Scooterotica

That looks like it had a ''crackerjack'' paint job..

''Its' Friday....it's five to five''....

I'd use a cure-rust type product, Lashings of ACF-50 and finish off with Ankor Wax, Like Chris (Bristol Mod) has already said- that's pretty s**t for a 5 year old machine, obviously Piaggio don't want it to last beyond the warranty

It's not even like it's at the budget end of the spectrum these days though. I'm sure we've all seen Volkswagen and Mercedes vans, which you pay top-dollar for, around 3 or 4 years old with rusty patches and staining in the paintwork. I actually haven't seen one that doesn't.

I have used this on my series land rover with good results http://www.fertan.co.uk/

Hammerite is pretty effective over surface rust like that.
Waxoyl still works, still messy.

I would be happy with a double coat of anchor wax , it's good for a year , I've used on a number of scooters also on vespa that looked similar to yours , it does what it says on the tin, seals and protects and prevents further rusting and its easy to put on.
Held my series 1 together for the last 10 years!

After a good beating with the wire brush and emery cloth I painted it all in Kurust. I then covered it in Hammerite, followed by stone chip followed by top coat on the bits that show. I'll let it all dry and then drown it and the internal spaces in ACF50. It ain't pretty but it should last a good while.