Bike Loans Australia :: News
SHARE

Share this news item!

What the New Insurance Code Could Mean for Riders

Why cover should be part of your finance checklist

What the New Insurance Code Could Mean for Riders?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Australia’s general insurance sector is moving towards a significant consumer-protection update, with the Insurance Council of Australia expecting a two-year transition for its redrafted General Insurance Code of Practice.
The draft code, released for public feedback in late June 2026, is designed to become enforceable through insurance contracts once it clears the required approval steps.

For motorbike buyers, this is not just an insurance story. It matters because insurance can be a major part of the real cost of getting on the road, particularly when a rider is arranging secured motorbike finance. Many lenders want the bike protected for the life of the loan, so the quality of the cover, claims process and insurer communication can affect a rider’s financial confidence as much as the advertised interest rate.

The proposed changes include stronger expectations around claims handling, clearer standards for expert reports, better support for vulnerable customers and automatic acceptance of some home and motor claims when a decision has not been made after 12 months, subject to exceptions. If implemented well, those measures could make the claims process less confusing for riders dealing with theft, accident damage or complex repair assessments.

The update also reflects a broader shift in financial services: customers increasingly expect transparency, speed and accountability. That is especially relevant for younger riders, first-time borrowers and applicants with mixed credit histories, who may already feel they are navigating a lot of fine print across loans, insurance, registration, protective gear and ongoing running costs.

However, riders should treat the draft code as a developing change rather than an instant fix. Consumer advocates have already raised concerns about whether some protections are strong enough, particularly for people experiencing vulnerability. The consultation process remains important, and the final version may differ from the current draft.

The practical takeaway is simple: do not separate the bike price from the total ownership cost. Before signing a loan contract, compare the repayment, insurance premium, excess, policy exclusions and likely claim requirements together. A cheaper monthly loan can still feel expensive if the insurance excess is high or if the policy leaves gaps around modifications, accessories or rider use.

It is also worth modelling repayments with realistic insurance and running-cost assumptions before committing. As insurance standards evolve, informed riders will be in the best position to choose finance and cover that work together, rather than discovering the true cost after the bike is already in the garage.

Published:Tuesday, 30th Jun 2026
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Rate this article

0 Comments

No comments yet. Be the first to share your thoughts.

Finance News

What July’s Rate Pause Means for Motorbike Loan Shoppers
What July’s Rate Pause Means for Motorbike Loan Shoppers
07 Jul 2026: Paige Estritori
Australian borrowers have entered July 2026 with a little more breathing space, after the Reserve Bank of Australia left the cash rate unchanged at 4.35 per cent at its 16 June meeting. Money.com.au’s latest July lending update indicates variable home loan rates have remained broadly steady, with some lenders still advertising rates below 6 per cent for eligible mortgage borrowers. - read more
What the New Insurance Code Could Mean for Riders
What the New Insurance Code Could Mean for Riders
30 Jun 2026: Paige Estritori
Australia’s general insurance sector is moving towards a significant consumer-protection update, with the Insurance Council of Australia expecting a two-year transition for its redrafted General Insurance Code of Practice. The draft code, released for public feedback in late June 2026, is designed to become enforceable through insurance contracts once it clears the required approval steps. - read more
Exclusive Ride-Away Deals on CFMOTO's 450 Range
Exclusive Ride-Away Deals on CFMOTO's 450 Range
16 Jun 2026: Paige Estritori
CFMOTO Australia has launched its 'Ride Forward Sale,' presenting enticing ride-away pricing across its 450cc range. This promotion is available until June 30, 2026, or while stocks last, offering an excellent opportunity for riders to acquire LAMS-approved motorcycles at competitive prices. - read more


Bike Loans Articles

Quick Guide to Bike Maintenance Basics: Essential Tips for Australian Motorcycle Buyers
Quick Guide to Bike Maintenance Basics: Essential Tips for Australian Motorcycle Buyers
There’s nothing quite like the excitement and sense of freedom that comes with owning a motorcycle. Hitting the open road, feeling the wind rush past you, and experiencing the thrill of two wheels is truly unmatched. - read more
How Save Money When Buying a Motorbike
How Save Money When Buying a Motorbike
An informed buyer is a savvy buyer, especially when it comes to navigating the vibrant motorbike market of Australia. With a wide array of choices, from sleek sports bikes to rugged off-roaders, understanding the marketplace is crucial for anyone considering a two-wheeled investment. - read more
Avoiding Online Bike Buying Scams: What Every Aussie Should Know
Avoiding Online Bike Buying Scams: What Every Aussie Should Know
With the advent of technology, purchasing a motorcycle online has become an increasingly popular choice for Australians looking to hit the open road. Online bike marketplaces are booming, providing riders with unparalleled access to a broad array of options right from their digital devices. Convenience is at the forefront of this digital revolution; you can now browse, compare, and research bikes from the comfort of your home. - read more


START HERE
Get a free bike loan eligibility assessment and compare offers tailored specifically to your circumstances.

START HERE.

Loan Amount:
Postcode:

All quotes are provided obligation-free by a participating broker from our national referral partner network. We respect your Privacy.


Knowledgebase
Monetary Policy:
The actions of a central bank or other regulatory authority that determine the size and rate of growth of the money supply.