Insuring a classic bike

Discussion in 'Airheads' started by helion42, Mar 27, 2012.

  1. helion42

    helion42 Been here awhile

    Joined:
    Jan 16, 2011
    Oddometer:
    227
    Location:
    Salt Lake City, Zion Curtain, UT
    I'm going to be finishing up restoration of a 1972 R75/5 this summer, and am wondering if the asylum can provide some information on what they're paying to insure similar classic bikes.

    The bike is now 40 years old, and being in phenomenal shape for having sat in a garage for 20 of that, I'm surprised they only go for around $5-6k in "8/10" shape. Mine has only 8900 miles on it, so it may be worth more in some regard. Since I got the bike for free (*winning*), I'm not really certain. Either way, most settlements would easily cover fixing or replacement, since so far I've invested the cost of about $1200 for replacing seals, minor rebuilding and maintenance items.


    ...So... yeah. What're you paying (per month or per annum), what kind of coverage and extent of coverage, what company, do they cover gear, do they have assumed or negotiable value of a classic vehicle, etc. etc..
    #1
  2. mykill

    mykill odd

    Joined:
    Feb 6, 2008
    Oddometer:
    1,183
    Location:
    Los Angeles
    I have Hagerty with a Triumph, Norton, Matchless and a car and pay under $300 for full coverage classic insurance. The policy is limited to leisure use and none of the vehicles are primary.
    #2
  3. wmax351

    wmax351 Been here awhile

    Joined:
    Mar 13, 2011
    Oddometer:
    743
    Location:
    Marin County and Berkeley, CA
    I have progressive. They do agreed value on older bikes. $8K of comp and collision (including accessories and riding gear) on a '71 R75/5 with $1k deductible is a little under $300 per year. $2 per year adds uninsured (or hit and run) motorist deductible waiver. For whatever reason, the liability is almost double for the R75 over my K75. Not sure why that is.
    #3
  4. helion42

    helion42 Been here awhile

    Joined:
    Jan 16, 2011
    Oddometer:
    227
    Location:
    Salt Lake City, Zion Curtain, UT
    Haha thanks. I'm in SLC Utah (Zion Curtain), and am currently insured thru State Farm here, but only for newer vehicles. They've been pretty reasonable for my 1990 BMW 325i. I'm yet to call around, or even contact my current agent, since the bike isn't going to be running for another couple months - just getting a feel for what is out there when it is. Even $300 a year doesn't sound horrible for that kind of coverage.
    #4
  5. OHRider

    OHRider BMWMOA, BMWRA, AMA (Life)

    Joined:
    Mar 12, 2008
    Oddometer:
    153
    Location:
    Warren, OH
    I have Hagerty on my 73 R75\5. $6000 value and it cost me $115.
    #5
  6. slipjoint

    slipjoint Engraver

    Joined:
    May 20, 2006
    Oddometer:
    492
    Location:
    N. CA
    I have my vintage bikes (3) with Hagerity - plus I have had model A's & T's with them. I run full coverage - about 100 bucks a year each - pretty cheap! agreed value - hard to beat - I think there are some cheaper out there but cheapest isn't always the best - Hagerity understand car & bike people - They understand how we take care of our vehicles – Great to deal with – They accept 1981 & older - tom
    #6
  7. yellowbirdrs

    yellowbirdrs Been here awhile

    Joined:
    Jan 1, 2009
    Oddometer:
    966
    Location:
    Ags. MX
    check with your BMW dealer here in Mexico the have a insurance for classic BMWs or if you already have an other BMW you can add the classic to the other policy and you only pay for the most expensive one
    #7
  8. caponerd

    caponerd Kickstart Enthusiast

    Joined:
    Jul 4, 2005
    Oddometer:
    1,980
    Location:
    Halfway between Munich and Redditch.
    I use JC Taylor collector's insurance.

    Full coverage costs me about $180 a year for my 1949 Dodge Coupe and two Royal Enfields, the 1958 Indian Tomahawk, and 1966 Interceptor. Declared value. When I signed up for JC Taylor 15 years ago, they wouldn't list a motorcycle as the first vehicle on the policy, it had to be a car. I don't know if that's still the case. Once you have the insurance on a car, you can add as many cars or motorcycles to it as you want.

    My R69S and R100RT are on the same policy as my modern Aprilia Caponord because I put more than 2500 miles a year on them, which is over the milage limit for the collector's insurance. That policy is through Safeco, which also covers our house, my truck and my wife's car. The bikes are $400 a year on it.
    #8
  9. helion42

    helion42 Been here awhile

    Joined:
    Jan 16, 2011
    Oddometer:
    227
    Location:
    Salt Lake City, Zion Curtain, UT
    Per year? wow. what are the limitations?

    That's the thing, I intend to ride this bike daily, not the whole collector thing. Even though it is currently extremely low mileage and all, I'm not the type for "collecting". Does the Hagerty have mileage limit as well? I easily do 3000 just over summer.
    #9
  10. bmwloco

    bmwloco Long timer

    Joined:
    May 13, 2008
    Oddometer:
    1,982
    Location:
    AsheVegas NC
    3 BMWs (1966, 1981, 1983) and a Rabbit Convertible ran me $115 per year with Hagerty. My "daily" was a 1971 Dodge D100 is with Progressive for $105 a year.

    I figure $220 a year for all my toys is pretty cool.
    #10
  11. luxlogs

    luxlogs Been here awhile

    Joined:
    Nov 3, 2010
    Oddometer:
    309
    Location:
    Joliet IL
    Insurance Sucks
    #11