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Reasons Why Your Sports Bike Insurance Plan is Costly

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As we all know, a bike insurance plan offers coverage to the insured vehicle against various risks such as damage, theft, water ingestion, injury to the rider, etc. The claim amount you get is equal to the cost of repairing the bike after an accident or replacing it if lost or damaged beyond repair. The insurance company takes on a large risk when it insures your vehicle. When the vehicle is expensive, like a sports bike, the level of risk goes up. This is exactly why the insurance provider charges a higher premium when insuring a sports bike. Read on to know more.

Reasons why a sports bike insurance plan is expensive?

Here are the top reasons that make the insurance coverage expensive:

1. The value of the bike:

As mentioned above, a sports bike is very expensive. In many cases, it is an imported vehicle as well. These factors make the sports bike a very costly vehicle. The insurance company takes on substantial risk when it covers your vehicle. So, you are asked to pay a higher premium amount to cover the risks associated with getting your bike covered.

2. The expensive spare parts:

Just like the bike itself, the spare parts of the vehicle are also very important and required to be repaired or replaced if there is any damage. However, the spare parts of a sports bike are expensive and changing them costs a lot of money. Since your insurance provider will have to pay for all the repairs during a claim, they charge a higher premium keeping in mind the high cost of the bike’s spare parts and accessories as well.

3. More risk of theft:

A sports bike is visually attractive. Apart from the original design is stylish, many riders add extra accessories to their sports bikes, thereby making them all the more attractive. This makes the bike more prone to theft. Hence, considering this as another risk, the bike insurance providers hike the premium rates of the plans that cover sports bikes.

Now that you know why your motor insurance provider charges a high premium to cover the sports bike that you have, you can go ahead and get a good plan that would appropriately cover your valuable and expensive sports bike.

Tips to reduce the sports bike insurance premium:

If you have a sports bike and you need to ensure it, you should look to lower the insurance premium. Here are some tips on how that can be achieved:

1. Compare:

The easiest way to save money on bike insurance is by comparing. You can go online and compare the various bike insurance plans. Once you do that, you can see the results side-by-side and then choose the policy that offers the highest coverage at the most economical rate. Do not buy the very first plan that you come across, rather compare and find a better alternative.

2. Install safety devices:

When you have safety gadgets, such as anti-theft devices installed in your sports bike, your insurance provider feels the risk is lower. This is why they reduce the bike insurance premium. The devices not only keep your bike safe and protected from miscreants but also offer monetary support by helping to lower the bike insurance premium.

3. Get long term insurance:

The long term insurance plans offer continuous coverage of two or three years. You don't have to pay the premium every year, and this helps to get protection from inflation. As a result, you get to save a lot of money towards your insurance premium costs.

4. Buy online:

Online bike insurance plans are cheaper than offline bike insurance plans. This is mainly because the online plans are bought directly from the insurance company and you don't need to pay any brokerage amount. This makes the cost of your insurance plan less.

5. Join an automobile association:

Members of registered automobile associations in India enjoy many benefits, one of them being getting motor insurance discounts. If you have already joined such an association, make sure you get the discount you deserve.

Money management is very important. This is why you should look for ways in which you can reduce your bike insurance premium.

Conclusion

As you can see from the points mentioned above, there are some very logical reasons why a motor insurance company charges a higher premium when you seek coverage for your sports bike. You need to get the best and the most comprehensive bike insurance plan for your expensive sports bike. Cover it well, so that if there is any damage or loss, you can take care of it without too many hassles. Also, renew the policy on time and don't allow it to lapse, as having continuous and uninterrupted bike insurance coverage is extremely important.

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

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