Bike Insurance for Sports Bikes

Sports Bikes have gained popularity in the last decade and there is an increasing number of people purchasing these bikes. Sports bikes are admired for their speed, acceleration, agility, comfort, and versatility. Because of the kind of use, such bikes may have higher chances of an accident or of theft, when compared to regular bikes. Hence, buying insurance for a sports bike should be the priority and just regular comprehensive bike insurance is not enough to keep it protected. Here is what one must keep in mind while buying bike insurance for a sports bike:

Expense

Sports bikes are expensive and are exclusive. Since the value of these bikes is higher than regular bikes, the cost of insurance is also relatively higher. The following factors impact the cost of insurance for a sports bike:

• The cost of the bike impacts the cost of the insurance premium
• The Insured Declared Value (IDV) of the bike
• The additional accessories if any
• The displacement of the cubic capacity of the engine. The higher the cubic capacity, the higher the premium rate

Smart Insurance

One must always think of ways to reduce insurance costs. One can easily save insurance costs by following these steps:

• IDV value is fixed when a policy is bought. This determines the value that the insurance providers will have to pay the policyholder in case of any theft/damage. Make sure you declare the right IDV value
• Get a membership in the Automobile Association of India
• Install certified Anti-Theft devices
• Install fewer accessories and avoid modifying the bike
• Renew the policy regularly and avoid a lapse

Add-Ons for Sports Bikes

Since sports bikes are costlier and the risk is higher, one must opt for comprehensive bike insurance with add-on covers for complete coverage. Remember that one will be required to pay a higher premium with each cover.

Zero/Nil Depreciation Cover – After an accident, if the parts of the bike have to be replaced, one can claim the value of the bike parts without depreciation deduction

Passenger Cover – In a standard comprehensive bike insurance policy, the rider will be covered against death and injury but with a passenger cover, the pillion rider will also receive compensation in case of death or injury

Medical Cover – This cover aids in funding medical treatments when there is an accident while riding the bike

Accessories Cover – If you have fit any expensive electrical or non-electrical accessories for your bike, this is a cover against damage or loss of those accessories. One would have to provide the total cost of these accessories while purchasing a policy

No-Claim Bonus – During a policy period, if one does not make any claims, they can avail of discounts during the time of renewal. Since insurance rates for sports bike are very expensive, this could help the policyholder

Sports bikes require extra care and special maintenance. Though regular comprehensive bike insurance online will not suffice, with the right add-on covers, one can tackle unforeseen circumstances with confidence.