Can I get vehicle insurance and theft insurance for a vintage car with a retail price of 10 million yen? We asked a specialist store

The classic car boom continues. Especially treasure bikes = 10 million yen is the norm…

As of 2024, the used motorcycle and car market in Japan is experiencing a boom in classic cars. Generally, classic cars (in my opinion) refer to rare vintage models produced several decades ago (Note 1).

A word very similar to classic cars is “out-of-print cars.” Out-of-print cars are models that have been discontinued by manufacturers. The word “out-of-print” comes from the publishing industry. When a book is no longer being reprinted, the original printing plates are discarded and it can no longer be reprinted, which is when the book is called out-of-print, and the word has since come to be used to describe motorcycles and cars as well.

※注1：旧車の定義は明確ではなく、個人により解釈が異なる

Left photo: A Kawasaki Z1 (officially called the Z900 Super 4) tuned by Yoshimura JAPAN. The Z1 reigns supreme as a prized classic car.

Right photo: A Kawasaki Z1 customized by PMC. The front has been changed from a single disc to a dual disc system.

Why have the prices of old cars skyrocketed so dramatically?

One of the factors that fueled the vintage motorcycle boom and drove up sales prices was the popularity of celebrities (many of whom are comedians and TV personalities) riding Kawasaki Z1 and Z2, Honda CB750FOUR and CB400FOUR.

They appear almost exclusively in the classic style of leather jackets and jeans on TV variety shows and their own YouTube channels.

“It’s something I’ve wanted since I was a child…”, “It was my favorite bike when I was in a motorcycle gang…”, “I don’t find the current model appealing…”, “They gave me this bike when it happened to come into a shop I frequent…”, etc., and it gives off an air of “I must have good taste to have chosen an old bike” (even though I complain, I know I’m being quite sensible).

Along with this, older men (who have money) who have always dreamed of owning a vintage car are also coming to the vintage car market, fearing that if they don’t buy one now, they may never be able to get one again.

As a result, Honda’s air-cooled 4-stroke CB series and water-cooled 2-stroke NSR series, Kawasaki’s air-cooled 4-stroke Z series and air-cooled 2-stroke Mach and KH, Suzuki’s air-cooled 4-stroke GS series and oil-cooled 4-stroke GSX-R series, and Yamaha’s air-cooled 4-stroke XJ series and water-cooled 2-stroke RZ series, which were all “fairly expensive (although prices have been rising slowly year by year)”, were called “super-treasured models” and their popularity skyrocketed. As of 2024, sales prices have skyrocketed to abnormally high levels (Note 2).

For people in their 50s and 60s, the nostalgic bikes that they spent their youth with and that were so familiar to them have gone far beyond the realm of ordinary people’s hobbies, becoming something so far away that it is no longer within the reach of the average person, both financially and in terms of fame… (Note 3).

※注2：旧車の価格が異常なまでに高騰したのは芸能人や小金持ちのオジサンたちだけが原因ではありません。要因は他にもあります（文字数の都合上、ここでは省略）

※注3：1969年生まれの筆者がバイクブームだった高校2年生の頃（1986年）、友人Nが「教習車の代表」であり「すでに時代遅れ」だった程度良の愛車・ホンダCBX400F（走行距離は約10,000km）を「お前、中免（中型自動二輪免許／現在の普通自動二輪免許）取ったらしいな。20万円でいいからオレのCBXを買ってくれない？　2ストのRZ250が欲しいんだ」と打診。しかし筆者は「う～ん...やっぱり今さらCBX400Fはないでしょうよ」と丁重にお断り。半年間のアルバイトで稼いだ80万円を元手に（世はバルブ時代で景気が良く、学生バイトでも結構稼げた）、めでたく新車のホンダVFR400R（初期型のNC21）を購入。友人Nの打診は、今となっては何とももったいない限り。超お宝車となったCBX400Fと盗難保険のお話は下記参照！

Is there vehicle insurance and theft insurance that is “commensurate with the purchase price and market value”?

That was a long introduction, but now we come to the main point. As mentioned above, expensive vintage cars are also called “treasure cars” or “treasure models” due to their increased demand and rarity. When purchasing an expensive treasure car, even though it is a used car from a long time ago, it is worth significantly more than the price of a new car in the same class, so one of the concerns you may have when purchasing such a car is whether to take out vehicle insurance or theft insurance.

Generally, older used cars tend to have lower vehicle insurance and theft insurance rates than new cars. Here, we interviewed classic car specialty stores around the country to research whether there are any vehicle insurance and theft insurance policies that are available for classic cars and valuable cars, and that are “commensurate with the purchase price and market value.”

“Vehicle insurance” that can be purchased even for vintage cars and treasured cars

ZuttoRide’s “Zutto Motorcycle Insurance”

After interviewing classic car specialty stores around the country, the vehicle insurance that was frequently mentioned was “Zutto Bike Vehicle Insurance” from “ZuttoRide,” which specializes in motorcycle and bicycle insurance.

This vehicle insurance is available to all vehicles, regardless of their age, make, model, or engine displacement. It also has no age restrictions. The conditions for enrollment and eligibility are that the vehicle or parts must have been purchased within the last 90 days. Also, the purchase price of the motorcycle, parts, or accessories must be 50,000 yen or more (tax included) (private sales are excluded).

When applying for Zutto Motorcycle Vehicle Insurance, you will need a detailed statement of the amount issued by the dealer where you purchased the vehicle, such as a receipt. For classic or used vehicles, ZuttoRide will carefully consider the vehicle model, purchase price, used car market price, and vehicle condition, and will also consider the applicant’s opinions and requests to determine the vehicle insurance amount. The insurance premium paid by the applicant is determined by the applicant’s non-fleet rating (past accident history) and vehicle insurance amount, among other factors.

→ ZuttoRide’s “Zutto Motorcycle Insurance”　https://zuttoride-ssi.co.jp/bike-sharyou.html

Chubb Insurance ‘s “Classic Car Insurance”　

In interviews with classic car specialty stores, many recommended the “Classic Car Insurance” offered by Chubb Insurance Co., Ltd. This classic car insurance is offered for cars and motorcycles that are over 25 years old and would normally be difficult to purchase vehicle insurance for, and is based on market value, condition, storage status, etc.

The conditions for classic car insurance are:

・Domestic and imported cars (including motorcycles) that are more than 25 years old since the year of manufacture

・Annual mileage is less than 5,000 km

・Registered vehicles (vehicles with license plates) that are in a state where they can be driven normally

・In principle, vehicle insurance must be provided

*Note: Replicas and modified cars, as well as cars in certain conditions, may not be eligible for insurance.

Insurance premiums are determined based on the insured person’s non-fleet classification (past accident history), the amount of vehicle insurance coverage, etc. If the vehicle meets both the conditions of being manufactured before 1975 and having an annual mileage of less than 2,000 km, a 20% discount on insurance premiums is also applied.

→ Chubb Insurance’s “Classic Car Insurance”　https://www.chubb.com/jp-jp/individuals-families/classic-car.html

“Theft Insurance” that can be purchased even for vintage cars and valuable cars

ZuttoRide’s “Theft Insurance”

ZuttoRide, which also has popular vehicle insurance, offers theft insurance up to 3 million yen. This applies to both new and used cars, as long as you have proof of purchase price, such as a receipt.

In addition to compensation for the purchase price of the vehicle, this theft insurance also includes compensation for parts theft (up to 200,000 yen) and compensation for keyhole tampering (up to 50,000 yen). The estimated insurance premiums (annual fees) are as follows:

1-year plan	Annual fee (tax included)	Vehicle theft insurance amount (maximum)	Self-pay amount in case of vehicle theft	Parts theft insurance amount (upper limit)	Keyhole vandal compensation amount (upper limit)	Basic benefits
Theft 5	4,400 yen	50,000 yen	5%	20,000 yen	20,000 yen	○
Theft 10	5,400 yen	100,000 yen	5%	20,000 yen	20,000 yen	○
Theft 15	7,000 yen	150,000 yen	5%	20,000 yen	20,000 yen	○
Theft 20	8,600 yen	200,000 yen	5%	20,000 yen	20,000 yen	○
Theft 30	12,700 yen	300,000 yen	5%	50,000 yen	30,000 yen	○
Theft 40	15,900 yen	400,000 yen	5%	50,000 yen	30,000 yen	○
Theft 50	19,000 yen	500,000 yen	5%	50,000 yen	30,000 yen	○
Theft 60	22,200 yen	600,000 yen	5%	100,000 yen	30,000 yen	○
Theft 70	25,400 yen	700,000 yen	5%	100,000 yen	30,000 yen	○
Theft 80	28,400 yen	800,000 yen	5%	100,000 yen	30,000 yen	○
Theft 90	31,600 yen	900,000 yen	5%	100,000 yen	30,000 yen	○
Theft 100	34,700 yen	1 million yen	5%	200,000 yen	50,000 yen	○
Theft 110	37,300 yen	1.1 million yen	5%	200,000 yen	50,000 yen	○
Theft 120	40,000 yen	1.2 million yen	5%	200,000 yen	50,000 yen	○
Theft 130	42,800 yen	1.3 million yen	5%	200,000 yen	50,000 yen	○
Theft 140	45,600 yen	1.4 million yen	5%	200,000 yen	50,000 yen	○
Theft 150	48,400 yen	1.5 million yen	5%	200,000 yen	50,000 yen	○
Theft 160	51,500 yen	1.6 million yen	5%	200,000 yen	50,000 yen	○
Theft 170	54,600 yen	1.7 million yen	5%	200,000 yen	50,000 yen	○
Theft 180	57,800 yen	1.8 million yen	5%	200,000 yen	50,000 yen	○
Theft 190	60,400 yen	1.9 million yen	5%	200,000 yen	50,000 yen	○
Theft 200	63,000 yen	2 million yen	5%	200,000 yen	50,000 yen	○
Theft 220	69,300 yen	2.2 million yen	5%	200,000 yen	50,000 yen	○
Theft 240	75,600 yen	2.4 million yen	5%	200,000 yen	50,000 yen	○
Theft 260	81,900 yen	2.6 million yen	5%	200,000 yen	50,000 yen	○
Theft 280	88,200 yen	2.8 million yen	5%	200,000 yen	50,000 yen	○
Theft 300	94,400 yen	3 million yen	5%	200,000 yen	50,000 yen	○

*Note: Prices as of October 1, 2024

→ ZuttoRide’s “Theft Insurance”　https://zuttoride.jp/insurance/

Red Baron’s Theft Insurance

Red Baron, a nationwide dealership of new and used motorcycles, offers its own theft insurance for Red Baron members. If you purchase a new or used motorcycle at Red Baron and become a Red Baron member, the insurance amount will be 100% of the retail price. Otherwise, the insurance amount will be 100% of the appraised price (for a one-year contract).

The insurance premium is set at less than 1% of the insured amount (if the retail price or appraised price is 1 million yen, the insurance amount is less than 10,000 yen per year), making it a reasonable premium. The key points of Red Baron Theft Insurance are:

Join	This applies to vehicles sold by Red Baron, regardless of brand, brand, or make. The price is 50,000 yen or more (tax included).
continuation	It can be continued in the following fiscal year (if the anti-theft device is replaced (purchased) with a new one before its expiration date).
Insurance amount (contract amount)	In the case of a new purchase, the insurance amount is 100% of the retail price, and in other cases, the insurance amount is 100% of the appraised price (for a one-year contract). No deductible.
Insurance premium (single payment)	Affordable theft insurance that can be purchased for “less than 1% of the insurance amount (※)” *3-year long-term contract: 0.95% 1-year contract: 1%
This is reassuring	・Custom parts that will increase the value of your beloved car are also appraised. ・High-value vehicles such as foreign cars and re-imported cars are also covered. ・If your stolen car is found, insurance money will be paid as repair costs.

*Note: As of October 1, 2024

If an insured motorcycle is stolen, compensation will be provided if both of the following conditions 1 and 2 are met.

1: The steering wheel lock and other parts were locked and the key was removed.

2: The Red Baron-designated anti-theft device “BL-10” was installed in perfect condition.

For details, please visit the official website below.

→ Red Baron’s “Theft Insurance”　https://www.redbaron.co.jp/buy/flow/theft_insurance/

盗難保険には上記のほか、専門店が車両購入者向けに独自展開している場合もある。旧車購入時は、必ずネットの評判や口コミなどで信頼できるショップであるかをリサーチ（エンジンをオーバーホールせず、外観のみキレイにして売却する悪質なショップもあり）。次に車両保険や盗難保険は加入できるか？、また車両の保証やアフターフォローはきちんとしているか（旧車は購入後すぐに車両の不具合が発生する等々、店舗とユーザーとの間でトラブルが非常に多いのも現実）を確認することが大切。

Some extremely rare cars may not be eligible for this plan… Be careful when purchasing a classic car

Photo left) Honda Dream CB400FOUR Photo right) Honda Dream CB750FOUR Both are highly respected as treasured classic models.

The vehicle insurance and theft insurance for expensive new big bikes are naturally more expensive than cheaper mopeds. This also applies to classic bikes, and the more valuable they are (i.e., the higher the selling price), the higher the insurance premiums will be.

Some vintage cars may be denied vehicle insurance or theft insurance depending on their value, rarity, and condition. Incidentally, the Honda CBX400F was once the subject of so many thefts that it was featured in newspapers and on television news (similar to the current thefts of the Skyline GT-R R32/R33/R34).

On the Kinki Expressway in Osaka, a man was riding a CBX400F when a car aggressively pulled over to stop him, and the man in the passenger seat stole his CBX400F.

Because of these reasons, there was a time when insurance companies would not offer theft insurance for the CBX400F (as of October 2024, it is still not possible to purchase insurance under certain conditions. Be sure to check before purchasing an old bike).

The Honda CBX400F (white and red), model 1, was released in 1981 (Showa 56). At the time of its release, it gained popularity thanks to its latest features, including a 48 horsepower engine that was the best in its class and the world’s first inboard disc brakes for a motorcycle. After it was discontinued, its popularity grew over time, and used car prices gradually rose. As of 2024, it has become such a highly sought-after model that it is not uncommon to find one for over 4 million yen.

The super treasure car is like a veteran big-name actress with a long history.

It is almost impossible to obtain genuine parts for older cars (repairs usually involve the use of aftermarket replacement parts or one-off parts), so you want to avoid any accidents that involve inflicting damage on yourself, such as falling over.

It’s not uncommon for these prized cars to be stolen while parked at a convenience store for just a few minutes. Furthermore, vintage cars have many steel parts that rust easily, so storing them outdoors is out of the question. The best place to store them is indoors, securely locked, and with an extremely high theft deterrent.

Vintage cars require careful daily maintenance to prevent breakdowns, which requires more effort than current cars, and maintenance costs such as the cost of consumable parts and insurance tend to be high.

The appeal of classic cars is that they have a look, a nostalgic feel, and an analog driving feel that modern cars don’t have. However, compared to modern cars, classic cars are selfish in every way (they break down often), quite troublesome (it’s difficult to manage and store), and expensive (maintenance and insurance are expensive), just like a seasoned veteran actress.

Don’t forget that to become the owner of a classic car (especially a treasured one), you need a certain amount of financial resources, determination, and patience. If you’re not confident in these areas, we highly recommend purchasing a current model.