Mar 24, 2021

Hagerty Insurance for Collectible Motorcycles: What You Need to Know

Kelly Kozakowski

For those of us who are lucky enough to own rare, vintage, or collector motorcycle and cars, you may already know and use Hagerty insurance as your vintage motorcycle insurance. For all the rest of us, we are here to tell you about the well-known Hagerty insurance that covers cars, motorcycles, and everything in between.

First, a little background on how Hagerty Insurance became the insurance for different types of collector motorcycles…

Frank and Louise Hagerty were personal lines insurance agents with a love for vintage wooden boats. They ran into a problem when they were unable to find an insurance policy that would cover their prized boat collection. Their solution? In 1984 they decided to start their own insurance company that would cover their wooden boat collection. From there, Frank and Louise started Hagerty Insurance from their basement that changed the way people insured their collector boats. Their Agreed Value Policy for boats was such a hit that they eventually decided to branch out into:

  • Motorcycles (1996 and older, sometimes 1997 or newer)
  • Classic and collector cars (1979 and older)
  • Collector trucks and SUVs (1996 and older)
  • Limited editions, exotics, and supercars (1980 and newer)
  • Modified cars (Rods and replicas)
  • Motorsports (racing vehicles)
  • Military vehicles (20 years and older)
  • Retired commercial vehicle insurance (25 years or older)
  • Car trailer insurance
  • Trailers (vehicles and street rods)
  • Classic and antique tractor insurance (25 years and older)

Knowing the abridged version of the Hagerty history gives a glimpse into why they are one of the most trusted names in insuring your prized, and expensive, possessions and determining the your vintage, rare, and classic motorcycle values (and all of the other vehicles listed above.)

Barber Vintage Motorsports Museum in Leeds, Alabama

What makes a motorcycle a collectible?

For a motorcycle or car to be considered a collectible it has to have more qualities than just being old or rare. Many motorcycles get their “collector” status from being a model that did something important in the racing world. If the motorcycle had success on a track, it adds to its potential of becoming coveted by collectors.

A motorcycle that with a lot of media surrounding, like news stories, pop culture references, or well-known people as owners, also has the potential to be sought after. Production also greatly affects what is considered a collectible bike because the smaller the amount of units produced, the greater to interest is to be an owner of such an exclusive piece of machinery. A collector motorcycle doesn’t have to have all of these features, but it’s a pretty solid list of what collector and rare bikes possess.

We’ve all heard the “barn find” stories. A motorcycle model stop being manufactured and an owner had it sitting in the barn or shed and then 20 years later, someone finds this rare motorcycle and buys it on the cheap. You might be thinking, "how could someone not know they have a collectible bike?" A motorcycle can be out of style for many years before it is deemed a collectible item, which is how some someone could become an accidental collector. If that is the case for you, congratulations! Make sure to use the Hagerty Valuation Tool to find an accurate price to sell it.

Collector Triumph at a motorcycle exhibition

Agreed Value Policy

Their well-known Agreed Value Policy, which is the same as their Guaranteed Value policy, guarantees that you will receive the full insured amount of the vehicle with no depreciation, which includes all sales taxes if you are in the unfortunate situation of a total loss. You can see why a policy like this is important if you are an owner of one of the 15, super-exclusive, Vincent White Shadow motorcycles that you purchased at an auction for $224,250 that gets damaged beyond repair.

Their Guaranteed Value Policy is also important if you have a motorcycle or collectible motorcycle that is damaged while it’s in storage or damaged in a trailer while in transit to a racetrack or motorcycle show. Going along with their coverage of transportation and storage for your loved motorcycle, they also cover your automobilia. This means if you have a collection of historical or collectible automobile items (gas pumps, books, signs, license plates, etc.) that are damaged if, perhaps, the warehouse where you keep your collector motorcycles and automobilia catches on fire, you will be covered for all items under the roof.

An important part of insurance for rare, vintage, and collector motorcycles is that it is cheaper than your every day, big brand, car insurance. You might think that insuring a vintage Ducati is more expensive than insuring a new Ducati, but that isn’t the case. Insurance for rare, vintage, and collectible motorcycles and automobiles is actually cheaper because you aren’t riding your motorcycle around every day, which exponentially lessens the potential for an accident. Hagerty Insurance does allow the use of your motorcycle when traveling to shows, different meets, and even for occasional fun rides, but using it as a daily driver will disqualify you from being insured.

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Hagerty Drivers Club®

The added perks of being insured through Hagerty are in a class on their own. Here are a few of that top our life.

Their DriveShare program allows members to take advantage of riding other member’s insured motorcycles, cars, and other automobiles and also allows owners to rent out their own vehicle. This is a great feature if you always wanted to take a ride on a 1965 BMW R60, but never knew how to go about finding that opportunity.

Driver’s Club Magazine is a bi-monthly magazine filled with great content on all the classics and collectibles. In this publication, you'll find every magazine filled with exclusive stories and amazing photography to fuel your passion for collectable motorcycles, cars, or any other motorsport excitement.

Hagerty Drivers Club® members have access to many exclusive events that include car shows, track days, special speaking engagements, and more. It's easier than every to connect with other motorcycle and car owners who share your same love and excitement for a garage full of collectable motorcycles and other memorabilia. Additional benefits include Carcierge® help desk, product discounts, and roadside assistance.


The Valuation Tool

Within the Hagerty Driver's Club® lives the mother of all value tools; Hagerty’s valuation for motorcycle, cars, and other insured vehicles from their world-famous Hagerty Price Guides. With the motorcycle valuation tools, you can type in your VIN and easily see market information for your ride. It also helps you to determine that worth of your vehicles now and make market predictions to let you know what your vehicle is worth today and the prediction for the future. With the valuation tool, you can also see auctions results and have the ability to shop for other vintage, rare, and collector motorcycles or cars to purchase.

Hagerty’s Price Guides are considered the end-all, be-all of classic and collector vehicles. Their information comes from transactional data from auction prices, dealer sales, peer-to-peer vehicle sales, and asking prices. They also use market expertise when determining the value of a vehicle. The figures are not calculated by AI either, they are determined by agents who take other factors into account, such as condition, equipment, and any upgrades or restoration, just to name a few. When determining the worth of a motorcycle or car, their database of hundred of thousands insured vehicles gives them a massive insight into the values of motorcycles and other vehicles.

Their agents understand that collectors of rare motorcycles and cars are very likely to scrutinize every detail before they make a big purchase, and for the reason they are sure their values are, in their own words, “exhaustively researched, and – most importantly – accurate.” The good news is that you don’t have to own a classic motorcycle or a classic automobile to be a part of the Driver’s Club, it is open to all enthusiasts for a yearly cost.

Note: RumbleOn is an Amazon Affiliate, dedicated to reviewing the best and safest gear and more, for riders everywhere. We may receive commissions if products are purchased from them.

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