A simple two-wheeler policy is adequate to keep you covered for a standard bike that you use for everyday commuting purposes. But the same is not the case for a sports bike. An entirely different machine than the average bike, it is a beast that is not only way more expensive but also needs to be treated well. Here, we share some valuable points and considerations to remember when purchasing an insurance policy for your sports bike. Stay hooked!
Insurance policy difference between a superbike versus a regular bike
Sports bikes are often referred to as a superbike by the insurers. They not only exhibit a much higher speed but also need very high maintenance. Because of high speed, they also carry a much higher risk of an accident. Their repair costs are also extremely high as is their spare parts cost. Given that, understandably the premium cost for a sports bike will be much higher.
Additionally, the cost of a sports bike is way more expensive than an average bike which implies that its IDV will also be high. Hence, you will inevitably have to pay a higher premium for sports bike insurance.
Like a normal bike, it is mandatory to buy third-party insurance by law. But given the risk factors and high cost involved, even the comprehensive coverage of a normal bike is not sufficient for the sports bike. Its exclusions would make the policy inadequate.
In general, the premium difference between the two policies is anything from nine times upwards.
Special Insurances for Sports Bike
Understanding the special needs of a sports bike, most insurance companies have launched specialized and tailormade policies for a sports bike that meets their needs adequately. There are plenty of addons that are a must for Sport Bike Insurance to make them more comprehensive and robust. Few tips to remember while shopping for the sports bike insurance plan are:
- Tailormade plans- You can buy general plans for your sports bike as well but with a high premium. However, it is always best that you purchase a customized and tailormade plan for a sports bike. Nothing can beat the coverage and protection of specialized sports bike insurance.
- Your bike’s status and features- There is a huge diversity in the status and features of a sports bike. Barely can two bikes be treated equal. Hence, you must always shop for a plan that best meets your own specific needs. You can search and compare quotes online. You can also get specialized quotes from insurance companies and even negotiate with them.
- Add-ons are a must- Add-ons are a must for any sports bike insurance. These can vary according to your specific bike, but you must always add a few to your insurance plan. A few of the most popular add-ons are zero depreciation cover, daily cash allowance cover, the pillion rider, medical cover, return to invoice cover, engine protection rider, roadside assistance rider, accessories cover, etc. You must take all that is suitable for you.
- Set feasible deductibles- A deductible is one of the staple features of a bike insurance plan. A higher deductible leads to the lowering of the premium, but it should be such that you should be able to pay it comfortably at all times.
- Avail of privilege discounts- Because of being a high-end policy and high rates, insurance companies offer special discounts to customers post they negotiate. Hence, you must never hesitate to ask for bargain deals and secure some special discounts for yourself.
No matter what model and make of bike you own; it is always best that you get it covered under the best insurance plan. Selecting the right insurance plan will protect you from any eventuality of a huge monetary drain.