Motorcycle Insurance Articles
Three Ways To Find Reasonable Insurance Quotes For A Refurbished Motorcycle
2010-05-15
For any motorcycle enthusiast, two options exist - buy new, or build your own. Buying new can often be more costly, but comes with the advantage of a warranty, reliability and generally a more affordable motorcycle insurance policy. Rebuilding or creating a refurbished motorcycle is a labor of love, and the builder is typically less concerned with initial or overall costs, but rather with the end result and the creation of a truly unique bike. Unfortunately, finding a reasonable insurance quote for a refurbished motorcycle can be difficult. Here are three tips to help make that process a little bit easier.
First, understand how insurance companies work and what makes up a typical motorcycle insurance policy. Any company that provides insurance relies on the concept of risk, both to the driver and the vehicle, to initially calculate a premium. This assessment of risk includes driver history, age, and any other insurance claims on record, as well as the condition of their vehicle. In addition to these factors, insurance providers also look at the replacement cost and invoice of the vehicle being insured. In the case of a refurbished motorcycle, no invoice or exact price list exists, and that makes insurers very uncomfortable.
This leads to the second tip - look for a custom insurance provider. These companies specialize in covering antique, odd, or rebuilt vehicles and can be of great benefit to the refurbished motorcycle owner. Custom insurance quotes will inevitably be more expensive than a standard quote, both because there is no "model" to base them on, and because the exact value of the vehicle cannot be determined. In some cases, an insurance company will offer coverage for damage due to an accident, but no replacement value insurance. Shopping around for custom quotes is key. The third tip for finding a reasonable motorcycle insurance policy is to be diligent with safety inspections and road-worthiness assessments. Since a refurbished bike will fall outside the typical classification structure, it will need to be inspected and certified by an authorized agent at least once per year for any insurance company to even consider offering coverage. Making sure that a bike is well maintained can greatly streamline the insurance process.
For refurbished motorcycle owners, there is no doubt that finding a "budget" quote is nearly impossible. Finding a reasonable quote is still possible, however, so long as effort is made to find the best coverage for the bike in question, and the bike itself is kept in as near mint condition as the owner is able. It is worth being diligent in finding the best policy available for any refurbished bike to make sure your investment of time is matched by an equal investment in coverage.