Motorcycle Insurance Articles
Refurbished Motorbikes And How They Can Cost More To Insure
2010-10-14
Motorcycle insurance quotes tend to be higher for refurbished motorbikes, especially if they are considered classics. When someone puts in the time and effort required to make an old bike look and run like new again, the value of the bike is increased, which means it is more expensive to repair or replace.
No matter what type of refurbishment a bike owner makes, the restoration process usually involves high priced accessories. If the bike is very old, the new pieces may be more valuable because they are rare. Newer bikes that are refurbished tend to be covered in high priced accessories. Either way, the value of the bike will be increased, which will lead to higher motorcycle insurance quotes. Because there is no way to protect the expensive parts from damage in an accident, the insurance company has to assume that they will have to pay to replace or repair the majority of the refurbished areas.
Many refurbished motorbikes are restored to their original showroom quality. The resale value of these bikes goes up dramatically because of their excellent condition. That means that almost any scratch or dent will reduce the bike's value a great deal and must be repaired right away. If a refurbished motorbike is driven regularly, it is in greater danger of being damaged by road debris or a collision. The insurance rates for that motorcycle will be higher so that the insurance company can afford to cover the damage that could occur.
Most refurbished motorbikes are not just about looking better, they are also about performing better. If you put a custom engine on your motorcycle, chances are you will want an engine that is more powerful than the typical stock engine. Faster engines make faster motorcycles, which make insurance companies more nervous. The chances of someone being involved in a collision on a more powerful motorcycle are much higher than if he or she were riding a traditional motorcycle. Having a more powerful engine increases the tendency of drivers going too fast on city streets or driving impulsively.
Refurbished motorbikes are generally eye-catching machines. They make excellent targets for thieves who are interested in stealing a bike that has already been fixed up. The increased chances of theft will drive your motorcycle insurance quotes up because the insurance company has to consider the chances that it will need to replace the motorcycle if it is stolen. Because custom refurbished motorbikes are usually unique, they can be expensive to replace after a theft. This increase in the bike's value is passed on through the motorcycle insurance company to the consumer who owns and drives the bike.