One of the first things you want to do when you are looking to purchase a classic motorbike is to look into insurance options. While you might think that one policy is just as good as another, you are sorely wrong. Since your classic motorbike is probably going to cost you a good bit of money, you are going to want to make sure that you are getting a policy that is more than enough to cover all of your needs.
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedgeagainst the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraisingand controlling risk, has evolved as a discrete field of study and practice.