Our Pick Of The Best Motorcycle Insurance

In order to compile the above list, Forbes Advisor Australia reviewed and analysed a wide range of comprehensive motorcycle insurance policies (rather than third-party or fire and theft policies for motorcycles).

We researched 15 different factors to compare between all of the policies, which then helped us determine the official star ranking as seen above.

The features and details of each motorbike insurance policy we compared were:

• How the bike is insured: whether it is agreed value or market value, or if customers can choose between the two;
• Hire car: if a hire car is available should the motorbike be unrideable due to an accident or theft;
• Weather cover: are you covered if the bike is stolen, damaged by weather or damaged accidentally?;
• Damage cover: how much coverage is available for any damage caused by the use of your motorcycle;
• Riding gear cover: if there is any cover available for damaged or stolen gear, including any item limits;
• Choice of repairer: Can the motorcyclist choose their own repairer, or do they have to choose one of the provider’s preferred choices? Is it offered as an add-on, if not in the standard policy?;
• Roadside assistance: whether or not free roadside assistance is included in the policy and if not, if it can be included in the policy as an add-on;
• After accident care: if your motorbike is stolen or is unrideable following an accident, will the insurer pay for transport costs for you and your passengers to your address? Additionally, will they pay for emergency accommodation if necessary?
• New for old wheels: whether or not the insurer will offer a new motorbike after a total loss of the initial motorbike should it be under a certain age; this could look like new wheels for motorcycles under two years;
• No claims bonus: does the insurer offer a no claims bonus, where your premium is lessened if you do not make claims in the time you are insured with them;
• Making claims: how easy is it to make a claim if you need to? Is there a 24/7 claims service, and can you make claims online?
• Exclusions: Any events that aren’t covered under claims, which could possibly be circumstances such as mechanical failure, depreciation, intentional damage, or driving under the influence;
• Discounts: whether or not the provider offers discounts for a variety of reasons, such as taking out a policy online; loyalty discounts; multi-policy discounts; discounts on excess if not at fault; discounts on months you’re not using your motorcycle; and more;
• Product review rating: The average rating from Australia’s leading consumer review website from existing and previous policy holders;
• Customer service: What customer service capabilities are offered, whether live-chat, specific claims lines, and weekend availability.

After carefully reviewing these 15 factors and their own weightings, Forbes Advisor Australia independently gave each motorbike insurance policy a star ranking as seen above.

About Star Rankings

You will note that we have included a star rating next to each product or provider. This rating was determined by the editorial team once all of the data points above were considered, and the pros and cons of each product attribute was reviewed. The star rating is solely the view of Forbes Advisor editorial staff. Commercial partners or advertisers have no bearing on the star rating or their inclusion on this list. Star ratings are only one factor to be considered, and Forbes Advisor encourages you to seek independent advice from an authorised financial adviser in relation to your own financial circumstances and investments before you decide to choose a particular financial product or service.

The above rankings were all for comprehensive motorcycle insurance policies, but those aren’t the only ones on the market. There are three main types of motorcycle insurance, which are all very similar to car insurance policies.

Related: Our Pick Of The Best Comprehensive Car Insurance Providers In 2023

Comprehensive Motorcycle Insurance

Comprehensive motorcycle insurance policies are what we have ranked above, as it is the best choice if you want full protection. It’s the only motorcycle insurance policy that covers you for damage and theft to your own bike as well as other people’s vehicles and property.

Third Party, Fire and Theft Motorcycle Insurance

Third-party motorbike insurance is a cheaper option, which covers damage to other people’s vehicles and property, but not your own. However, many third-party motorbike insurance providers will often allow you to add fire and theft protection for your own bike at an additional premium.

Compulsory Third Party Motorcycle Insurance

If you choose not to take out an insurance policy like those listed above, you will still need to take out compulsory third party insurance (CTP), which is the cheapest option. This is mandatory on Australian roads and covers people injured by your bike due to an accident.

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

But there’s still a lot more you can consider. The following explains what you may want to look for when shopping around, and when reading through the product disclosure statements (PDS) of different policies.

Theft and Damage Cover

Theft and damage cover is a key feature of a comprehensive motorcycle insurance policy, as these events are unfortunately common occurrences. When looking at policies, you should find out whether you’ll be covered if your bike is stolen or damaged—whether by the weather or accidentally.

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

As always, policies will have limits to what can and cannot be covered, including exclusions for when they will not accept claims even if one of the above circumstances has occurred. To know what you’re covered for, it’s essential to read the policy’s product disclosure statement (PDS).

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

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

Commonly, policies will have sub-limits for individual items and protective gear, as well as a total limit for any one claim. Additionally, some policies may only cover your riding gear due to accidents rather than for theft.

Roadside Assistance

If you break down on the side of the road, you’re going to want some help. Roadside assistance is a common feature for car insurance, however, it’s unfortunately not as common in motorcycle policies.

While some policies offer roadside assistance as a 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 ranked lower due to this lack of an important feature.

After Accident Care

Being in an accident is a daunting enough experience, and your motorcycle insurance provider should offer optimal after-accident care so that you can be reassured you won’t be stuck without transportation or accommodation costs if far away from home.

Commonly, policies offer hire cars for a certain period of days or up to a maximum benefit amount—though this ranges from each policy to policy. Some may be for seven days, while others can be up to 21 days or until the motorcycle is repaired.

Other after-accident care options include emergency transportation from the site of the incident to either accommodation or your own home. Some policies will cover accommodation for an incident of loss of damage that occurs more than a certain distance from home (such as 100km), up to a certain value like $1000, for example.

Emergency repairs are also often offered with after accident care, with most policies covering reasonable costs for the emergency repairs to make your motorcycle roadworthy again and safe to get to your destination or home.

No Claims Bonuses

A no claims bonus is a great feature of motorbike insurance, as it provides a discount off your comprehensive premium.

Often, this is renewed each year (or the length of your policy) and the discount will increase if you have not made any claims in that period. If you never make a claim, your no claims bonus will continue to increase until you reach the maximum discount that the insurer offers—which can range between 20%-60%.

Further Discounts

Insurance isn’t cheaper, so it’s always worth shopping around for further discounts that you may be able to find. It’s hard to find an average cost across a range of policies, and considerations such as no claims bonuses, age of the bike and motorcycle model. Some providers also consider the location your motorbike is kept in (such as the suburb), whether it’s in a garage overnight, how long you’ve had your motorcycle licence for, your average annual kilometres and what you predominantly use the bike for.

However, Forbes Advisor Australia did some research of some of our leading motorcycle insurance policies above and found through a variety of quotes that the average cost can range anywhere between $150 to $1500 annually depending on the above factors.

To find further discounts, you may 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 in order to receive a multi-vehicle discount.

Lastly, it’s always worth looking around online for special deals and discount codes. Some providers will offer online discounts, while others will offer you discounts if you are part of certain motorcycle associations.

Remember: The cheapest policy isn’t always the best. It’s important to make sure your policy has everything you need in order to stay protected on the road, even if it means paying slightly more.