Ooops, I had nt read the bit about not having wheels.
The legal minimum insurance (3rd party injury) is paid at time of vehicle registration, it wont matter where you come from as it is community rated across all vehicles of a certain type.
As long as the vehicle is regsitered you are insured against injuring someone else, I'm not sure about if you injure yourself or you cause the accident in VIC - but your employer must cover all medical expenses whilst you have a 457 visa. You'd better check with them that their insurance will also cover motorcycle accidents.
If you want to insure yourself against other claims - third party property or comprehensive insurance (damage to your vehicle as well) has to be bought, Yellow Pages and lots of quotes.
As an aside, be careful not to get to comfy as the Labor Govt. vowed to cancel the 457 scheme as part of its pledges about removing the past goverment's industrial relations policies.
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