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The system probably doesn't have a fuse because there's no battery. In the slightly larger model, the Gilera 124 bike, there's a battery w a fuse. For mine, it might be wise to add a fuse to the taillight, since fuses are cheaper than lights. Actually a resettable circuit breaker would be even better, but I don't know if they make one small enough for this system.
Lamps rarely fail shorted, There probably is a fuseable link on the output of the generator. That's just a piece of lower guage wire.
Something weird happened. e.g. stuck points. So, it might be reasonable to inspect the points.
the OP said:
The blown light was a 6v 5/15w (5w taillight, 15w brake light), although the system really calls for a 3/15w. Do you think the slightly different spec was a reason for it to blow?
Attached is a picture of the blown light. Also attached is the bike's "lighting set" page, and also the full manual in case I'm not giving you all the info.
The importance is the 15 W and 6V for the brake light, The tail light is immaterial.
These guys, get, light, ballast, fuse out of one part, so they saved some money.
So, there really are two generators, one being a higher voltage for the coil and one to operate the lights except the brake light. Somewhat unfortunately, the lamp might blow on braking and thus a safety hazard.
I'll trow out the idea of a "second LED brake light", so you always have a brake light.
The brake light turns on, when the brake light switch "OPENS", so it's "protecting" under low RPM conditions. Meaning limiting the current and acting as a fuse.
Always carry tools to open the light and some spare lights.
I just got confused when you said the bulb was an 1157. The 1157 is a 12 V lamp.
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I think any other light could be replaced with LED's , BUT you will have to buy, test suitability and modify them. For the #194 scenero, Add a diode, two resistors and re-arrange the string AND/OR change the direction of 1/2 the LEDs. It's a possibility, nonetheless.
When starting, the brakes are not applied, so there is no ballast, which again, makes a lot of sense.