Today motorists have a huge wealth of vehicles to choose from. The market is saturated with a vast range of types and variations, from large vans to supercars to classic motorcycles to name but a few. But arguably the fastest choice out of all of these options is the superbike. Designed for one single purpose; speed. These bikes are some of the fastest vehicles on our roads.
Naturally, getting insurance on a vehicle like this is relatively difficult, there are certain unique considerations to take into account. We have put together a comprehensive guide to superbike insurance, in which we explore the most important aspects of this type of policy and how to get the best premium.
Why are insurance premiums for superbikes more expensive?
Superbikes, by definition, are designed specifically for sport. They typically hold an engine within the 1000cc capacity bracket, which in its simplest explanation, makes them very quick. Motorbikes as fast as these are eligible to race in national and international competitions such as the British Superbike Championships. They are therefore not very common on the road, as only very experienced riders should consider riding them.
With this in mind, insurance premiums reflect the speed of a superbike. Superbikes are expensive machines and are not commonplace on UK roads. This makes them a particular target for thieves, and is reflected in the cost of the insurance cover.
Where can you get superbike insurance?
The speed that comes with a superbike and the increased risk of it being stolen means that you may find it difficult to find a mainstream insurer to insure you, especially when you take into consideration factors such as age, expected mileage, security and how often you intend on using the bike? It is not uncommon for insurers to see your application as too high a risk and therefore refusing you cover.
There are specific superbike insurance companies who specialise in this type of insurance who could help. You will need to do your research to find the right cover and price for you.
How to reduce the premium of superbike insurance
Despite the fact that superbikes may differ in many ways to their more generic motorcycle counterparts, the factors that influence their insurance premiums are essentially the same;
- The engine size
- The cost of the bike
- Who is riding?
- How often do you ride?
- Security – where do you keep the bike?
Of course as a superbike, the engine size is a difficult factor to change, but if you have the option to purchase a smaller or less powerful engine, then this will be reflected in the cost of your policy.
The cost of the bike
The same goes for the overall cost of the bike. The more expensive the superbike is, the more the insurer will have to pay out if it needs repairing or gets written off, so premiums tend to be higher and vice versa. This also extends to any modifications to the superbike.
If you are considering making any performance changes to the vehicle, you may want to consider that this will also affect your policy in either making it more of a risk on the road, or making it more appealing to any potential thieves.
Who is riding the bike?
Not only is your insurance premium affected by what you ride, it is also affected by who is riding it. Much like other motor insurance policies, adding a named rider to your coverage can help reduce its cost if the rider has a lot of experience on the road. If the rider is younger and less experienced, you could see the cost of your policy creep up.
How often do you ride?
You also need to consider how often the bike will be on the road. There are two primary influencers in this respect. The first is how the superbike is used. Will this be for social purposes or will you be using the bike to commute to a place of work each day? If you are using the bike for social purposes the premium may be less, compared to if you are using it to commute to a place of work each day.
Another consideration is the annual mileage you declare. Naturally, the higher the mileage, the more often you will be on the road, and the greater the risks. It is essential that both of these factors, like the rest of the information you provide to an insurer, is accurate and correct. If you make a claim and you have given false information, the insurer is at liberty to invalidate the claim and cancel your cover.
How secure is your superbike? Where you keep the bike overnight is a factor that will affect the cost of your policy premium. It would be easier for a bike to be stolen if it was parked on the road, rather than in a locked garage.
The same can be said for the physical features on the superbike itself. The more security features you have such as an immobiliser or an approved alarm, demonstrates to the insurer that your superbike is protected, this may be reflected in the cost of your premium.
The most important part of taking out an insurance policy for a superbike is to shop around. To find the best price take a look at the Be Wiser website.