With the growing popularity of sports bikes, a new class of bike insurance policies with differing terms and customisations has come into the fray. Given the high value of these bikes and the risks involved with the high power and performance offered, such bikes remain ill-matched with the traditional offerings of mainstream insurance service providers.
That being said, the law is still the same for all - scooters, commuter bikes or sports bikes— all need third-party bike insurance before hitting the streets. Everything else is for the situation and the owner to decide.
To understand their insurance requirements, we need to comprehend what a sports bike is and what sets them apart from regular motorcycles.
An Overview of Sports Bikes
Two-wheelers that have been designed to optimise speed, acceleration and braking, usually at the expense of fuel economy and storage space, come under the category of sports bikes. They have high-performance engines built into a lightweight frame, and their superior aerodynamic structure enables them to zip through with minimal wind resistance.
Compared to commuter bikes, they have wider tyres and better suspension but significantly lower mileage. They also have a larger engine capacity, ranging between 200-1000cc, giving them much more power than regular bikes.
Additionally, their special design gives them a very different aesthetic appeal. They are usually broader in build and look bulkier than sleek commuter bikes. Some popular sports bikes in India include Honda CBR 650, KTM RC 390 and Kawasaki Ninja 400.
Insurance
Sports bikes have a very sophisticated design, making repairs and spare parts extremely expensive. Moreover, their visuals and performance make them more prone to theft.
In such a situation, a mere third-party two-wheeler insurance policy meeting legal requirements is insufficient. You need a comprehensive bike insurance cover with all the right add-ons to ensure that repairing your bike does not cost you a fortune.
Buying the Right Policy
The ideal policy is a comprehensive cover that includes the following:
Third-party Insurance
Firstly, you need to ensure that you get third-party coverage, as riding your bike without it can get you in legal trouble. It covers the cost of repairing the vehicle of the other party in the accident. Moreover, it also takes care of any legal liabilities arising from an accident.
Personal Accident Cover
Once you’ve checked the box for legal requirements, you can move on to ensuring your care with a personal accident cover.
It covers the insured for any medical requirements that may come up as a result of an accident. The PAC also compensates the owner in case of death or permanent disability.
Other Add-ons
Many bike insurance add-ons are available for you to choose from, depending on your policy provider. However, keep in mind its usefulness and your requirements. It includes specific coverages for ambulance transportation, roadside assistance, engine protection, and even a zero depreciation allowance. All these might be worth considering when splurging on expensive bikes.
Theft and Calamities
Not all policies include cover theft and natural/man-made calamities. A sports bike is an expensive investment, and you must be protected against losing it at all costs. Therefore, purchase a policy that protects you financially against theft and all calamities— natural like earthquakes or floods and man-made like riots.
A Brief on Common Add-ons
Here are some common add-ons to help your sports bike insurance policy provide better coverage.
Zero Depreciation
Zero Depreciation bike insurance add on ensures a better claim amount as insurance companies cannot consider the depreciation of the vehicle or its parts while settling your claim. Thus, you will not have to cover the remaining cost of those expensive spare parts for your sports bike.
Pillion Rider Cover
If an accident occurs, the medical expenses for the driver are covered by the personal accident cover. However, pillion rider cover will provide accident cover to the passenger riding along with the driver, taking care of any medical treatments and going as far as death and disability for the concerned individual.
NCB Protect
Normally, you lose your no-claim bonus once a claim is made. Including an NCB in bike insurance protection while purchasing your policy ensures that the bonus remains intact even if you’ve made a claim, albeit with some conditions and fair usage clauses. Chances of accidents with sports bikes are higher, leading to claim situations. So, the NCB protect add-on allows you to claim while retaining your NCB benefits.
Roadside Assistance
If your bike experiences problems or breakdowns while on the road, a local mechanic wouldn’t be the most helpful, especially when dealing with sports bikes. In this case, a dedicated roadside assistance service will come in handy, which this crucial roadside assistance bike insurance add-on can offer you.
Engine Protection
The average motorcycle insurance policy does not cover damage caused to the engine. Therefore, consider adding this additional engine protection bike insurance cover to your standard policy. Engines of sports bikes are costly, making a strong case for this add-on cover.
The Final Word
Choosing the right bike insurance policy with appropriate add-ons can be tedious, but it is vital. Once done, you can keep all qualms aside and enjoy your sports bike to the fullest, knowing everything has been taken care of.
Given the myriad of options available for buyers today, a comparison platform such as Paytm Insurance is ideal for finding the perfect bike policy with customisations to suit your requirements at the best price.
As a sports bike is expensive, going to a cashless garage helps matters as opposed to taking it somewhere else where you have to pay an expectedly hefty amount and wait for the insurer to reimburse later.
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