limited capacity, the insurance company is able to offer a reduced premium because their exposure is significantly reduced.
Sounds like you have an awesome project in progress. Hope you enjoy riding it this summer!
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Hope you enjoy riding it this summer!