When it comes to sports bikes, it’s challenging to think of anything cheap! These beasts are optimized for maximum speed and performance. High-end bikes come with expensive parts and are more susceptible to theft. Naturally, you need to shell out a higher premium. However, this does not necessarily mean that you need to just pour your money. To give you a rough idea, sports bikes that are less than 750 ccs are the cheapest to insure. These bikes are also less likely to be stolen or damaged.
If you happen to own a sports bike, it would be logical to consult a reputed insurance specialist such as Surex. In the process, you can get the most feasible motorcycle insurance quotes in Canada and make significant savings on your premiums.
What Are Sport Bikes And Why Do They Attract High Premiums?
Simply put, a sports bike is a motorcycle that is optimized for enhanced braking, acceleration, speed, and performance. This optimization can be achieved through a calculated combination of engine location, the position of the rider, and some other heavy components. All these factors ensure the rigidity of the chassis and the structural integrity of the bike. They determine the behavior of the machine under different braking and acceleration scenarios.
Sports bikes often get damaged in accidents. Besides, they are also susceptible to theft and are associated with the highest level of fatality and accident rates among all the categories. All these factors hike the cost of sports bike insurance.
Since these motorcycles are expensive, any sort of damage will involve significant repair costs. Therefore, the insurance policies available for ordinary bikes would not provide adequate coverage to sports bikes. For better coverage, you need to invest in add-ons.
Cheapest Sport Bikes To Insure
Although sports bikes come with high insurance premiums, you may be interested in knowing the models that tag along relatively lower premiums. The Suzuki S40 might be just the bike you need. In fact, the premium for this particular bike can even be lower than ordinary auto insurance. The reason is that these bikes hardly get stolen or wrecked in accidents. Some of the other models in the ‘cheap’ category in terms of premiums are Kawasaki Ninja 650, Suzuki DL650, and Suzuki SV650.
You also have some middle-range bikes, namely Gixxer and the R6 models. On the other hand, Kawi ZX-6R, Yamaha R1 and R6, and Honda CBR will demand higher premiums. A good sports bike can easily attract a premium of $1,000 a year.
What Type Of Insurance Would You Need For Your Sports Bike?
Primarily, you must have third-party liability insurance for damage and bodily injuries. Next, the coverage for collision and physical injury should be higher than ordinary bikes, given the intense damage potential of sports bikes. Besides, these bikes are expensive, so you need to get both minor and major damages covered through the collision and comprehensive insurance policies. It makes sense to have adequate coverage to manage the finances following an accident, particularly if it leads to surgeries or amputation of limbs.
Some owners of sports bikes also enjoy additional insurance for the pillion and zero depreciation by shelling out an extra premium. Have a look at some of the riders or add-ons that you can choose from:
Daily Cash Allowance
As a sports bike owner, you might be completely dependent on this vehicle for transportation on a daily basis. In case the bike suffers damage, you may have to leave it at the workshop for a few days. During this time, you would need cash for traveling through other modes of transportation. With this daily cash allowance, you can manage such expenses.
Zero Depreciation
Generally, the insurance companies provide financial assistance to bike owners after the latter shells out the initial amount. When the repair costs exceed a certain amount, the insurer will cover the difference, albeit ignoring the vehicle’s depreciation.
However, with a nil depreciation plan, you need to pay an additional amount. In return, you can claim the entire repair expenses. The logic is that these bikes are expensive, so even a minor accident may lead to significant repair expenses.
Coverage For Pillion Rider
It is imperative for both the driver and the person riding the pillion to have adequate coverage. Therefore, the insurance plan must include proper provisions to compensate for possible losses. In case of death or disability of a person, the expenses might be sky-high.
Since lots of sports bike owners carry pillions, it is logical to have coverage for the person in the rear seat. Reputable insurers provide different add-ons. Once you consult an insurance specialist, you will have a complete idea of how much to fork out.
Factors Influencing Sports Bike Insurance Premium
● The make and model of your sports bike largely influence the premium. The larger the engine, the more insurance premium you need to shell out.
● Your location and demographics would affect the insurance premiums. Owners residing in urban areas generally need to pay higher insurance premiums.
● Needless to say, the insurers would consider your driving record before deciding on the premium. The rates are likely to be lower if you have a clean record.
● The insurance rates also come down with age. Since younger drivers habitually break the rules, they are considered to be high-risk drivers. The insurance premiums tend to be lower for older people.
● Sports bike owners that have a healthy credit score can also enjoy lower premiums.
These are some common factors that influence insurance premiums for sport bikes. You need to have a thorough discussion with the insurer or the agent to get a specific quote.
End Note On Sport Bike Policy Coverage
Since sports bikes are already expensive to begin with, you need to significantly invest in insurance policies to protect your beautiful beast. However, there are several ways you can lower your premiums. Instead of wasting your money by being arbitrary with your choice, reach out to an insurance specialist such as Surex. Professional advice will save you lots of money on sports bike insurance premiums.
