Motorcycle enthusiasts who live in climates where riding in the winter months is unwise have a big decision to make nearly every year. As the crisp chill of winter settles in, they face the question of whether or not to keep their bikes insured during the off-season.
It’s a decision that balances financial considerations with protection for your prized possession. There are several benefits to maintaining motorcycle insurance status quo year-round, even if you’re not using your bike during certain months. These include:
- Continuous Protection: Keeping comprehensive and collision coverage ensures that your motorcycle is protected against various risks, including theft, vandalism, fire, and natural disasters, regardless of the season.
- Cost Savings Long-Term: Some insurers offer discounts for continuous coverage. Maintaining your policy year-round may result in lower premiums over time compared to canceling and reinstating coverage.
- Peace of Mind: Knowing that your motorcycle is insured provides peace of mind. You won’t have to worry about unexpected incidents or financial losses during the off-season.
Before you remove your motorcycle insurance while it’s not in use, let’s examine some important factors to consider.
Don’t dismiss comprehensive coverage
Many motorcycle insurance policies offer comprehensive coverage, which protects against damage not caused by a collision. This typically includes theft, vandalism, fire, and damage from natural disasters. Comprehensive coverage is optional but highly recommended, especially when your motorcycle is not in use. If your bike is stolen from your garage or damaged by a fallen tree during a winter storm, comprehensive insurance ensures you’re financially protected.
>> >> Recommendation: Consider the value of your motorcycle and the potential cost of repair or replacement in case of theft or damage. Comprehensive coverage often provides peace of mind at a relatively low cost.
Can you put your motorcycle insurance policy on pause?
If you’re not planning to use your motorcycle during the winter but want to avoid canceling your policy entirely, you might consider discussing a temporary suspension of coverage with your insurance provider. Some insurance companies offer the option to place your policy in a “suspended” or “inactive” state, allowing you to pause coverage without fully canceling it. When you’re ready to ride again, reinstating your coverage is usually straightforward, with no need to reapply or undergo a new underwriting process.
>> Recommendation: Not all insurers offer this option, so it’s important to check with your provider to see if it’s available. If a policy suspension is not an option, consider exploring other ways to reduce costs, such as adjusting your coverage limits or finding discounts for off-season storage.
Are you legally obligated to stay insured?
While liability insurance is mandatory for motorcycles in most states, comprehensive coverage is optional. However, if you have a loan on your motorcycle, your lender may require you to maintain comprehensive coverage until the loan is paid off. Even if you own your motorcycle outright, it’s wise to consider the potential financial impact of losing your bike to theft or damage during the winter. Canceling or reducing your insurance coverage could violate your loan terms and potentially lead to penalties or legal issues.
>> Recommendation: Review your loan agreement and state insurance requirements to ensure compliance. Even if comprehensive coverage isn’t legally required, it’s important to maintain it to protect your investment. If you’re thinking about reducing your coverage or placing your policy on pause, consult with your lender first to avoid breaching your loan terms. Non-compliance could lead to your lender purchasing forced insurance at a higher rate, which might not provide the same level of protection as your own policy.
How does the cost of not being insured compare to potential losses?
One of the primary reasons riders consider canceling insurance during the winter is to save money on premiums. While this may seem like a practical decision, the cost savings should be weighed against the risk of potential losses. Comprehensive coverage for motorcycles is often relatively affordable compared to collision coverage, making it a sensible investment for protecting your bike year-round.
>> Recommendation: Compare the cost of maintaining comprehensive coverage versus the potential cost of repairs or replacement due to winter-related incidents. Consider adjusting your coverage limits or deductibles during the off-season to potentially lower your premiums while still maintaining essential protection. And ask your insurance broker about seasonal policies or other flexible options that could save you money while still providing essential coverage over the winter.
What will it cost to reinstate coverage in the Spring?
Maintaining continuous insurance coverage, including comprehensive protection, can have long-term benefits beyond just protecting your motorcycle. Insurance companies often consider gaps in coverage when determining premiums, so canceling your policy and then reinstating it later could result in higher costs when you’re ready to ride again in the spring.
>> Recommendation: Some insurers offer discounts for continuous coverage. Maintaining your policy year-round could potentially save you money in the long run.
Storage Options
If you decide to store your motorcycle for the winter, consider taking additional steps to protect it, such as storing it in a secure location and using a motorcycle cover. Some insurers offer discounts for motorcycles kept in storage, further reducing the cost of maintaining coverage during the off-season.
>> Recommendation: Until you’re ready to ride again, disconnect the battery and consider using a fuel stabilizer to prevent varnish or gum deposits that can clog your bike’s fuel system when it’s left unused for extended periods, like during winter storage.
Let’s protect your passion all year round.
While canceling your motorcycle insurance during the winter may seem like a way to save money, it’s important to weigh the potential risks against the cost of comprehensive coverage. Protecting your bike from theft, vandalism, and other unforeseen events during the off-season can provide peace of mind and financial security. By making an informed decision based on your situation, you can ensure your motorcycle remains protected year-round.
If you have any questions about motorcycle or rider insurance, our team is here to help. Contact us directly to chat with one of our knowledgeable agents who can provide clear and straightforward answers to guide you through your options — our number is (833) 791-4719.
If you’re interested in a quick and accurate motorcycle insurance quote, we make the process smooth and easy. Reach out to us online to get started, and we’ll make sure you have all the information you need to make the best choice for your insurance needs.
And check out our recent blog on motorcycle safety tips for new owners.
