Why is Sport Bike Insurance So Expensive?
Strong, sturdy, and robust, sports bikes are stylish and promise a power-packed performance. The thrill of riding these high-speed two-wheelers with heavy engines is unparalleled. Sports bikes are typically categorised as performance bikes comprising acceleration, speed, cornering, and braking abilities. While they come with a hefty price tag, sports bikes do not offer the fuel economy that commuter bikes do. Moreover, the insurance premiums of sports bikes are typically higher. Let us understand the factors responsible for the high sports bike insurance costs.Why Are Bike Insurance Rates Higher Than Regular Bikes?
Insurance companies consider various factors while determining bike insurance prices. The price of the vehicle and the performance category it falls under are among the critical factors they consider. Sports bikes have a high engine capacity that ranges from 600 to 1000 cubic capacity (cc). Moreover, these bikes with complex structures and customisation abilities are made up of expensive parts that are not easy to find. Thus, if a sports bike gets damaged, the costs of replacing or repairing bike parts could be high. Therefore, insurers have little choice but to levy higher two-wheeler insurance rates while deciding the premiums for sports bikes.Other Factors Affecting Sports Bike Insurance Rates
Insurers also consider several other additional factors while determining sports motorbike insurance prices. They include the following.
- Bike features
Insurers generally determine the premium for sports bike insurance after assessing features like the age, model, engine’s CC, etc. They also consider the bike’s year of manufacturing, fuel type, miles covered, and modifications done while deciding the bike insurance rates. However, insurers may reduce your premium amount if you install safety features on the bike.
- Insurance type and coverage
The type of insurance policy you choose also determines the premiums you need to pay. If you opt for a third-party insurance plan that provides basic coverage against third-party liabilities, your premiums will be low. However, the premiums will be higher if you choose a comprehensive policy that provides maximum coverage against vehicle damage, loss, theft, etc.
- Modifications and customisations
Most sports bike owners prefer beautifying, modifying, or customising their sports bikes and giving them a personal touch. These modifications can affect insurance premiums. Your premiums increase with every additional accessory you install. If these accessories are damaged in an accident, the insurer must bear the high repair costs of the same. This is another reason why two-wheeler insurance rates for sports bikes are high.
- Additional riders
Insurance companies give you the option to add a variety of additional riders. These riders are not part of the insurance plan and must be purchased separately. Examples of additional riders include a return to invoice cover, roadside assistance cover, engine protection cover, zero depreciation cover, etc. Your premium increases with every rider you buy.Importance of Bike Insurance
Two-wheeler insurance is an investment that protects your legal and financial liabilities. It reduces out-of-pocket expenses and covers you against accidents, vehicle damage, theft, and more. By investing in insurance, you can comply with the law and secure your mental peace during stressful roadside incidents. So, buy your bike insurance plan today.Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.