Our pick of the best motorcycle insurance – Forbes Advisor Australia – fiod quesquers

Our pick of the best motorcycle insurance – Forbes Advisor Australia

There are many motorcycle insurance providers and policies on the market and it can be difficult to know how to wade through them to find the one that would be best for you. That's why we've compiled the list above, helping you see key features of a range of different policies that all rank well for Australians.

But there are many more things you can consider. The following explains what you may want to look for when shopping and when reading the Product Disclosure Statements (PDS) of various policies.

Cover for theft and damage

Cover for theft and damage is a key feature of a comprehensive motorcycle insurance policy, as these events are unfortunately common occurrences. When looking at policies, you need to find out if you'll be covered if your bike is stolen or damaged – whether by weather or accident.

Some policies include cover for accidental loss and damage, including due to weather events such as hail, storm, flood and fire, as well as collisions and accidents. They may also cover attempted theft, malicious damage and vandalism depending on the policy.

As always, policies will have restrictions on what can and cannot be covered, including exceptions where they will not accept claims even if one of the above circumstances has occurred. To know what covers you, it is important to read the product disclosure statement (PDS) of the policy.

Theft and damage cover also usually includes any damage caused by the use of your motorcycle. The industry standard is $20 million in liability, but some policies we reviewed had higher limits. For example, CGU's liability coverage was up to $30 million.

Along with the motorcycle itself, you'll also want cover for theft and damage to your riding equipment on your policy if it's stolen or damaged in an accident. Sometimes this is an optional add-on to the policy rather than being included in the standard policy.

Typically, policies will have sub-limits for individual items and protective equipment, as well as an overall limit for each claim. Also, some policies may only cover your riding equipment due to accidents and not theft.

Roadside assistance

If you break down on the side of the road, you will need help. Roadside assistance is a common feature of car insurance, but unfortunately not as common with motorcycle policies.

While some policies offer roadside assistance as standard in their policy, others will make you pay an additional premium to include it. Some policies don't offer roadside assistance at all, which Forbes Advisor Australia then ranks lower because of this lack of an important feature.

Care after an accident

Getting into an accident is a daunting enough experience, and your motorcycle insurance provider should offer optimal post-accident care so you can rest assured that you won't be left without transport or accommodation costs if you're away from home.

Policies usually offer rental cars for a specified period of days or up to a maximum amount of compensation – although this varies from policy to policy. Some may be for seven days, while others may be up to 21 days or until the motorcycle is repaired.

Other options for post-accident care include emergency transport from the scene of the accident to accommodation or your own home. Some policies will cover accommodation in the event of loss of damage that occurs more than a certain distance from home (such as 100 km), up to a certain value such as $1000, for example.

Emergency repairs with post-accident care are also often offered, with most policies covering the reasonable cost of emergency repairs to make your motorcycle roadworthy again and safe to reach your destination or home.

No Claim Bonuses

No claims bonus is a great feature of motorcycle insurance as it provides a discount on your overall premium.

Often this renews every year (or the length of your policy) and the discount will increase if you have made no claims during that period. If you never make a claim, your no-claims bonus will continue to increase until you reach the maximum discount the insurer offers—which can vary between 20%-60%.

Additional discounts

Insurance isn't cheaper, so it's always worth shopping around for any extra discounts you might find. It is difficult to find an average price for a range of policies and considerations such as no-claims bonuses, age of motorcycle and motorcycle model. Some providers also take into account the location where your bike is stored (such as the suburbs), whether it is garaged overnight, how long you have had the bike licence, the average annual kilometers and what you mainly use the bike for.

However, Forbes Advisor Australia has done some research on some of our top motorcycle insurance policies above and found through various quotes that the average cost can vary between $150 and $1500 per year depending on the above factors.

To find additional discounts, you can consider taking out a motorcycle insurance policy with an insurance provider you already have a policy with if they offer a multi-policy discount. If you own more than one motorcycle or have a partner or other family member with one, it may also be worth insuring them together to get a multi-vehicle discount.

Finally, it's always worth looking online for special offers and discount codes. Some vendors will offer online discounts, while others will offer you discounts if you are part of certain motorcycle associations.

Remember: the cheapest policy is not always the best. It's important to make sure your policy has everything you need to stay protected on the road, even if it means paying a little more.

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