Antique motorcycle insurance

[motorplex88]

Been helping a friend finish up his 57 pan and it is about ready for a maiden voyage. We were discussing tags and insurance and was wondering what other folks do to insure old bikes. This particular one is quite nice and mostly all original. Thanks.

[motorplex88]

Sorry, this question was probably put in the wrong spot. I'll post in the general section where it belongs.

[twincamzz]

Nah, I think ya put it right where it belongs, but no biggie either way. I saw your question earlier today, just didn't have time to respond. I gots a '61 Pan & have it insured, but it's a combination of different year parts & not historically accurate if you know what I mean. Anyways, I simply insured it along with my '02 RoadGlide through Grange Insurance. No antique motorcycle insurance though, just insured for what I figured it was worth ( purchase price + what I put into it fixing it up)

[Snuff™]

I was talking to my Insurance Agent last week about this.  He states State Farm does not have Antique Insurance.  Right now I pay $48/yr for fire and theft on my '60 Duo-Glide.  Being that the bike will be on the road this summer he said they (State Farm) would pay what ever the going rate for that year of bike in this area.  He suggested to get an appraisal for the bike and they would insure it for that value.

-Snuffâ,,¢

[Pzokes]

I have one bike with antique license plates and antique insurance.  I'm only supposed to drive it to events. 

[rbonner]

You will have to really shop for that stuff.  I'm not going to recommend any company, but I can guaranty that if you are paying $1.98 for a $25,000 M/C you will get creamed by your company when something happens.

Potential problems, garage fire, theft, vandalism, parking lot accident, major accident.

I would take a whole bunch of photos of the finished bike.  Also if you took them while building it all the better.  Track your time in the build.  Track your parts receipts and make a spreadsheet of those parts and outside labor and sales tax.  We all know this will tally up to a huge number.  It might also tally up to a huge number that is higher than current market value.

You will need all this anyway if you need to register as a builder with no previous title.

Then head in for a face to face with your insurance guy.  I'd take out your well blocked 8X10" color photos of your motorcycle and lay out the copy of the spreadsheet of the build or rebuild.  You will leave this with the company you actually insure with. Then tell the guy how much you feel the bike is worth.  I'd also go through the efforts you make to secure the bike while it is not being rode and how many miles you actually ride it.  If we are talking a PAN, you qualify for Vintage or Historical plates in almost every state.  GET THEM.

It is almost never wise to insure a bike for more than $25,000.  You will get creamed with the premiums.  25K seems to be the magic limit I've found.

If you have a vintage show capable bike, make sure you get full coverage and with the Historical plates, the insurance will be reasonable.  Ride your bike, it can be rode in most states for other than a parade.  Even going to the local bar on bike nite is a show.

If you just have a bobber, and a rebuilt title, just get basic coverage.

Have at it, BOB

[panheaddreamer58]

I run regular plates on my 50FL. Maybe wrong but I think historic plates draws attention to people you probably don't want to know what you have. Jim 

[fourthgear]

I run regular plates on my 50FL. Maybe wrong but I think historic plates draws attention to people you probably don't want to know what you have. Jim 

I've got historical plates on both of my Pan's ,never had a problem. That doesn't mean you should not be watchful.

Give this co. a call or email . Its the co. my insurance agent gave me.
http://www.hagerty.com/

[rbonner]

I've mentioned this before on here.  Most of the time my "Spare" scooters are at my warehouse.  I take out the ones I'm going to ride and if I feel like riding one that's put away I go get it.

I have an alarm system at my house; a really good one.  It has heat and window breakage and bee-boops and instant alarms when the door is open depending on how it is set.

I maintain a mailing address and have for about 12 years.  Its the mailboxes at our local UPS store (ex Mailboxes etc)  All my home mail goes there, we fudged in our drivers licenses and they are listed there, all bikes and cars use it for an address and all business mail goes there.

Kid uses house address since he went off to college.  For four years I had a bolt in the mailbox lid, the USPS said I needed a mailbox so I placed one, just couldn't get it open.  Only my insurance guy lists the garaged address of the hardware.

For a walk off theft of your bike, you should have some type of lock on it.  They aren't going to steal it off Main Street Sturgis if you put basic security on it.  You don't park a classic 6 blocks off Main Street, that's just foolish. 99% of bike thefts are goin gto happen right out of your driveway or garage, or alongside the garage not from a public place.  But nothing beats one eyeball on the bike at all times.  It's no longer 1951, those bikes are vintage now; put a simple cutoff switch under somewhere.  A pair that need to be in wierd positions will confuse a theif too.

I'd love to walk up to some slimeball on my bike while he's kicking it.  Hey having a little trouble with your bike?  Yeah man...  Huh, maybe I can help and then stick a knife in his ear.

BOB

[Little Al]

in New York Historical plates/insurance limits total mileage per year. I'd never want that restriction on my Pan and it wouldn't work at all on my Shovel, it's my daily ride.

I've had my MC endorsement on my license since 1971. no accidents with bikes or cars nor moving violations in almost 30 years.

I pay less then $1500 a year for the 4 bikes I currently have on the road. all with full coverage & $200 deducible. I've been with the same independent broker for all those years and he's switched my company a few times over those years. I'm currently with Foremost, which bought the previous company I was with, recreational. On my 2 "antique bikes" I told them how much they were worth and sent in a picture the rate for those bikes were adjusted so they'll pay my "stated value" in a total loss (collision, theft, whatever). My '54 Pan is valued at 12K and my '83 Shovel is valued at 9 or 10K (crs). my other bikes, a '00 electraglide and my '08 Ultra are whatever the book value would be I guess. funny thing, the '08 Ultra has the cheapest rate of all followed by the '54 then the '83 and the '00 is the highest. go figure!

[rbonner]

That's really interesting AL. Yeah if the state actually tracks your mileage that would be bad to be running over...  A couple of our bikes didn't even get ridden last year.  Everybody's mileage will vary depending on what their needs are.

I wonder why the 2000 Electra has the highest $$$ figure.  I'd really research that to make sure it isn't a mistake.  Might be that it is a 10 year old bike and they think the front wheel will fall off?  I doubt it.  My luck I'd dig deep and they'd realize the 2008 was figured wrong and the insurance would go up 150%

I used to have Foremost at one time in my life...  I hate insurance.

Got my Scooter endorcement in spring of 1972 on a Honda CB-350, two years later moved to SD and had to do it all again, that time on a Honda 450, ha.  Haven't had to retake the scooter again since that second time.

BOB

[Little Al]

Bob, I don't think they actually track mileage but it is recorded at the annual safety inspection. I'm sure if I had a loss & the insurance company could show through those MV records that I exceeded the mileage they wouldn't pay.

As you might guess, I also hate insurance, the whole idea of it. I'm convinced that it's betting against yourself. you only "win" when you lose. Life insurance is the best one, the only way to win is to die good & young before you pay much in premiums. what a win huh? lol

you made me think about the rates so I just took a look at my policy. seems I was off a bit, lol Also I saw my deductible on collision & theft is $250, not the $200 I previously stated. And my '83 stated value is $6000 and the stated value of my '54 is $12000. Man, do I have crs! this is how it lays out:

Total for the 4 bikes is $1531 a year
2000 electraglide $439 total broken out as $220 collision $85 theft $134 liability
1983 FXRT $318 Total broken out as $132 collision $79 theft $107 liability
1954 FL $221 total broken out as $71 collision $43 theft $107 liability
2008 Ultra $553 total broken out as $285 collision $114 theft $154 liability.

I guess this is a throw back to how MC insurance is based mostly on cc of the motor. when I first got insuance back in the early 70's it was $32 for full coverage for a full year! back then here in NY you could buy as little as a 3 month policy for like $12.

Anyway I hope this helps give some of you guys a perspective on insurance. remember though, I have a really clean record. i also live in a city & state that has like the 3rd highest rates in the country. most of the guys i ride with pay more then I do for my four bikes for their ONE bike. I'm glad for this thread, it made me actually review my policy. I gotta up the value of my Shovel and my Pan. It also reconfirmed for me that antique insurance certainly is NOT for me, i wanna ride each of them as much as I want

[rbonner]

Just curious Al, what is the maximum mileage for the Antique insurance.  If it was 500 miles or less I could get by.  That's because my daily riders are the 2007 Electra and the 2009 Superglide.

I figure I'll put 500 on the 79 this year, just to break him in good.

BOB

[twincamzz]

Pretty interesting to see how antique motorcycle plates / insurance is taken care of in different parts of the country. As I mentioned before, I don't have antique motorcycle insurance, but I DO have what are called "Historic Motor Vehicle" plates on the Pan here in Kentucky. In my neck of the woods the authorities don't hassle me much, if any at all. I ride my Pan when I feel like it. Hey, if'n I'm headed to the local watering hole for bike night, well, that's a show IMO. Same thing goes for the gas pumps. The Pan always seems to draw a crowd.lol. I got the new electronic ignition installed last weekend & rode her around for over 250 miles, no problem. One other thing that I really like is that once historic plates are on the bike in Kentucky, no more license fees, ever ! All that was required to get these tags was clear title & insurance papers ( along with the bike being at least 25 years old ), they didn't even have to see the bike. Eggs are cheaper in the country I guess.

According to the Kentucky DMV, here are the requirements :

186.043 Special license plates for historic motor vehicles -- Permanent registration.
(1) In enacting this section, it is the intention of the General Assembly to recognize the special value of historic vehicles to the Commonwealth, and also to recognize that historic vehicles, because of their limited use and easily identifiable characteristics, do not require the same degree of regulation as other vehicles.
(2) As used in this section, unless the context otherwise requires, "historic vehicle" shall mean all motor vehicles twenty-five (25) years old or older, which are used primarily for exhibition in shows, parades, tours, and other special uses, but not for general transportation.
(3) Historic vehicles shall be registered and licensed by the Transportation Cabinet. The registration shall be in lieu of registration and license required by KRS 186.020 to 186.270.
(4) Upon payment of the fee established in KRS 186.162 and an application in accordance with regulations issued by the Transportation Cabinet, the secretary of the Transportation Cabinet shall issue a certificate of registration and two (2) special license plates of a different color and design than the regular license plate, which, in the judgment of the secretary of the Transportation Cabinet, will best advertise, popularize, and promote the Commonwealth of Kentucky. These plates, besides the word "Kentucky" shall have the words, "Historic Motor Vehicle" inscribed in a conspicuous manner and carry no year date. These plates shall have a serial number beginning with the number "100" and continue in a consecutive numerical sequence.
(5) Historic vehicles may display an authentic Kentucky license plate, twenty-five (25) years or older, or a reproduction of such a plate, if the historic motor vehicle plate and the registration receipt are kept in the vehicle at all times.
(6) The registration license and license plates of historic motor vehicles shall be valid without renewal as long as the vehicle is in existence. If the historic motor vehicle is sold, the registration and license shall be assigned and transferred to the new owner on the records of the Transportation Cabinet upon receipt of an application in accordance with regulations issued by the cabinet and payment of a fee of three dollars ($3).
Effective: June 20, 2005

[rbonner]

Historical Motorcycle License Plates
--------------------------------------------------------------------------------



Who is eligible?: Any resident who owns a motorcycle which is more than 30 years old may apply for "historical motorcycle" license plates which are permanent for the life of the motorcycle.

Special Requirements: Vehicles displaying such plates can only be used for special occasions such as displays, parades, exhibitions, tours, and similar uses, and may be driven to service stations or garages for fuel and repairs. It may not be used for general transportation purpose unless it displays regular number plates issued by the county treasurer. Regular license plates issued by this state in the same year as the year of the vehicle (this does not pertain to motorcycles) may be used on the historical vehicle in lieu of historic license plates, but must be registered through the Division of Motor Vehicles.

Plate Fee: A fee of $10 shall be assessed.

BOB

[Little Al]

I'm not all that good at research but years ago when I got NY historical plates for an antique car i had I thought the mileage was limited. all I can find now in NYS is the phrase "not for daily use" over and over and the requirement that you have special insurance. it's all kinda vague on the NYS MV website. On my '54 I have regular personalized plates (54FLH) and I also have an original 1954 NY MC plate mounted above it. of course it's illegal to have the 2 plates and the original plate i just found and put it there, it's not registered or whatever with DMV but no cop has ever said anything about it except "cool". lol

this is about the best I can do, copy & pasted from thier website.
Historical Plates and Vintage Plates
What is a historical vehicle or a vintage vehicle?

A historical vehicle is a vehicle that is more than 25 years old. A vehicle qualifies for a historical registration when it begins the 26th model year. For example, a 1978 model vehicle qualifies for historical registration in 2004.

Some vehicles that are less than 25 years old and have unique characteristics can qualify for a historical registration. The DMV determines if the vehicle has historical, classic or exhibit value.

A vintage vehicle is a historical vehicle and receives a historical registration. The registrant of a vintage vehicle can put vintage plates on the vehicle. Vintage plates are authentic NYS vehicle plates that were issued during the model year of the vehicle. More information about vintage plates appears below.
What are historical plates?

Historical plates display either:

    * a five-digit number followed by the letters HX (for example, 99999HX), or
    * the letters HX followed by a five-digit number (for example, HX22222).

What are vintage plates?

Vintage plates are the authentic vehicle plates that were issued in NYS during the model year of the vehicle. You can put vintage plates on a historical vehicle instead of historical plates. For example, you can use a set of authentic vehicle plates that the DMV issued in 1963 on a vehicle of model year 1963. You must provide a full set of original vintage plates. The DMV cannot issue a registration for vehicle plates that are copies or that are painted again. Vintage plates issued in the model year of 1972 and earlier must display the embossed year or have the original metal tab for that year. Make sure that the tab is attached and legible. A sticker that indicates the model year is not required to use the vintage plates. Vintage plates issued in the model year of 1973 and later do not have metal tabs or plate stickers.
How do I get vintage plates?

You can buy vintage plates from a local source like an automobile collector, an antique dealer, or a flea market. Make sure that the vintage plates are authentic. Newer copies are not acceptable for a vintage registration. Before you purchase a vintage plate, contact the Custom Plates Unit at 518-402-4839 to verify that the number on the plate is available for your vintage plate registration.
Is a historical registration different from a standard registration?

Yes. You cannot use a historical vehicle for daily transportation.  An automobile collector normally registers a historical vehicle or a vintage vehicle to use it for exhibits, club activities, tours, and parades.

[rbonner]

Al, I think it flat says it there.  Any vehicle is a historical vehicle once it passes its 25th year.  But it doesn't become a vintage vehicle until you register it as a historical vehicle and then it becomes like a historical building...

Then you may use vintage plates on it...  Vintage plate is you 54 New York plate.  No mileage limit.  The limit might be in your insurance if you put historic insurance on it.  They may say 500 miles or less.

Once you do that, you are limited to riding with a club... yeah there you go 81....  to shows, parades, whatever...

But here's how I see that.  I'm not going to ride my Historical Bike to work or to the movies.  I will take it for a nice evening ride which usually includes the HD dealer in a big loop around town.  So I'm heading to show off the bike.  I have other bikes to roll on mega miles as daily transportation...

SO I think I'm going to apply for a historic plate.  They don't let you hang a vintage 54 plate on the motorcycle here, but do on cars.

BOB 

[rbonner]

Got my historical plate on Monday...  Took bike to shows today.  All over town.  Showed off to buddies.  Tomorrow goes to real bike show.  HA.  Our insurance company has no Historical bike rate and no limits on mileage.  My old company did..  So I had to dump $250 on insurance for the year.

BOB