Topic: Getting Insurance for a Restored bike

[pjlogue]

Reading Davez134's post about his bike getting stolen mad me think about insurance.  When I got to the point of my restoration I called around for insurance quotes.  Most of the places tagged the insurance value around $3,500.  That would just about cover a set of pipes and a body set with shipping.  The cost of parts I put into restoring my ride is far above that.  How can you get insurance for the actual cost to replace a restored ride?  Obviously you can't over insure a vehicle legally.   Any suggestions? 

-P.

[drumstyx]

Around here (Ontario) I can't even get comprehensive/collision coverage on a bike as old as my '78 until I'm 30, at which point I can get classic insurance, which is only offered by ONE company.

For classic insurance, you get an appraisal every 2 years to get coverage. I wondered about this too though, because even when I can get classic insurance, will the appraiser put the value at what kinda-sorta restored bikes are going for around here (which doesn't reflect my effort, but I didn't go all the way -- there are still some scratches on the chrome bits because I didn't replace them) or what a top-to-bottom resto costs?

I plan on telling the appraiser what everything cost -- paint job, pipes, seat, engine work, literally every maintenance/rubber item, etc., and hoping he agrees.

[Ridem32]

Same as a old classic car some insuranced. For $100,000 to 200,000.  You just pay a higher premium.  Most not that high due to most people don't drive high dollar classic cars many miles each year.


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[evinrude7]

how about an outfit like hagerty? 

[pjlogue]

Good input, thanks folks.  I'll check out classic insurance.  I wonder if the insurance company's put a limit on mileage that can be driven (ridden) on a classic. 

Thanks!

-P.

[drumstyx]

Good input, thanks folks.  I'll check out classic insurance.  I wonder if the insurance company's put a limit on mileage that can be driven (ridden) on a classic. 

Thanks!

-P.

They do here in Ontario. Usually something like a couple thousand km/year.

You didn't hear it from me, but you can remove the speedo cable quite easily, and I'm sure your phone can be mounted to the bars with a speedo app

[Ridem32]

Some do put mileage on them. If you go over the miles you just have to pay a little more. 


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[atm cycles]

I'm in New Jersey. My wife is my State Farm agent. I have a k0, two k2 and a vintage Harley with her. I put the value on the bike I think it's worth and pay the premium. Believe it or not the price difference between $5k and $10k is minimal. My good friend has a k0,k1 and a commando with hagerty. Same thing he put a value on it and pays the premium. Here's the thing. If there's a loss the insurance company is going to go to market value. They'll use three resources to come up with that number. NADA , Kelly or things like that. If you restored it keep all your receipts

[tlbranth]

Hagerty will give you a policy that'll cover the bike's real value and they'll do it cheaper than anyone else. Progressive is the next best. Call them. They are very helpful.

[pjlogue]

I'm in New Jersey. My wife is my State Farm agent. I have a k0, two k2 and a vintage Harley with her. I put the value on the bike I think it's worth and pay the premium. Believe it or not the price difference between $5k and $10k is minimal. My good friend has a k0,k1 and a commando with hagerty. Same thing he put a value on it and pays the premium. Here's the thing. If there's a loss the insurance company is going to go to market value. They'll use three resources to come up with that number. NADA , Kelly or things like that. If you restored it keep all your receipts

Kind of figured that would be the deal.  I am hoping to have them appraise it with them taking photos where the coverage gets me in the ballpark of what it's really worth. 

-P.

[PeWe]

"Market value" will differ a lot. The best thing is to make sure that nothing will happen. If my bike will be stolen I doubt my insurance company will pay me 15.000 USD which probably does not cover all.