Motorcycle insurance in Victoria will protect your bike if you're the type of rider who can be found cruising through Victoria’s back roads every weekend on a custom Ducati.
Or maybe you’re a Melbourne commuter whose second-hand Yamaha is your ticket to beating rush hour traffic.
Whatever your reasons for owning a bike, we’ll help you find the right policy that can safeguard you if someone steals your motorcycle in a Melbourne back alley, a hailstorm batters your pride and joy or you smash into someone’s fence when you misjudge a turn.
Compare types of motorcycle cover available in Victoria below.
Compulsory third party insurance (CTP) is automatically included in your rego but that only covers the other person’s medical bills if you cause an accident. That’s not enough to cover their property or yours. If you don’t want a massive bill for all of the other damage you could cause, you’ll need additional cover.
Here are some reasons why going without additional insurance is a bad idea:
Victoria leads the country in motorcycle thefts. Thieves took off with more than 2,000 motorcycles in Victoria in 2017 and 64% of those were never recovered. The right insurance will pay for a replacement if someone steals your baby.
A large majority of crashes are single-vehicle accidents. If you cause the crash, you won’t be covered for anything that happens to your motorcycle unless you have comprehensive motorcycle insurance.
Damaging someone’s property can be really expensive. If you only rely on your CTP, you might find yourself in a jam if you damage someone’s car or their property. Imagine smashing into a brand new Mercedes!
What should I consider when getting motorcycle insurance in VIC?
Victoria is Australia's second largest state. The large population means your insurance premiums will be higher than less populated areas of the country. Nevertheless, there are a few things you should take into account when getting motorcycle insurance in Victoria:
Victoria leads the country in motorcycle thefts. Thieves took off with more than 2,000 motorcycles in Victoria in 2017 and 64% of those were never recovered. The right insurance will pay for a replacement if someone steals your baby.
Where and when do you ride? In such a huge state, where and when you ride your bike can make a huge difference. For instance, do you ride often at night, in high-traffic conditions in the city, or on roads with poor visibility? If you find yourself in situations where accidents are more common, something higher than CTP can protect you from a range of expensive accidents – from damaging someone else's car, to being hit by someone without insurance to damaging your own bike.
Weather. A lot of areas in Victoria can have very temperamental weather. If you live in Melbourne for instance, you need to be prepared for four seasons in a day. This can be difficult at times when you own a motorbike. It only takes one hail-storm or one time you forget to cover your bike, and you could be looking at expensive damage.
How expensive is your bike? If you have an expensive bike or you still owe a decent chunk of change on it, it's worth considering a comprehensive policy that will cover damage to your bike in almost any situation – including damage you do to it yourself.
Where do you park your bike? Do you park your bike on a busy street in the centre of Melbourne's CBD or in a secure garage in Geelong? Where you leave your bike can affect your premium. If you're not in a secure garage or if you find yourself in high-crime areas often, you should consider at least third-party fire and theft insurance cover.
What types of motorcycle cover are available in VIC?
Unlike in other states, compulsory third party insurance (CTP) is included in your registration fee in Victoria. Nevertheless, you probably want more cover than this. You can choose from three additional types of insurance that give you increasing levels of protection.
The table below tells you what each of these policies typically covers.
Feature
Comprehensive
Third party fire and theft
Third party property damage
You damage someone's property
An uninsured motorist damages your motorcycle and it was their fault
Someone steals your motorcycle
Fire damages or destroys your motorcycle
You damage yowq wadur motorcycle in an accident you cause
Your motorcycle is damaged by vandalism, storm, hail, flood or earthquake
How much will motorcycle insurance cost me in VIC?
The cost of motorcycle insurance differs from person to person, bike to bike and policy to policy. It really boils down to how much of a risk the insurer thinks they’re taking to insure you. Here are all of the variables your insurer will look at when working out your risk and calculating your premiums:
Your age. Younger riders typically pay more for insurance since they are more likely to cause an accident.
The size of your motorcycle's engine. More powerful bikes usually attract higher premiums than less powerful ones.
Your driving record and claims history. Insurers will usually charge you more if you have strikes on your driving record (car or motorcycle) or if you’ve made a lot of claims in the past.
Where you keep your bike. If you live in a high-crime area, you will usually pay more for insurance than if you live somewhere safer. But you can usually bring your premium down if you lock your bike in a garage regardless of where you live.
How much you ride. You can usually pay less for your insurance if you ride less. Insurers will generally ask you how many kilometers you usually clock in a year when you apply and use that in their calculations. If an investigation turns up that you do much more than this, any claims you make could be in danger, even if they are legitimate.
Your safety credentials. Some insurers might reward you with lower premiums if you complete a rider safety course.
Any discounts you can get your hands on. Many insurers will offer discounts including loyalty discounts, new customer discounts and discounts for owning multiple policies with them (such as motorcycle, home and business insurance).
What are some exclusions I should be aware of in VIC?
Insurance protects you in a large number of situations but there are certain times when the insurer can deny your claim. These are called exclusions.
Here are some of the most common, but be sure to read your insurer’s policy documents in detail for a full rundown of their exclusions:
You were having a track day. Most normal motorcycle insurance policies will not cover you for track days. For that, you will need a seperate policy and you’ll have to go to a speciality insurer for it.
You were riding recklessly. You won’t be covered if you were found to be street racing, doing burnouts, carrying too many passengers or engaging in any other reckless behaviour.
You were engaged in illegal activities. You won’t be covered if you were riding under the influence of drugs or alcohol or if you were in the process of other illegal activities like transporting drugs, fleeing the police or driving without a licence.
You claimed for storm, flood or bushfire too soon. Most policies will make you wait a few days after buying your policy before you can claim for these specific events except if you were transferring directly over from a similar policy or you bought the bike on the same day you bought the policy.
The damage was caused by someone who didn’t have your permission to ride the bike and you didn’t report it stolen. If you have theft cover, you are only covered if you report it to the police. If your cousin steals it and you decide not to press charges, your insurer can deny your claim related to any damage.
You’ve made non-recommended modifications or used non-recommended fluids. If you make modifications or add accessories that aren’t recommended by the manufacturer, your insurer can deny your claim. The same goes for using non-recommended fuel, oil, lubricants or other fluids.
You don’t take care of the bike. Your insurer can deny your claim if you improperly fit fuel and oil caps to the motorcycle, or if the damage was caused by escaping liquids (unless it was the result of an accident immediately before the liquid started escaping).
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Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
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