When the word “super” or “sports” is attached to the word “bikes”, you instantly imagine a speeding, bulky bike with a blurred background. A superbike does imply speed, agility and aesthetic appeal. However, there is risk attached with riding such a bike and therefore, there is a need for insurance. In fact, buying bike insurance for sportbike or super bike is even more important because of the very factors that make these bikes so appealing, that is speed and aesthetics.

Bike/Two-Wheeler Insurance For Superbike or Sports Bike - Acko

In this article, we have discussed how you can insure a superbike, why its insurance policy is so expensive and lastly which superbikes are currently dominating the market. Read on to know more:

What Is a Super bike Or Sports Bike?:

Superbike or Sports Bike are two-wheelers that are tuned to perform at higher speeds. They usually have an engine capacity of more than 600cc. With an emphasis on braking, acceleration, and aesthetic appeal, these are bikes that compromise on fuel economy and comfort as compared to other types of bikes. Sports Bikes are much more expensive than regular bikes. Because of this fact, the fee of sportbike insurance cover is also high.

Bike Insurance For Sportbike Or Sports Bike:

Superbikes do not offer protection to the rider, in actuality the chances of an accident increase because of high speeds that a superbike can reach. Moreover, such bikes are not fully insulated from mishaps like theft, or damage due to a natural calamity, or due to vandalism. Thus, buying a bike insurance policy with enhanced coverage becomes imperative if you own a superbike. 

For Example:

  • Consider two friends Mr A and Mr B have two-wheelers. They live in the same area.
  • Mr A owns a superbike while Mr B owns a normal street bike.
  • Both the bikes got damaged due to heavy floods in the area and the owners had to claim insurance.
  • The claim amount in case of the superbike was more as compared to Mr B’s two-wheeler. 
  • If Mr A had not bought a bike insurance policy for his superbike, he would have to bear the cost of repairing it from his pocket.

Inclusions Of Sport Bike Insurance?:

Getting a Comprehensive Superbike insurance cover is the most beneficial in terms of safeguarding the bike financially against any mishaps related to the bike. This type of insurance provides adequate coverage when bought after understanding the policy terms in detail. A Comprehensive bike insurance policy will offer the following coverages:

1. Third-party Liabilities

Buying a Third-party Liability cover is mandatory by law. The Motor Vehicles Act, 1988 cites buying insurance as a prerequisite for buying a sports bike in India. With this type of coverage, you can pay compensation to any third-party i.e. a person involved in a mishap related to your bike. Usually, a third party has suffered either physical or property damage.  The extent of compensation for damage depends upon the type of damage suffered by the third party. The amount of compensation can be much more and the owner of the insured bike may not be able to pay it from his/her pocket. Thus, buying a third-party insurance cover is mandatory. 

2. Own Damage Protection

The cost of repairing or replacing the parts of a superbike is much more as compared to a normal two-wheeler. If this bike gets damaged in an unfortunate event, the insurance company will bear the cost of repairing or replacing the bike parts. This will be as per the terms and conditions of the insurance policy. The policyholder may not have to shell out a lot of money to get the bike in top condition.

3. Personal Accident Cover

This is similar to a health insurance cover for the owner/rider of the insured sports bike. The difference is that a Personal accident cover compensates the policyholder in case of death or permanent disability. The coverage offered in these cases is Rs. 15 Lakh. 

4. The Choice To Opt For Add-ons

A number of useful additional coverages are available with a Comprehensive Bike Insurance policy. Add-ons like Zero Depreciation, Roadside Assistance, Engine Protect, Pillion Rider Cover, NCB Protect, etc. can be bought along with this policy. Each Add-on should be chosen keeping in mind its usefulness as per individual requirements.

5. Coverage For Legal Liabilities

An accident can give rise to a lot of legal complexities that may cause inconvenience to the policyholder. A Third party bike insurance policy can take care of such liabilities. Legal advice can be arranged for by the insurance company under this type of bike insurance policy.

6. Theft

A Comprehensive Bike insurance policy will cover the policyholder financially against the theft of a bike. The owner needs to declare one parameter called “Insured Declared Value” (IDV) of the bike while buying the insurance policy. In case of theft, the owner will be compensated with an amount approximately equal to the IDV of the bike.

7. Natural And Man-made Calamities

The cost of repairing the bike that is damaged due to a natural or man-made calamity is also covered under a Comprehensive Bike insurance policy. Natural Calamities include floods, earthquakes, landslides, etc. whereas man-made calamities are vandalism, riots, bandh, etc.

Sports Bike or SuperBike Insurance Price:

Everyone knows that superbikes are expensive. Since their cost is high, the cost of insuring such a bike is also high. Here are a few things about the price of insurance for superbikes:

  • Buying an expensive superbike will increase the cost of insurance. This is because an insurance policy depends upon the approximate current market price of the bike. Remember that more the cost of a bike, more will be the cost of buying its insurance policy.
  • Superbikes need insurance. If you are of the opinion that only the basic Third-party (TP) Liability cover will be enough for your bike, then you may have to reconsider, because the TP policy does not offer insurance for your bike. If it gets damaged, you will have to bear the cost of repairs from your pocket.

Why Is Sports Bike Insurance Expensive?

A sports bike insurance policy can be expensive because of the following reasons:

  • As mentioned earlier, the cost of insurance for a superbike depends upon the cost of the bike. 
  • The Insured Declared Value of the bike is a major parameter for deciding the insurance premium.
  • A superbike might come with accessories. Additional accessories increase the cost of bike insurance.
  • One of the factors that is considered while deciding the premium of a superbike is the displacement or the cubic capacity of the engine. Since superbikes have engines of 600cc or higher, the cost of insurance may increase.

Add-on Coverages for Sports Bike Insurance Coverage should I get?

The following Add-ons will be very helpful for your sportbike:

1. Zero Depreciation Sport Bike Add-on

Every vehicle suffers depreciation i.e. reduction in the monetary value, with each passing year. In case a claim is raised by the policyholder for Own Damage, then the insurance company will deduct a considerable chunk from the claim amount under depreciation. This can be a loss for the policyholder. Instead, if he/she has bought the Zero Depreciation Add-on, the insurance company will not deduct depreciation from the claim amount. Depending upon the terms of the insurance company the Zero Depreciation Add-on can be available for purchase for bikes that are under the age of 5 years.

2. Accessories Superbike Add-on

The owner of a superbike may be interested in adding various accessories to the bike. These accessories can be expensive and could result in a loss if they get damaged in an unfortunate incident related to the bike. The Accessories Add-on will help the insurance company provide a financial protection against damage to the additional accessories of the bike.

3. Engine Protect

Since the Engine is an important part of any vehicle, it should be covered under the Engine Protect Add-on, especially a superbike. Any damage to the engine is not covered in a basic bike insurance policy. Thus, consider getting the Engine Protect Add-on.

4. Key Protect

Under this Add-on the insurance company will offer to bear the cost of repair or replacement of the keys to your superbike. Since the keys and locks of a superbike are technologically advanced these days, they have become expensive and getting this coverage will be fruitful.

5. NCB Protection

No Claim Bonus (NCB) is a discount for not raising a claim during a policy period. The chances of claims are higher when it comes to superbikes. NCB protection Add-on will ensure that your NCB discount will not drop to zero even if you raise a claim.

Why Insure Your Sports Bike with ACKO?

Consider insuring your sportbike with Acko due to the following reasons:

1. Online Two-wheeler Insurance

Acko General Insurance is a digital insurance company. It means that most of the services offered are through digital platforms. You can buy/renew your bike insurance online. Additionally, you can raise a claim online, this can reduce the time for claim processing as compared to traditional insurance companies.

2. Hassle-free Claims

Acko ensures that from the moment you raise a claim till the time your bike gets repaired and dropped to your doorstep, you do not have to worry about how or when your claim will get settled. You can relax and get the claim amount in your bank account within a few days.

3. Zero Paperwork

One of the biggest advantages of being a digital insurance company is that you do not have to submit a hardcopy of the required documents. Acko strives hard to save the environment as well!

Also, read: Difference Between Fuel Injection and Carburetor in Bikes

How Can I Get Cheaper Sports Bike Insurance?

It is possible to reduce the cost of your bike insurance policy by following the below-mentioned tips:

  1. Opt for online bike insurance.
  2. Declare the right IDV.
  3. Consider installing a certified anti-theft device.
  4. Become a member of the Automobile Association of India.
  5. Install less number of accessories.
  6. Drive Safely and make use of NCB discount.
  7. Regularly renew your bike insurance policy.

Popular Types of Sport Bikes in India:

Here is a list of different types of sport bikes in India. This list is a mix of foreign and Indian brands:

  1. Suzuki GSX-R600
  2. Yamaha YZF R15 V3
  3. Kawasaki Ninja 300
  4. BMW S1000RR
  5. Apache 200 4V
  6. FZS-FI V3
  7. Honda CBR600RR
  8. Yamaha YZF-R6
  9. Suzuki GSX-R750
  10. Kawasaki Ninja ZX-6R

Frequently Asked Questions:

How to calculate the IDV for a Sportbike?

To calculate the IDV of a sports bike simply take a look at the current market price of the model. It should be manufactured in the same year and should be a similar variant. You can then set the IDV approximately equal to the price of the model you compared your sportbike with.

Why should I renew my bike insurance policy in time?

Renewing a bike insurance policy in time will help you with availing discounts like NCB (if applicable). This discount can go up to 50% on the premium of your bike. But it can drop to zero if you do not renew your bike insurance policy within 90 days of expiry.

What is a network garage and why is it important for an insurance company to have a large network of garages?

A network garage is nothing but a repair workshop that has a tie-up with the insurance company. It is important for an insurance company to have a large network of garages because you can avail cashless claims if you get your bike repaired at a network garage. A large number of network garages would mean that you have easy access to this type of garage.

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