Comprehensive Sports Bike Insurance: Vital Add-Ons to Strengthen Your Coverage

Posted on: Apr 2, 2024 | 3 mins | Written by: HDFC ERGO Team

Comprehensive Sports Bike Insurance: Vital Add-Ons to Strengthen Your Coverage

Sports bikes could be your one true love. They are surely expensive and hence you might want to protect them from any possible damage, right? So, whenever you think of insurance for your beloved sports bike, there are a few essential bike insurance add-ons you should consider. Some popular add-ons for sports bike insurance include zero depreciation cover, engine protection cover, roadside assistance cover, and personal accident cover. But which one of these do you need and why? Let’s understand in detail.

Top 5 reasons why you should opt for an “extra” coverage for your sports bike

If you own a sports bike, you're probably well aware of the thrill and excitement that comes with riding it. However, along with the exhilaration, there also comes a higher risk of accidents and damage. This is why it is crucial to have comprehensive bike insurance coverage. While a comprehensive policy provides a good level of protection, obtaining an extra cover for your sports bike can offer even more benefits.

1. Enhanced financial protection

While comprehensive bike insurance covers damages to your bike in the event of an accident, it may not provide coverage for all types of damages. By obtaining an extra cover, you can ensure that your bike is protected against a wider range of risks. This can include protection against natural calamities, theft, vandalism, and more.

Why: Thus, with enhanced financial protection, you can have peace of mind knowing that you have coverage for a variety of potential risks.

2. Personal accident cover

Riding a sports bike can be thrilling, but it also comes with inherent risks. Two-wheeler accidents accounted for 44% of all fatalities on Indian roads in 2022¹ and many pedestrians were injured.

Thus, in the unfortunate event of an accident, a personal accident cover can provide financial protection for you as the owner-rider. This cover can offer compensation for medical expenses, disability, or even loss of life.

Why: By obtaining this extra cover, you can safeguard yourself and your loved ones against the financial consequences of an accident. However, that does not mean you can drive rashly. Safety comes first!

3. Zero depreciation cover

As your sports bike ages, its value depreciates. In the event of a claim, your insurance company will calculate the depreciation and provide compensation accordingly.

Why: However, with a zero depreciation cover, you can receive full reimbursement for the bike's value without factoring in depreciation. This can be particularly beneficial if your bike is relatively new or has high market value.

4. Emergency assistance

Breakdowns and mechanical failures can occur unexpectedly, leaving you stuck on the side of the road. With an extra cover for roadside assistance, you can have access to services like emergency repairs, towing, and even arranging for alternative transportation.

Why: This can be a lifesaver, especially if you ride your sports bike frequently or on long-distance trips.

5. No claim bonus protection

No claim bonus (NCB) is a reward system offered by insurance companies for not making any claims during the policy term. It can lead to significant discounts on your premium during policy renewal. However, if you make a claim, your NCB may be affected.

Why: By obtaining a no-claim bonus protection cover, you can ensure that your NCB remains intact even if you make a claim. This can help you save on your premium in the long run.

Essential add-on covers for your sports bike insurance

Sports bikes are much more than just vehicles. They are often a passion and a lifestyle statement for their owners. These high-performance machines require special care and attention, and it is important to have the right kind of insurance to protect them. Listed below are some of the essential add-on covers for your sports bike insurance policy.

1. Zero depreciation cover

This is a non-negotiable add-on with your luxury sports bike! A zero depreciation cover is an important add-on that you should consider for your sports bike insurance policy. With this cover, you can avoid the depreciation factor that is typically deducted from the claim amount.

How does it help?

It allows you to claim the full value of the parts that need to be repaired or replaced, without any depreciation charges that could otherwise reduce the claim amount.

2. Engine and gear-box protection cover

The engine is the heart of any vehicle, and it can be quite expensive to repair or replace if it gets damaged. It can cover damages caused by waterlogging, floods, or any other unforeseen events that can harm the engine.

How does it help?

An engine protection cover ensures complete financial protection for the engine and its components which is otherwise not provided.

3. Emergency assistance cover

A sports bike is made to be ridden, and long journeys are a part of the sports bike experience. However, breakdowns and accidents can happen at any time during a ride, leaving you stranded on the road.

How does it help?

Roadside assistance cover can provide help in such emergencies and can include services like fuel delivery, battery jump-starts, towing, and even providing basic repairs on site.

4. Personal accident cover

Accidents can cause injuries to the rider, and these injuries can require expensive medical treatments and rehabilitation.

How does it help?

Personal accident cover protects the rider by providing financial aid in case of accidental injuries, permanent or partial disability, and even death.

Also, the Motor Vehicles Act has mandated a minimum personal accident coverage of Rs 15 lakhs² for the owner-rider. So, it is legally mandatory as well. However, the PA cover can be taken separately or bundled along with your sports bike insurance plan as well!

5. No-Claim Bonus Protection Cover

A no-claim bonus (NCB) is a discount offered by insurance companies for customers who don’t make any claims in a specified period.

How does it help?

A no-claim bonus protection cover ensures that you can retain the NCB discount even if you make two claims³ in one year. By doing so, you can save substantially on your next insurance premium.

6. Accessories cover

A sports bike comes with a wide range of accessories and customizations. However, these accessories can be quite expensive to replace in case of damage or theft.

How does it help?

An accessories cover can provide coverage for all the accessories and modifications that you have added to your sports bike and can help you avoid the hassle of replacing them.

Conclusion

When purchasing insurance for sports bikes, it is essential to consider bike insurance add ons covers such as zero depreciation, engine protection, roadside assistance, personal accident, no-claim bonus protection, and accessories cover to ensure comprehensive coverage and peace of mind.

Disclaimer The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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