Insurance

[Lew Mayer]

Anyone have a good lead on insurance for Antique motorcycles?

Lew Mayer

[slvrbrdfxr]

Lew,
You can try American Collectors Insurance at 1-800-360-2277. I think my dad talked to them awhile back and the rates were decent as I recall. Dad can probably tell you more about them if you drop him a line. Talk to you later.
Dave McCullough

[Chakka]

I have these guys:

http://www.hagerty.com/

It was very afordable. Approx $250 a year total and that covers 6 Pentons.

[Knute]

Thanks Lew for bringing up a very important topic.  

Many don't realize that our collector bikes are in a bit of predicament when it comes to coverage.  The major causes of concern, theft and fire, are not covered by our homeowner's policies.  The standard option offered by mainstream insurance agencies is full coverage vehicle insurance, which isn't necessary for a bike that isn't being ridden.  

The other option is antique/collector vehicle insurance as Chakka and Dave mentioned.  I too have been investigating my options recently and was told by a very well known collector to contact J.C. Taylor http://www.jctaylor.com/.  Hopefully some more POGers will chime in with their insurance experiences as well.

Good luck Thursday Lew.  Please let us know how it goes.

Kent Knudson

[3putt]

As a follow up to comments by Dave, I called American Collector Ins last year to see what they had, and have not yet completed a policy.
I learned that the bike needs to have a minimum value of $3000, and they will sell comprehensive only policy.   They also will sell several levels of deductable.  I gave the gal I spoke to 4 different bikes from model years 68 to 73 and displacement from 100cc to 175cc.
Depending on the deductable, the comprehensive only annual price for all 4 units with a value of each unit $3000, went from $150 to $275.  I did not think to ask her who makes the determination of value.  They were easy to talk to, and I recommend you check them out with a call at 800-360-2277.   Regards,  Nelson McCullough

[PJM]

Lew,

When I went looking a few years ago I learned that both J.C. Taylor and Haggerty specialized in antique vehicles and are highly recommended.  My agent offered both, but Haggerty was more affordable and the policy was less complicated to establish...only needed to provide the insured amount, VIN, and pictures. Plus I continued to spark the Michigan economy by utilizing a Traverse City Michigan based company.  I have 3 covered, including a rider for limited trailer and paddock collision coverage for $140.  The minimum premium for a policy with Haggerty is ~$100.  

Just remember, purchasing the insurance at your own estimated value is easy, however, it may prove to be more challenging to settle a claim should an unfortunate loss occur.  That is where having an appraisal will prove valuable!  On that note, does anyone know of a recognized appraiser who knows the Penton brand and market?  It may be worth the investment to have an appraisal at hand, otherwise I suspect one will be left at the mercy of the insurance company and their appraiser.

PJM

[paul]

Hey, Check out Haggerty. They gave me an excellent rate on my 78 MX that I insured for 5K. The premium was $50 a year. Same for my 70 Olds, 25K for $180 a year full coverage no deductable. Its well worth the money spent. Easy,TooTallPaul

[Lew Mayer]

Just an update. JC Taylor won't insure just one motorcycle. You must have another motorcycle or antique vehicle for them to accept you.

Lew Mayer

[desmond197]

Getting an appraisal is a good idea as it documents the bike and gives a good third party evaluation which will hold up in court. Most insurance companies like Allstate and State Farm will go to court rather than pay claims. I have dealt with insurance jobs where the owners do not even have photos of thier bikes. Do not forget to insure your memorabila collection as well. I have appraised collections where the magazines and literature have been worth more than the car collections.

I am a certified personal property appraiser and appraise classic cars and motorcycles. With 107 vintage MX and enduro bikes I am familiar with the current market. The cost is about $100 a bike for motorcycle collections over 3 bikes. My appraisal web site is


Steve Metz

//www.fineartvalue.com