Could anyone recommend a good Insurance Company in the states that offers comprehensive coverage for vintage bikes?
About a week ago I insured my GT750 for the riding season. Since I had just done the engine rebuild and an overall "cleanup" of the entire bike I had my insurer raise my coverage from my normal bottom level insurance to comprehensive (fire, theft, vandalism, etc.). Just now I got a call back that they made a mistake and cannot provide comprehensive for a bike more than 25 years old. I told them that I would be looking for a new insurance provider.
Also, when they signed me up for the comprehensive last week they dragged their feet a lot when I asked what value they were assigning to it and they ultimately never gave me a straight answer. Kelly Blue Book lists the GT750 at a laughable $1500 and I'm not about to insure it for that.
Josh as a thought, what company is Terry using for his Buffalos. Most insurance places will only value a vehicle at book/age level unless they specialize in vintage/classic vehicles.
If you locate a company that has vintage coverage, the vehicle will need appraising for its "true value".
NADA prices make a lot more sense for vintage bikes. http://www.nadaguides.com/
They have clearly defined categories that make sense for vintage bikes. For a '75 GT750 their price for excellent is $4,100.
From my point of view, $4,100 seems reasonable for a nice original GT750 like mine, but its low for top tier originals and restorations.
I recently started a new topic to track prices for top tier bikes: viewtopic.php?f=2&t=4609
Don't know much about insurance companies.
A good starting point would be advertisers in vintage bike magazines like "Motorcycle Classics".
Insurers that advertise with or support the AMA are probably also worth a look.
BAS (Bike Acquisition Syndrome) - too many bikes but have room for more
Suzsmokeyallan wrote:Josh as a thought, what company is Terry using for his Buffalos".
Just checked with Terry and he uses Hagerty. The price he's paying for full coverage is actually about half what I've been paying for minimal coverage. Terry has a historic plate though which I'd guess plays a large part in the cost of insurance. Since 2 people now have recommended Hagerty I figure I should check them out. Jabcb, that NADA value is a lot closer to what I would expect to see. Thanks guys!
That's good to hear Mark. I actually have Liberty Mutual now too. Like I mentioned though I've been a bit peeved with them and plan to switch. Work's been extremely busy the past couple weeks so I haven't gotten around to it yet though. We're 3 for 3 on recommendations for Hagerty!
Well I just called Hagerty and will be switching. They offered me a policy at $50 less per year than Liberty Mutual and all I have to give up is my no coverage policy. They want to throw in full coverage so I guess I'll have to take it.
I have Progressive, they let you set an "agreed" upon price for the value of the motorcycle. I think the durren price I have on mine is $3,000 for one, $2500 on the other. They do require pictures of both soides of the bike, and a picture of the VIN. Also, there are some other disclimers you have to agree to such are you are the only regular rider, it has to be kept in a locked garage, etc.etc. The main reason I went with them was I got full coverage on both bikes cheaper than just liability was on one with my previous insurer.
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