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  • Writer's pictureAmanda Bird

All You Need to Know about Motorcycle Insurance in 5 Tips

Updated: Nov 24, 2021

You’re not getting on one of those bloody death traps!” is probably what someone might say to you about buying a motorcycle. They may look absolutely chockers on you—especially with the right leather jacket and helmet—but to others, a motorbike is an accident waiting to happen. That’s why certain Gold Coast insurance brokers offer motorcycle owners coverage to protect their most important assets: their lives and their sweet, sweet rides.

It may seem uncommon to get motorcycle insurance since motorcycles are a niche product. There are few that offer it, and probably because you want to live life on the edge. But whether you’ve been a motorcycle owner for quite some time or are new at riding a motorbike, it’s always a better idea to be prepared. Here’s all you need to know about motorcycle insurance in six tips!

Motorcycle Insurance Is Required

By law, Australians are required to get a policy. It’s nothing earth-shaking, really, just your typical Compulsory Third Party (CTP) insurance. This is a basic policy that covers your medical bills in case you get into an accident and injure another person. However, CTPs don’t have vehicle coverage, so getting repairs will be an extra expense on your end.

There Are a Variety of Insurance Policies

Aside from your CTP, you can purchase other plans such as:

  • Third-Party Property (TPP) – TPPs shoulder damage done to another person’s property and legal fees if you go to court. Your vehicular damages are not covered, though.

  • Third-Party, Fire, and Theft (TPFT) – TPFTs cover everything a TPP does, including your damage to, fire, or theft of your bike.

  • Comprehensive (C) – This policy is the most expensive because it covers any damage to your and others’ vehicles as well as the other potential costs mentioned above. This plan also covers severe weather, vandalism, and other personal belongings damaged in the event of an accident.

Insurance Coverage Is Affected by Several Factors

Depending on the kind of bike you have, its condition, and your age, your policy will vary from others. Factors for consideration by Gold Coast insurance brokers include your bike’s value (the more expensive, the higher the policy cost), age (insurance is more expensive the younger you are), and how often you ride (more road time means higher costs and vice versa).

Not All Your Belongings Are Covered

Riders carry other items on their person, such as clothes, a phone, a bag, and other equipment they need throughout the day. Depending on your insurance coverage, your personal items may or may not be protected by your policy.

To get this out of the way, those with Comprehensive policies have little to worry about because even their personal items are protected. TPFTs, TPPs, and CTPs partially or don’t even shoulder damage costs to your personal belongings, especially if they were stored in the motorcycle’s item compartment.

You Save on Insurance Costs by Being More Secure

Keeping your motorcycle in the garage instead of parked out in the street lessens the risk of it being stolen or vandalised. This makes a huge difference in the final analysis of your premium. Be sure to mention this information when consulting about motor insurance on the Gold Coast. That extra security for your motorbike means a few extra dollars saved!

Closing Thoughts

It’s better to be a safe motorcycle rider than a sorry motorcycle rider. Aside from getting physical protection with helmets, pads, and a jacket, apply these tips and get added coverage for your peace of mind. It will protect your most valuable assets: your life and your ride!

Getting started on motorcycle insurance can be quite tricky since there’s a lot to discuss. Why not talk things over with professionals by setting a meeting with us! We’re one of the few reputable Gold Coast insurance brokers that offer the right policies for your needs.

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