Why is Sports Bike Insurance So Expensive?

How Are Sports Bikes Different From Normal Bikes?

A sports bike is a high-performance two-wheeler with a relatively higher engine capacity of 600cc-1000cc. While there is no universal definition of a sports bike, most motorcycles are called sports bikes based on their high speed, heavy engine, emphasis on braking & acceleration, and aesthetic body.

In addition, these bikes compromise fuel efficiency and comfort than regular ones. However, sports bikes are more expensive than standard bikes, so their insurance plan is also high. The popular sports bikes of India 2023 are Yamaha MT 15, Yamaha R15 V4, KTM RC 200, Suzuki Gixxer SF 250, etc.

Bike Insurance Cost for a Sport Bike

Owning a sports bike is already an expensive affair. Any damage to them can lead to spending a hefty amount on its repair. The standard coverage offered for basic damages is not sufficient for sports bikes. As a sports bike owner, you need a bike insurance policy with essential add-on covers to enhance your safety.

Apart from mandatory third-party bike insurance that provides coverage against any physical injury to the owner or death liabilities of the third party, you must consider buying own-damage bike insurance coverage. Hence, a comprehensive insurance policy will be the right choice as it offers an extensive range of minor or major damages caused to the insured sports bike due to unwanted events. Moreover, it allows you to purchase add-on covers to enhance the basic coverage.

Buying a sports bike increases the bike insurance cost, as it is dependent upon the current market price of the bike. In addition, it shows a direct relationship, i.e., the more the bike's value, the more the bike insurance costs. If you are planning to buy a third-party bike insurance cover, and your bike is damaged, you have to spend money from your own pocket.

6 Things to Remember When Buying a Sports Bike Insurance

Owning a sports bike is one of the most significant investments, and protecting it from accidents, theft, and natural disasters is equally important. Sports bike insurance differs from regular motorcycle insurance, so there are some essential factors to keep in mind:

1. Coverage Type

   The type of coverage you opt for decides the sports bike insurance quote. As a rider, you must determine the required coverage before selecting a policy. In India, it is compulsory to have a third-party bike insurance cover, which only covers the damages caused to the third party during an accident.

   However, to be safer, you should go for comprehensive bike insurance that will compensate against financial losses to your own bike due to several unforeseen circumstances.

2. Characteristics of the Bike

   Sports bike insurance premium is majorly affected by factors like the age of the vehicle, the make & model of the bike, and the cubic capacity (cc) of its engine. Generally, sports bikes have a high-performance engine of up to 1000CC, considered much higher.

   Moreover, it also considers the other factors in deciding the bike insurance cost, such as manufacturing year, place of registration, fuel type, current showroom price, beautification and modifications done to the bike, and miles covered. All these factors increase the sports bike insurance premium.

3. Insured Declared Value (IDV)

   The Insured Declared Value or IDV helps decide the insurance premium for the bike insurance. An IDV is an amount that your insurer compensates in case of damage or total loss of your bike. The IDV is calculated on the market value of your bike at the time of buying the policy, and it keeps on changing with time. However, the wise decision is to choose the IDV nearest to your bike's market value. It assures fair compensation when you raise a claim in case of damage or theft.

4. Install Anti-theft Devices

   Since sports bikes are attractive targets for theft due to their distinctive designs and accessories, you should get it covered with the right cover. Moreover, you must install anti-theft devices approved by the Automotive Research Association of India (ARAI). This will not only offer an extra layer of protection to your sports bike, but you can also receive a discount on your sports bike insurance premium for ARAI-approved devices.

5. Modification and Beautification

   The bike accessories that you add give it a personal touch makes it expensive. Thus insuring it with adequate bike insurance plan becomes imperative. Usually, the bikes fitted with additional accessories are at higher risk with higher premium rates, and, therefore, you must have an insurance policy covering maximum risk.

6. Add-On Covers

   Whenever you buy a sports bike, you must purchase add-on covers with your comprehensive bike insurance policy. Zero depreciation cover, return-to-invoice cover, 24x7-roadside assistance cover, engine protection cover, pillion rider cover, etc., are valuable additional covers you must pay attention to. However, choose add-ons carefully, considering your specific needs, but remember that they can increase the overall cost of your sports bike insurance.

   In addition, you can calculate the insurance premium amount with the free bike insurance calculator tool available at Policybazaar.com.

You may also read Zero Depreciation Cover V/s Return to Invoice Cover

6 Tips to Reduce Sports Bike Insurance Premium

To get the best deal for the insurance policy, you can follow the below tips:

• Check and compare various policies on the internet. Policybazaar.com offers you various bike insurance quotes from the top motor insurance companies in India. Here, you can compare and shop for the right bike insurance plan as per your needs & budget.
• Avoid raising a claim for small expenses. Submitting claims for small or insignificant expenses will not give you a discount on the NCB at the time of policy renewal.
• Choose necessary add-on covers only. By choosing unwanted add-on covers, you will only raise the premium.
• For sports bikes, it is one of the significant tips to install security devices recommended by the Automotive Research Association of India (ARAI) to enjoy the benefits of the discount on insurance premiums.
• Renew your bike insurance policy on time; do not let it lapse, as you will have to pay a higher premium in case of lapse. In addition, when the insurance policy expires, the accumulated NCB is valid only for 90 days from the due date. Hence, you might lose the accumulated NCB amount within a moment.
• Sport bikes are heavy in the build-up and are hard to handle for the rider. Your insurer also considers other factors like the riding experience of the driver, previous driving records, claim history, gender, and age to set the insurance premium amount according to the risk. Therefore, we suggest you maintain a good record and drive safely to enjoy an affordable premium.

You may also read 10 Tips for Buying Your First Bike

Conclusion

Bike insurance for sports bikes is always higher than the prices of regular motorbike coverage because of the various factors associated with it. Read the above factors while getting a sports bike insurance plan and tips to reduce the premium before buying it.