The below costs are for comprehensive motorcycle insurance and are based on a fictional profile, your own costs will differ based on your personal circumstances and the model of your motorcycle.
Providers
Annual cost for $7,000 bike
Annual cost for $29,000 bike
NRMA
$646
$1,654
QBE
$555
$1,311
AAMI
$560
Cover not available
Swann
$453
$899
Budget Direct
$527
Cover not available
RACQ
Online quote not available
Online quote not available
We got attempted to get online quotes for each provider using the following profile:
Motorcycle valued at $7,000:
2022 Kawasaki Z400
400 cc
Kept in a garage
Private use only
Drives up to 8,000kms per year
Motorcycle valued at $29,000:
2023 BMW R 18 Transcontinental
1800 cc
Kept in a garage
Private use only
Drives up to 8,000kms per year
The driver was fully licensed 30 year old male with no claims and a clean driving history. We used a QLD based postcode: 4005.
What affects your motorcycle insurance premium?
Some factors that affect your premium are out of your control, but others can be managed. Here are a few points to consider if you want to reduce the price of your insurance:
The price of your bike. If your bike is newer or more expensive than the average, your premiums will be higher. As already stated, cities like Brisbane and the Gold Coast are more prone to theft, which means you might want to consider a cheaper flight.
The area you stay in. If you live in an area of Queensland where theft is more common, where cyclones are common, or live in remote are, your insurance premiums may be higher.
Multi-policy discount. Many of the insurance providers offer home and contents insurance, life insurance, car insurance and more. If you have more than one policy with the same insurer you can often get discounted premiums.
Age and experience. If you're an older rider with decades of riding experience your premiums will be lower than people in their early twenties who have just upgraded from their provisional, P-plate licences.
Make and model. These make a big difference to your premiums. If you're driving around on the latest, high-speed Japanese sports model, it could cost you more than a lower-powered bike built ten years ago.
How often you pay. Pay-by-the-month can be a bit more expensive than paying an entire year's premium up front.
How much you insure your ride for. If you choose an agreed value your premiums will rise over time, because the payout for your ride is going to be the same if it is written off. In contrast, choosing market value will mean that your premium will be lower over time.
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Willam Eve is the country manager for Finder's Canada operations. He has previously held the positions of group publisher of insurance for Finder Australia and lead publisher for the Finder global team. William has a Bachelor of Communications from the University of Technology Sydney, Australia. He loves the challenge of launching Finder into new markets while helping grow Finder’s global team.
VIC riders have plenty of motorcycle insurance options to fit their riding style and to protect them from theft, property damage, natural disasters and more.
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