Like car owners, superbike riders also need to take their bikes for a spin every now and then to feel the pleasure of the ride. However, getting an appropriate two wheeler insurance policy is a must for these super bikes, or for any bike for that matter, as per the Motor Vehicle Act, 1988. This is because a motor insurance policy will come in handy when it comes to safeguarding the bike and protecting your life.
A superbike definitely needs protection, as any unforeseen event can occur when least expect it. The thumb rule says the greater the insured sum, the higher the premium payable. This premium is usually higher than that of a normal bike. If the normal two wheeler insurance premium is around Rs. 800, a superbike’s insurance premium would be around Rs. 7500 just because the costs concerning the maintenance cost of a super bike is quite high.
If you opt for a regular two wheeler insurance policy for your superbike, that may be enough to cover the charges associated with usual wears and tears only. If you still want to opt for a regular insurance policy for your superbike, then it’s better that you have the necessary add-ons to cover the maintenance cost to a certain extent. A few companies that offer superbike insurances are Bharti AXA, HDFC ERGO, Honda CBR Two wheeler insurance, Bajaj Allianz Bike Insurance, etc. The common mistakes people often make while selecting bike insurance is that they don’t explore different insurance options available in the market or directly go for the cheapest premium option.
Insurance policies have a factor called ‘deductible’, which is basically the amount that the insured will be paying for expenses along with the claim pay outs by the insurer. Choosing a lesser value of the deductible is also a mistake that most people make. There is a benefit called no claim bonus (NCB) for every claim-free year, which could result in waver of a percentage of the premium payable next year and many insured people don’t know about this bonus and they end up losing on this very benefit. These situations can be avoided just by doing necessary research and going through the terms and conditions of the policies before purchasing one.
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6 Important Points to Keep in Mind While Buying Two wheeler insurance for Your Sports Bike
While you want the best care for our bike, you can make sure this can be ensured by doing the right amount of research and selecting the best insurance cover for your superbike. Choosing an insurance provider who understands your superbike’s technicalities is also a plus because they automatically refer you a good policy since they have sufficient expertise when it comes to superbikes and their insurance. The possibility of you getting overcharged for your policy is very high and that too for a plan that might not offer comprehensive coverage.. So keep a track of the following before buying a two wheeler insurance policy.
Tailor made insurance plan:
It is believable that you go for a plan that you can customize according to your superbike’s need. In such a case, double check that the insurance plan you’re willing to buy offers sufficient coverage while keeping in mind the model of your sports bike. These plans are written on a case to case basis to suit the particular sports bike both model-wise and make-wise. There are high chances of a better negotiation with a custom-made deal like. The details about mileage ranges and liability protections will be in the fine print in the insurance policy documents. So, it is recommended that you go through the insurance fine print to know what all is covered and what is not. This will help you file a legitimate claim.
Having a higher deductible certainly gives you a discount on the premium. This will help you have a plan with better coverage keeping the premium low. Don’t choose a policy with a low premium, as this will result in a situation where you might get your claim rejected on the grounds of Nil Coverage for that particular instance. A policy with low premium with a promise to offer the maximum coverage is nothing but a scam. Companies like Tata AIG, HDFC ERGO, Bajaj Allianz Bike Insurance etc. provide bike insurance calculator tool to facilitate you calculate the premium, including the deductibles (if any).
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People generally don’t care to find discounts/offers and additional benefits a policy may offer just because they are not aware of the fact that insurance policies also include such features. Insurance providers and their agents do not indulge into letting you know all these details once the premium is paid, so that they can cut cost on that. This is one of the reasons why the terms and conditions have to be read through before buying any insurance plan.
Zero Depreciation Add on:
This goes by different names in the market like Nil Depreciation cover or Bumper to Bumper cover. This add-on is a popular factor, especially in the case of super bikes. This will be a very profitable add-on for those who go for a normal two-wheeler insurance policy for their super bikes. Unless the insurance taken is an individual customized policy, the regular wears and tears of the vehicle will not be covered by the comprehensive bike policy. But, zero depreciation add-on covers this. While you make a claim, the amount for normal wears and tears won’t be deducted from your claim payout if you have this add-on.
If you are someone who is going to rely on your super bike for daily commute, the option of daily cash benefit, in case of hospitalization or when your bike gets so severely damaged that it needs weeks or months to be set right, is a very good add-on to have. This will cover the daily expenses in case of hospitalization or daily commute expenses until your bike is back in the running condition. The amount of your daily payout will be decided after considering the terms and conditions of your policy. Companies like Royal Sundaram, Bharti AXA, Bajaj Allianz Bike Insurance offer a good medical cover and this benefit is a default addition to the policy.
Cover for Pillion Rider:
This will be a good add-on to opt for, in case of an unexpected incident occurs. This will cover the medical charges of the pillion rider as well and if it is someone near and dear to you or someone dependent on you, this cover would be the ultimate way to protect them keeping in view their future. You will be able to choose a pre-decided allowance that will be given as the claim amount to the pillion rider in case of disability due to an accident. If you are someone who carries a pillion rider regularly, get this add-on now.
It is your sole responsibility to take care of your family and assets, and the first step towards taking care of anything is to get an apt insurance plan for them as their future will be secured this way. The expenses don’t end as soon as you buy your dream sports bike. Therefore, invest in the apt insurance plan for a sports bike to ride it with peace in your mind.
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