It was a pleasure to attend the Historic Motorcycle Club of Queensland’s branch meeting in early July to discuss safety issues affecting motorcyclists.
Whenever I attend these kinds of meetings, my main objective is to talk about the things that motorcyclists can (and really should) do now (i.e. before an accident happens) to protect themselves against potential consequences of a crash.
This may sound obvious but my most important message for people is to buy more insurance! When it comes to motorcycling enthusiasts, they generally have insurance that protects the bike, but they don’t do enough to protect themselves (and their income). The reality is that motorcyclists are in a vulnerable position – if they crash, they are at an increased risk of suffering significant injuries. This could mean being forced to take time off work; often many months (or more)
Depending on the required treatment, and the urgency, medical bills can pile up and without income it soon becomes difficult to pay for normal and injury related expenses.
The answer for some people may be to access income protection insurance through their super. One difficulty might be though, that if insurance was set up many years ago, the available monthly payment may no longer be sufficient to cover your current income and expenses. The other problem with income protection through super is that it only lasts for 2 years.
So, for people with a dangerous hobby (and I suggest motorcycling is dangerous) it may be worthwhile looking into buying income protection outside super. Its expensive but highly beneficial if you cannot return to work for an extended time period. The cost can be brought down by opting for a longer waiting period.
Another option is purchasing a personal accident and sickness policy, which can also provide regular monthly payments, as well as a lump sum payment. However, these are important differences between these products, so it is worthwhile seeking advice before you go buy. Generally speaking, a personal accident and sickness policy is cheaper, but the coverage it provides is not as comprehensive as offered under income protection insurance.
If you know anyone on insurance policies, please get in touch.
