Vintage motorcycles are a big deal for many in Richardson, TX. Collectors love these historical bikes but want to make sure they are fully covered. At Allegiance Insurance Agency, we have worked with people who own these models and have created coverage options that work for their needs.
Classifying A Vintage Motorcycle
If you are trying to ensure a historical motorcycle, you need to get it classed as a vintage motorcycle. There are very specific types of bikes that fall under this heading. The American Historic Racing Motorcycle Association has defined vintage bikes as those that were built before 1975.
If your motorcycle is considered vintage, you can get high-quality insurance. It will set up higher coverage limits to suit the needs of your bike and will find protection that is designed for it. For example, it may protect against rust and other types of weathering that occurs when you store a bike.
The Agreed Upon Value
When buying insurance for vintage motorcycles, you and your policy provider will create what is known as an agreed upon value. This value indicates the value of your bike, as both you and the provider agree. Once this value is decided, there will be no appreciation or depreciation of the value.
This situation is nice because it makes sure that you get the money that your bike is worth and avoids causing too much financial difficulty to the insurer. However, it may be frustrating if your bike increases in value and your insurance policy does not rise in return.
If you own a vintage motorcycle in Richardson, TX and you want to make sure it is well insured, please don’t hesitate to contact us at Allegiance Insurance Agency. We can provide you with the comprehensive coverage that you need for your bike and keep your investment safe and sound.
If you are planning to lease a vehicle instead of buying one; there are special considerations regarding insurance. This would be a good time to consult with your agent at Allegiance Insurance Agency in Richardson, TX, especially if you also plan to use the vehicle for business purposes or if the vehicle is provided by your company and you also use it for personal trips.
Lease contracts typically require full insurance for the value of the vehicle. Sometimes, this may be part of the lease contract and paid for as part of the monthly lease payment. Or the leasing company may require that you name them on the insurance policy as the leaseholder in case there needs to be an insurance claim for an accident.
Normally, the insurance that the leaseholder wants does not cover the other liabilities if the vehicle is involved in an accident such as property damage or medical expenses for those injured. This additional insurance coverage is your obligation.
Other things to consider are Gap Insurance and Waiver of Depreciation Insurance. Gap Insurance is a special type of vehicle insurance coverage that will pay for the difference between the amount owed for a vehicle and what regular auto insurance pays on a claim. Waiver of Depreciation Insurance is another type of vehicle insurance protection that is used to protect a new car for the first two years. If there is a total loss, this insurance will cover the full cost of the vehicle.
It is important to make sure both your interests and the interests of the leasing company are protected in ways that are adequate. When you work with your agent at Allegiance Insurance Agency in Richardson, TX they will read the lease contract carefully to determine what insurance provisions are in the contract and who has the obligation to provide the insurance coverage needed. Contact them today for an insurance review.