Why is Sport Bike Insurance So Expensive

Sports bikes are no less than a beast on two wheels and needs to be taken good care of. From their sporty appearances to their heavy engines, these bikes are completely different than normal bikes. Similar to their high maintenance, insurance of a sports bike is more expensive than our regular bikes. Also, buying sports bike insurance costs you more because of various factors. In this article, we have discussed those factors that make sports bike insurance expensive.

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How Are Sports Bikes Different Than Normal Bikes?

A sports bike is a high-performance two-wheeler with a fairly 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.

Also, these bikes compromise fuel efficiency and comfort whereas normal bikes are fuel-efficient and comfortable. However, sports bikes are more expensive than regular bikes, and hence their insurance plan is also high. The most popular sports bikes of India are- Kawasaki NINJA® ZX™-10R with 998cc, Yamaha YZF-R1 with 998cc, and Ducati Panigale V4 R with 998cc. 

Bike Insurance Cost for a Sport Bike

Owning a sports bike is already an expensive affair. So, 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, you have another option to buy. Comprehensive bike insurance provides extensive coverage from minor or major damages due to unwanted events along with the choice to purchase add-on cover. 

Buying a sports bike increases the bike insurance cost as it is dependent upon the current market price of the bike. Also, it shows a direct relationship i.e. more the bike's value, the more will be the bike insurance cost. If you are planning to buy a third-party bike insurance cover, it will be not enough for your bike, because you cannot purchase any add-on cover with it. In case the bike gets damaged, you have to spend money from your own pocket.

5 Factors Affecting the Sports Bike Insurance Premium 

There are several factors affecting the sports bike insurance premium. Understanding those factors will help you in quoting the best price possible.

Below are some of the known factors that affect the sports bike insurance premium-

1. Coverage-

The type of coverage you opt decides the insurance quote. As a rider, you must decide what type of coverages are required 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.

If you are looking for comprehensive bike insurance that will compensate against financial losses for many unwanted circumstances, then you need to pay the extra premium.

2. Characteristics of the Bike-

Insurance premium for your sports bike is majorly affected by factors like the age of the vehicle, 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, which is considered very higher.

Moreover, it also considers the other factors in deciding the bike insurance cost like- 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 in deciding 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. Therefore, lowering the IDV means lowering the premium you will pay.

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. Though 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. Modification and Beautification- 

The bike accessories that you add give it a personal touch which makes it expensive, thus, insuring it is  important. 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.

5. Add-On Covers-

To be on the safe side, you must buy add-on covers like zero depreciation cover, medical cover, pillion rider cover, personal accident cover, accessories add-on cover, engine cover, key-replacement cover, bumper-to-bumper cover, allowance cover, and NCB protection cover.

After buying these add-on covers, you might see a substantial rise in the premium amount. So, choose your covers wisely, and do not forget to buy the necessary zero-depreciation cover. Also, calculate the insurance premium amount with various bike insurance premium calculators available on the internet.

Tips to Reduce Sports Bike Insurance Premium 

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

1. Check and compare various policies on the internet. The internet offers you various choices by insurers who help you with bike insurance quotes. Also, you can compare different insurance policies online and calculate the premium with the bike insurance premium calculator.

2. Avoid raising a claim for small expenses. Raising claims for small or insignificant expenses will not give you a discount on the NCB at the time of policy renewal. 

3. Choose necessary add-on covers only. By choosing unwanted add-on covers, you will only raise the premium.

4. For sports bikes, it is one of the mandatory tips to install security devices that are recommended by the Automotive Research Association of India (ARAI) to enjoy the benefits of the discount on insurance premiums.

5. 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. Also, when the insurance policy expires, the accumulated NCB is valid only for 90 days from the due date. So, you might end up losing the accumulated NCB amount within a moment.

6. As sports 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.

Conclusion 

Sports bike insurance premium rates are always higher than prices of regular motorbike coverage because of the various factor associated with it. Read the above-mentioned factors that affect your sports bike insurance and tips to reduce the bike insurance cost before buying it.

Written By: PolicyBazaar - Updated: 10 February 2022

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