Hi I'm about to put my bike on the road soon and I'm wondering if it worth getting appraised for insurance purposes. Its a 1968 suzuk T500 not completely restored yet but will the insurance company appraise it properly if I just fully insure it ? is what I would like to know
It seldom makes sense to carry collision on an old bike, as the value is so low, it isn't cost effective. If it is a collectible worth significantly more than book, then you'll need to insure with one of the speciality insurers who may be willing to value it higher thn book. In any event, talk with your insurer before spending money on a formal appraisal. - Mark
Try American Collectors Insurance. You set the value of the bike, and they set the rate accordingly, which I've found to be very reasonable. You can only insure a bike through them, however, if you agree to put less than 5k miles per year on the bike, which keeps the rates reasonable. If it's a collector bike, you probably won't put more miles than that on it anyways...
Agreed value is the way to go on old iron for sure. I have the majority of my bikes set this way. More $$$ than liability only but if something happens I'm not seriously out. Just part of owning an old bike.
I sold my 1968 T 305 Suzuki after painting it and had the engine rebuilt for 2k. It was sold to Vintage Suzuki in Ct. They restore older Suzuki's and might offer you a review of its value. My bike had 18k when sold.
