Motorcycle storage insurance in general is referring to the
winter months when your motorcycle is not being driven. Insurance companies are always evolving and some no longer offer
comprehensive only policies. Learn more about storage insurance and some alternate options for those winter months when you are not riding your motorcycle.
Put Motorcycle in Storage
The term storage insurance is common enough that any insurance agent will know what you are referring to; however, insurance companies use the terms comprehensive or other than collision. If you are looking at multiple months of not riding your motorcycle, notify your insurance agent your bike will be in storage. Removing all coverage aside from comprehensive is considered putting your storage insurance. The comprehensive coverage protects your bike against theft, fire, and storm damage.
Reducing your motorcycle insurance to comprehensive only was the traditional way to handle motorcycle insurance over the winter months. Insurance companies found that leads to more shopping and loss of revenue. More and more companies are getting away from comprehensive only coverage on motorcycles, but it is still possible to find.
Reduce Coverage over Winter Months
Some insurance carriers do not allow storage insurance on seasonal toys because the lay off period is built into the premium. A built in reduced premium does extend some benefits to you but it may feel expensive paying for full coverage over the off season.
Some lenders require full coverage all year. Having your motorcycle insured with a company that offers a built in layup rate is probably the best deal for you. Plus, every time the weather changes your motorcycle will be ready to ride.
If you are required to carry full coverage on your motorcycle but are not riding it for a period of time, you can request to raise your deductibles and lower your limits of liability. The probability of a loss while you are not riding the bike is minimal, making the risk low for you to ever actually pay the deductible. Anytime you raise your deductibles and lower your limits of liability your premium will go down, helping you to get the cheapest motorcycle insurance possible. It is important to remember to switch your coverage back once it is time to ride again.
Cancel Motorcycle Policy
Another option is to cancel your policy altogether over the winter months. This alternative is only recommended if you ride your bike with liability coverage only. If you are not protecting your bike against physical damage while you are riding, then you probably won't need to worry about it while its stored.
A slight chance of needing liability is possible even while your motorcycle is parked. For example, if your bike falls on someone, liability insurance would cover a potential law suit. If you do decide to cancel your motorcycle policy, be sure to have your bike in a secured location at all times.
Motorcycle insurance is an important part of being a bike owner. Taking coverage on and off your motorcycle does create potential risk for not having the proper coverage applied when it is needed. Always verify your changes by reviewing your declarations page. Set reminders up for yourself to make sure anytime coverage is removed or reduced it is added back on before you go for a ride.
When you put your motorcycle up for the winter, do not forget about your motorcycle insurance policy. Motorcycle storage insurance is a great way to cut costs and still protect your prize procession. If your insurance carrier does not offer storage insurance, it is not necessarily a bad thing. Other options are available to you such as reducing coverage or cancelling your policy altogether.
