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Jill Bookman is a licensed agent and the Director of Marketing
for American Collectors Insurance, a leading national specialty provider of
collector vehicle insurance. If you have other questions that are not covered
in our list of frequently asked questions, please email Jill your questions today.
Let American Collectors Insurance give you an
Instant Quote
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| Q. |
I just completed restoring a 1963 Harley Davidson. Based on the research I've done, I believe it's worth about
$15,000. I plan to use it mostly for parades and antique motorcycle shows near my home in Pennsylvania. Can I
get full coverage through your collector program?
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| A. |
Yes, American Collectors Insurance has a market for all makes/models of antique & classic motorcycles, so long as
the bike is at least 15 years old (at least 25 years old in Massachusetts) and used no more than 2,500 miles per
year for hobby activities & occasional pleasure riding.
And yes, we offer full coverage in PA; in fact, our antique/classic motorcycle program offers full coverage in all
states except AK, DC, HI, MI, NJ, NY, NC and VA. Full coverage on a $15,000 H-D with a $500 deductible would be
approximately $291 annually. To request a policy application, please call 1 (800) 360-2277 or visit us online at
www.AmericanCollectors.com.
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| Q. |
Why are antique motorcycle insurance rates lower than standard motorcycle rates? I would think it would be the
opposite, because of the high value of some of the antique bikes.
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| A. |
Since antique & classic motorcycles are generally used on a limited basis, garage kept, and very well cared for,
the risk of loss to antique motorcycles is quite low (compared to newer motorcycles used on a more regular basis).
Therefore, specialty insurance providers like American Collectors Insurance are able to offer antique motorcycles
rates that are in many cases much lower than standard motorcycle rates.
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| Q. |
I am just starting to restore a 1940 Indian Chief 74ci. I am doing all of the restoration myself, and am wondering
if it should be insured while I'm working on it. Is there some type of coverage that I can get, even though it's not
operable?
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| A. |
A motorcycle that is not fully operable or fully assembled may be insured for comprehensive coverage only. This
would protect your investment in the event of fire, theft, etc. A policy with American Collectors Insurance offers
"Agreed Value" coverage in most states, meaning that the full insured value of your Indian would be paid in the event
of a total loss. All of the parts of the motorcycle should be in your "care, custody and control" (and not scattered
about at various shops/garages). You should try to determine a value that would fairly compensate you for a "total
loss" to the Indian in its present state. You can request value increases as the project progresses, and once it is
complete you can add liability, collision and other necessary coverages in order to register and operate it.
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| Q. |
I have a 1964 Triumph T100SC Tiger 500 that I ride once in a blue moon. I don't have a garage, but it is kept under a cover in my
backyard, which is fenced in. I've been told that this isn't "acceptable" to collector vehicle insurers.
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| A. |
Antique motorcycle insurers (American Collectors included) have garaging and usage requirements in place so that they can keep their
"collector" rates low and affordable. The garaging requirement, for example, is to protect the motorcycle not only from theft but also
from Mother Nature. Insurers have learned from experience that an effective way of minimizing potential damage is to require that a
motorcycle be kept in a fully enclosed, locked garage. If you have access to an acceptable garaging situation and would be willing to
keep the motorcycle stored there, that may be a way around your storage problem.
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I have had my '63 Corvette insured through American Collectors for many years, and I've always been happy with the service. Now I'd like
to add an '82 Harley to the policy. Is this possible?
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| A. |
It is possible to have a collector vehicle and an antique motorcycle insured on the same policy, but often times they are put on separate
policies. The reason for this is that while collector vehicles are often given liability limits of up to $300,000 per accident, motorcycles
can only carry the state minimum liability limits. So if you want to carry the state minimum limits on your collector vehicle, then you
can certainly add your Harley to the same policy. If you want to maintain higher limits on your Corvette, it would be better to take out
a new policy for the Harley. If you would like to receive a quote for either situation, please call our customer service department at
1 (800) 360-2277.
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