Bike Insurance is a very challenging task, especially if it is for a Sports Bike, also known as Super Bike like Ducati, KTM, etc.
A friend of mine recently gifted his youngest son a Royal Enfield Himalayan. We all suggested our friend’s son to get his sports bike insured as it requires protection against any damage caused in an unforeseen incident. The premium amount for such bikes is comparatively high, but it is worth it as a huge amount has been invested for such a bike.
With that in mind, here are some of the different kind of coverages that you should consider getting for your sports bike.
- Protection against Personal Injury
This policy provides coverage against lost wages, medical expenses, and other damages in case the insured rider was to meet with a bike accident. Sports bikes add to a rider’s adrenaline rush, but speed [even if regulated] comes with its own risk. Insuring the rider with a personal injury cover is important to avoid, financial risk in the face of an accident-related injury.
- Liability Cover
This cover is divided in two parts, i.e. Bodily Injury and Property Damage. This type of insurance is mandatory for all bikes and other motor vehicles. In the event of your bike hitting a third person or their property on the road, this cover helps you pay for the damages. Just remember that such cases are decided by the Motor Accident claims tribunal in your area of jurisdiction.
- Comprehensive and Collision Insurance Policy
It’s is the most common coverages for all types of bikes. But it is more beneficial for sports bike riders. This coverage pays to repair or replace your sports bike if it’s damaged due to man-made or natural disasters or if the sports bike is stolen or completely destroyed in a fire.
There’s an important caveat thought. The accident shouldn’t have been caused when you were over-speeding, using the bike for something it shouldn’t have been used for [like racing], drunk driving or riding without a valid license.
- Specific Parts and Equipment Coverage
Again, this type of insurance is also unique and created for bikes only. If you wish to cover specific parts and equipment of your sports bike, then along with Comprehensive policy you are required to purchase additional policy by paying additional premium.
Apart from abovementioned insurance policies, it advisable to buy an extensive, add on, customized coverage along with it. This is because sports bikes require exclusive bike insurance policies in order to provide adequate coverage as compared to standard policy for normal bikes.
Here are some add-on covers for your sports bike:
- Zero- Depreciation Add on
It is also known as Nil depreciation add on and it is one of the most popular for all types of vehicles. It is important, especially for sports bike insurance, as it is an additional benefit which acts as a significant hole in the blanket of the standard bike insurance coverage provided. This add-on provides full claim without any deductions of depreciation of your sports bike.
- Engine Protector
Sports bikes are often expensive and have a powerful engine. But doesn’t protect your bikes engine from getting damaged in case of water logging or oil leakage. Repairing for such damages can cause a major hole in your pocket, especially when these damages are not covered in a regular comprehensive bike insurance policy. So your best two wheeler insurance should have an engine protector too.
- Guest Passenger Liability Coverage
This type of policy is unique and mainly meant for Bikes. It insures the body injuries suffered by the pillion rider during any unforeseen incidents. This is also known as Pillion Rider Add-on.
Thus, when you are looking best two wheeler insurance for your sports bike, make sure that you opt for a policy which quotes reasonable premium amount. Hence, in order to avoid being over charged ensure that insurance plan is custom-made as per the model of your bike, compare and obtain competitive quotes, choose a reasonable amount of deductible, avail discounts and protect your bike by opting for add-ons along with standard policy.