The weather is getting colder and you realize it’s time to take your motorcycle off the road for the winter. However, if it’s in storage, should you continue to pay for Motorcycle Insurance? The answer depends somewhat on the type of coverage you currently have on your Motorcycle Insurance policy. The answer is probably yes, though.
Basic Motorcycle Insurance
Let’s say you only have your state’s minimum required Liability Insurance coverage on your Motorcycle Insurance policy. That means you’re only covered for damages and injuries to the other party if you’re in an accident that you caused, up to your policy’s limits. If you’re at fault for the collision, you will have to pay for any of your own injuries or damages yourself. That’s why many motorcyclists choose to add Comprehensive and Collision coverage to their Motorcycle Insurance policy.
If you only carry basic Liability Insurance coverage, it may not make sense to have Motorcycle Insurance while you’re bike is stored. However, be sure to see reason 2 below before making your decision.
Collision and Comprehensive Coverage
Collision and/or Comprehensive coverage are commonly added to Motorcycle Insurance policies for better financial protection. When you carry Collision coverage, it pays for any repairs or replacement costs required by your bike after a collision, regardless of fault and up to your policy limits. However, you will need to pay your deductible first.
Comprehensive coverage pays for any non-collision mishaps that could occur. This includes theft, vandalism or damage caused by weather elements. Keep in mind, you’ll also need to pay your deductible before any claims are paid out. Essentially, carrying Comprehensive coverage on your policy protects your motorcycle from theft and damages while it’s in storage. That’s why it’s important to have this coverage while your bike is being stored.
Can I Lower My Motorcycle Insurance Rate In Winter?
To lower your Motorcycle Insurance rate during the winter, you can choose to drop Collision coverage. You may also want to reduce your Liability Insurance coverage if you are carrying more than the state minimum. Liability Insurance and Collision coverage generally only cover your motorcycle if you’re in a collision, but you won’t be riding your motorcycle while it’s in storage. So, it’s most important to have Comprehensive coverage during this time. Just remember to increase your Liability Insurance limits and add Collision coverage back onto your policy before you take your motorcycle out of storage to ride.
If you’re still not convinced that you need Motorcycle Insurance year-round, consider these 5 reasons:
1. Storage Doesn’t Mean Safe and Sound
A lot can happen to a motorcycle while it’s in storage. Theft, vandalism and fire can strike at any time of year. In winter, there is more of a risk of storm damage. Collapsed roofs, water damage and ice dams are all common in cold weather. There are also unexpected things that could happen, like a runaway snowplow crashing into the garage your motorcycle is stored in. You never know, right?
2. Temptation Can Be a Powerful Thing
Depending on where you live, there might be a clear, sunny day after a long stormy season. So, what if you want to take your bike for a quick ride? That wouldn’t be a good idea without Motorcycle Insurance to cover you in case of an accident. You may unexpectedly come across a deceptively icy road, making it dangerous to ride on and get into a collision.
3. There May Be a Lay-Up Period
Many insurance companies realize that riders store their motorcycles during the winter. For that reason, some may offer lay-up periods that reduce coverage to a basic Motorcycle Insurance policy. During this period, your motorcycle will still be protected from theft and damage that may occur while your bike is in storage. You can see if your insurer offer a lay-up period by calling an Insurance Specialist at (855) 919-4247. Just remember that you will not be covered for a collision during a lay-up period.
4. Rate Reductions May Be Built-In
Similar to the reason above, there are other insurance companies that will simply reduce your premium during these months. This is because they know that you’ll be riding your bike less and are therefore at less of a risk of getting into an accident. In such cases, you’ll be covered at a reduced rate, but still protected on that sunny day when you just can’t resist going for a ride.
5. You Can Adjust for the Season
No two policies are alike. As mentioned before, you may be able to drop certain coverages on your policy during the winter months. Alternatively, you may be able to increase your deductible during the winter months to lower your monthly payments. If you choose either of these options, just be sure to reinstate your normal coverages, deductible and limits before you start riding again.
Speak with a Motorcycle Insurance Specialist
Are you unsure about what the best Motorcycle Insurance option is for you during the winter? That’s what our Insurance Specialists are here for! We can help you determine what coverage you need at a price that works for your budget. Our agents may even be able to find you additional discounts. Don’t forget to ask about bundles for a lower premium, too. If you’re simply curious to see if you can find a cheaper rate with a different carrier, give us a call for a free quote in minutes. Our number is (855) 919-4247. Or, you can go online for a free quote here.
The information in this article is obtained from various sources. This content is offered for educational purposes only and does not represent contractual agreements. It should not replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. The definitions, terms and coverage in a given policy may be different than those suggested here. Such policy will be governed by the language contained therein, and no warranty or appropriateness for a specific purpose is expressed or implied.
