All Great Stuff Davo! now you're getting the gist!

Right, also know that there is NO Carnet requirement for ANY country in Latin America as well.


Couple quick things:
Most Police will not know or care if your Aussie reg is current or not.
Local Police do not handle Immigration (yet!) so as long as your entry Visa is current, you are all good. Forget that six month thing, that may only apply upon entry, once in ... local Police don't deal with immigration, as long as your Passport is valid, all OK to local Police.

That said, your Passport is by far your best I.D. Local Police in USA may not have ever even seen an International Driver's license ... push come to shove ... you own Aussie License with your Passport would be best I.D. In any case, most cops you meet will let you go as a "good will gesture" unless you've done something really blatant.
Be nice, smile ... be a tourist ... they'll let you go.

Right, travel insurance. Good move. But you will also need Auto insurance for your bike in most countries and you should have it even if not required. Will it pay if you need it? Who Knows, but since it's 3rd party, it would mostly pay the '"other" guy.

And as you correctly state, it's mostly a "liability only" type insurance in most countries.
(3rd party only). Hard to get "Full Cover" in Latin America on a bike. So, don't get your bike Nicked! With that KTM I can see thieves going to great lengths to try and steal it! HIGHLY Desirable BIKE! (and why i ride a bike worth about $2500! )