What is a Bike Deposit Cover policy?

If your motorcycle is under finance and you happen to have the unfortunate experience of it being stolen or damaged beyond economical repair in an accident, you will want to be able to replace your motorcycle. This will probably leave you in a position where you will need to raise a deposit to secure finance for the new motorcycle.

Our Deposit Cover policy for bikes will ease this burden by paying you a percentage of the sum your bike is insured for to put towards the deposit of a new motorcycle.

What are the benefits of a bike Deposit Cover policy?

  • The policy premiums are debited from your nominated bank account monthly, so no big upfront payments are required.
  • The policy can be cancelled immediately if you sell the motorcycle or trade it in.
  • A percentage of the sum your bike is insured for will be paid out if your motorcycle is damaged beyond economical repair, stolen or hi-jacked.

What are the conditions of a bike Deposit Cover policy?

  • If the motorcycle is being used for racing and driving instruction for reward, it will not be covered.
  • If the motorcycle is carrying more weight than for which it was designed, it will not be covered.
  • The policy does not cover for any damage to the motorcycle from whatever cause.