How to save on Motorcycle Insurance

While you may not know where to start, there are several ways you can save on motorcycle insurance with Budget Direct. Understanding how each factor affects the cost of your policy will help you choose how you want to minimise costs for your motorcycle.

If there are a number of riders listed on the same policy, then Budget Direct will still have to assess how much risk is associated with each rider. It’s important to note that household members are also excluded from cover unless they are listed on the policy.

If there is a rider under the age of 25 then they’ll typically pose a higher risk due to their age and inexperience. In this case, you can restrict your policy to riders who are over 25 years old to save on the insurance premium.

The excess is the amount you pay towards an at-fault claim and depending on the value of your motorcycle, you may be able to increase your basic excess in return for a lower premium.

However, this also means that you’ll need to pay a higher excess if you do need to make a claim and you should weigh up all the pros and cons before deciding.

Depending on the circumstances of the incident that led to your claim, you may have to pay more than one excess: your Basic Excess plus any additional excesses that apply if the rider:

• is less than 21 years of age (the additional excess costs $600)
• is 21 to 24 years of age (the additional excess costs $500)
• has not held a full or open Australian motorcycle licence for 2 or more years (the additional excess costs $500)
• is not listed on your insurance certificate (the additional excess costs $600).

When purchasing comprehensive motorcycle insurance, you can choose between one or more of our four optional extras, including cover for riding gear, a hire car following an accident, your choice of repairer and reducing your windshield excess to only $40.

While opting for benefits that you want may not necessarily lower the cost of your insurance, they will help protect your motorcycle should the unforeseen happen.

Please check the Product Disclosure Statement for more information.

As an included benefit of comprehensive motorcycle insurance, personal effects covers up to $500 worth of damage to repair or replace covered personal items. Keep in mind that this only applies if we’re paying a claim for loss or damage to your motorcycle and those personal items were being worn or stored in a locked compartment of the motorcycle at the time of the incident.

Related FAQ: Are personal items covered by Motorcycle Insurance?

While you can choose how you pay your premium, by paying annually instead of in monthly instalments, you’ll pay a lower premium and avoid instalment processing fees. While this option may not be suitable for all insurance customers, it may be worth it to those who can afford a one-off payment.

By parking your motorcycle in a secure garage you are not only reducing the amount of risk to your motorcycle (accidents, damage, and theft) but you’re also likely to be reducing your premium.

Also, if your motorcycle has security features like an alarm make sure that this is added to your policy.

If you’re interested in saving on motorcycle insurance consider using our tips to ensure that you’re only paying for the coverage that you need.

Find a level of cover that suits you and save 15%^{^} on your first year’s premium for a new motorcycle policy purchased online.