Is Regular Bike Insurance Enough for Your Sports Bike?

Buying simple two-wheeler insurance is sufficient for an average bike as a cover against most risks. However, what if you don't have a simple bike? What if you own a sports bike? Then, simple insurance may not suffice your requirement. It may help you cover the normal wear and tear, but definitely not a huge one. Since these bikes are way more expensive, any mishap may result in an expense that may lighten your wallet significantly. But before such a thing happens, it is better to club your basic bike insurance with some add-on covers that can protect your vehicle when the regular plan does not. In this article, we will discuss how you can best protect your prized possession and avoid unplanned expenses in the future simply by including some smart add-on covers.

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Standalone Add-ons for Sports Bikes

Sports bikes need special insurance that can provide more extensive risk cover than average bike insurance does. Often, the exclusions listed in the regular plans cannot be ignored and may cost you later.

Above all, insurance experts also recommend buying customised and value-added coverage, apart from the basic cover, which can protect your vehicle extensively. 

Though the mandatory third-party liability cover safeguards the policyholder against any bodily injury or death liability, there are certain add-on covers that may be optional but are of undoubted importance. These add-on covers secure your bike against different mishaps, whether major or minor.

The best part is that these add-ons provide widespread coverage and benefits at nominal costs. While there are plenty of add-on covers including Daily Cash Allowance, Key Replacement and Consumables Cover, you must pick out the one which expressly caters to your insurance needs. Usually, insurance companies provide certain additional covers to complement a two wheeler insurance plan in order to make it more comprehensive. Among them are Passenger Cover, Cover for Pillion, Zero Depreciation cover. There are some additional covers, apart from the above, which can be availed at an extra premium. Based on the covers chosen, a cover premium is decided. Hence, the premium may vary from cover to cover or insurer to insurer.

Let’s have a look at a few add-on covers that you can opt for while purchasing a basic insurance plan for your superbike.

Zero Depreciation Add-On

Widely known as Nil Depreciation or Bumper to Bumper cover, this cover tops the list of add-on covers. The reason is quite convincing. In fact, it is essential if you own a sports bike.

Usually, normal wear and tear on your vehicle is not covered by a normal bike insurance plan. When you file a claim under a normal bike cover, the top two-wheeler insurance companies depreciate an amount equivalent to the current market price of your bike while considering all the wear and tear, and then reimburse the remaining amount.

If you own a zero depreciation cover, you will obtain the full claim amount without any deduction. Isn't that a reason enough to opt for this plan?

You may like to Read: Zero Depreciation Two Wheeler Insurance

Daily Cash Allowance Cover

If you depend a lot on your superbike, the daily allowance payment cover might catch your attention.  If your vehicle is severely damaged and needs instant repair, you may be left without transport, which will result in extra expenses for the daily commute.

If you own a daily allowance cover, you can avail a predefined daily allowance when the need arises.

You may like to Read: Two Wheeler Insurance for Your Sports Bike

Cover for Pillion Rider Add-On

With this cover, you can show sincerity and care for your pillion riders. In the event of an accident that causes disability or death of the pillion rider, this add-on will provide a predefined allowance to the disabled or his/her family. This cover applies for each of your pillion riders. So, if you carry a pillion frequently, make sure you opt for Pillion Rider cover with your basic policy.

Final Word!

To conclude, it is your duty to protect your bike from any eventuality that may cause a huge monetary drain. When a regular insurance cover is not enough to meet the extensive requirements, add-on covers come into the picture to complement your base plan. You can avail them by paying a slightly higher premium. So, choose the cover carefully and select the one that can provide super coverage to your superbike!

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis