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TWO WHEELER INSURANCE

Insurance for Your Sports Bike

Neha Gadoo Neha Gadoo 07 November 2016

How can your insure your sports bike without any hassles? Find out all the essential details related to high premiums and coverage for your sports bike.

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Bike insurance, just as other vehicle insurance, can be quite challenging by itself for most of us. If you add the element of high-value, sports bikes, also called a superbike, such as a KTM or Kawasaki Ninja to the fray, it is enough to turn most heads and not in the way of arousing awe. More like the fear of how to calculate the correct insurance premium quote for these mean machines. Fear not—Coverfox tells you how to insure your precious beauties in an instant.

When you buy any new big object such as a car or bike, you are bound to hem and haw quite a bit, ask all your neighbors and friends for their opinions on the best specimen available. You will furiously hunt in all corners of the internet to round up all options and the best deals for each of them. Be it the Bajaj Discover 125cc or TVS Victor, they will all be considered and retained on your ‘to buy’ list— or, subsequently, rejected.

If the purchase of a standard bike is such heartache, what will the heartburn feel like when the object of your affection is a premium sports bike?

Go Beyond the Norm, Think Big

Think superbikes like KTM Duke 390 or Bajaj Pulsar 220; Yamaha YZF R15 or Hero Karizma ZMR; Honda CBR 150R or Honda CBR 250R; Suzuki GSX-R1000 or Aprilia RSV4; BMW S 1000 RR or Triumph Sprint GT 1050; Kawasaki Ninja 1000 ABS or even Ducati 1199 Panigale, and you know what we are talking about. Yes, all these models are now available in India. In fact, for most of them, the manufacturers have recorded better than expected sales figures.

In fact, as per the Society of Indian Automobile Manufacturers, the recorded sales of bikes with engine capacity of 500cc plus has hiked up by over three times to 9,130 units by the end of March 2015 from 3,424 in the previous year. In fact, as per industry experts, this astonishing number is only set to rise and is projected to at least grow exponentially to a minimum of 20,000 units by 2020. Given these figures, it is awesome that manufacturers have been able to keep up with the burgeoning demand at all.

Make in India

Staying on the same question, many superbike manufacturers are planning to make or assemble their superbikes in India to keep up with the rising sales.It is a well-known fact that India levies a lower rate of tax on locally assembled automobiles as against those imported as completely finished products.

Not surprisingly, some luxury cars became cheaper by as much as Rs. 30 lakh when the manufacturer start assembling the automobiles in India. Latest in this line is Tata Motors, as they have begun assembling their Jaguar Range Rover Evoque in the country, bringing down the vehicle's price by up to Rs. 20 lakh to Rs. 48.73 lakh.

When it comes to superbikes, American market leading brand Harley-Davidson along with their British bike manufacturing contemporary Triumph and the Japanese brand Kawasaki have already begun assembling many of their models at their local factories in India. Very likely that other brands are also hard at work on similar plans, to set up factories in order to assemble their superbikes locally and avail the cost saving.

Owning a Superbike

As compared to a super car, more superbike owners can logistically take their beauties for a spin now and then, if not more regularly. Before you do that, however, it is very essential that you get an appropriate, high value premium bike insurance for the machine.

Other than purchasing a bike insurance being mandatory by the law, do worry for the bike itself. A superbike needs super protection, for incidents can strike as and when they want to. And also, no standard bike insurance will adequately cover for your superbike.

Remember the thumb rule that the greater the IDV, higher the premium? Well, it definitely holds true in this case. So, expect the bike insurance premium quote of any superbike to be substantially higher than a regular bike. How high did you ask?

Difference in Premium: Superbike versus Regular Bike

Let’s take a decent example. Suppose your brother bought a Bajaj Discover 100cc in February 2011 and never filed a claim (so he gets to use his No Claim Bonus discount) all these years. You too bought a bike, nah, a superbike—BMW Cr 1200 (1170 CC) — at the same time and registered it at the same time, same location and also never filed a single claim.

Given that all other factors are the same including the No Claim Bonus of 45 percent for the two bikes, he pays a premium of around Rs. 800; while you, simply by the virtue of owning a superbike, have to shell out a whopping Rs. 7,600. Almost ten times the bike insurance premium of a standard bike.

But then you didn’t want standard ever, did you?

Just like you treat it to select oils and gas, remember to enquire with an insurance service provider for specialist bikes to get the tailor-made bike insurance policy required by a high-end baby like this.

Premium Insurance for Your Superbikes

When you are looking around, do shop for a reasonable insurance premium quote and also a bike insurance service provider with the required amount of expertise and depth of knowledge necessary for a superbike such as one of your dreams.

Or else you may end up being overcharged regarding insurance premium, especially for a cover that eventually lets you down. So remember to—

  • Check that the high-end bike insurance plan is tailor-made for the make and model of your choice of bike. Many of these exclusive bike insurance plans are underwritten on a personal, case to case basis. Negotiate for a good deal. Never forget to read the fine print discussing the range of mileage plans, liability protections, and both proposed amount or suggested value exotic car insurance protection.
  • Shop around to compare and get competitive quotes in the market. Before signing the documents and paying the premium, be sure that you have zeroed in on the best value bike insurance in the market and with a well-known insurance provider. In this manner, you ensure that you get a great quote for your beauty that, while saving you money, offers adequate coverage. There may be very few options in this specialist insurance provider category as it is.
  • Select a feasible level of deductible. Having a higher than market level deductible is one way you can lower the bike insurance premium. But remember not to aim to low, or you risk getting less coverage than you require.
  • Avail of privilege discounts such as No Claim Bonus, based on your driving record, wherever possible and save some money.
  • Secure any other discounts on your superbike insurance that you are eligible for. Shop around, compare and learn about any other discount that you are entitled to. Ask for it.
  • Secure your premium superbike through multiple policy ownership as standard comprehensive policy may just not offer enough coverage. A wise one to opt for is the Zero Depreciation Cover, a must for most high-end vehicles.

Everybody dreams of a superbike; few have the privilege to own them.

You are one of those lucky few. Enjoy them, and while you are at it protect them as best as possible.

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Neha Gadoo
Written by Neha Gadoo
Daring and Bold, Neha loves philosophy, trekking and walking bare feet in the rain. Loves talking and can stare out of a car window for hours continuously.