Insurance
Breakthrough
During a meeting for members held on May 31st
2005 at the University Residence Lija, HMC Chairman John Baldacchino announced a
breakthrough deal in insurance for classic motorcycles in
Mr. Francis Valletta, Manager Motor Section of
Gasan Mamo Insurance gave details of the new insurance scheme that is being
offered by his company. Owners of
pre-1976 motorcycles under 500cc pay Lm25 (+ Lm5 duty) for the first machine,
whereas the rate for bikes over 500cc is Lm30 (+ Lm5 duty).
However, if an owner decides to insure a
second, third, or any subsequent motorcycle, the applicable rates are only 50%
of the above. This means significant savings that will allow classic motorcycle
enthusiasts to license and insure more than one motorcycle at a time. Whereas
before, owners were forced to garage their machines due to excessive costs,
this measure will encourage the use of a greater variety of classic bikes.
This breakthrough comes after many years of
lobbying and discussions with a number of leading insurance companies in
The Historic Motorcycle Club augurs that the
above agreement will open the way to further favourable developments in the
insurance sector and in the interest of its members, is willing to continue
discussions with any party