When you first bought that car, you were probably mainly concerned about how it looked and how much you had to pay each month. However, if you want to keep driving your new ride, you need to understand the importance of car insurance. There are a lot of options out there, which is why I decided to make a website about auto insurance policies. As a car enthusiast, I currently own 21 cars, and I could tell you horror stories about people who decided not to worry about insurance. If you want to protect your investment and your personal wealth, auto insurance is something that you need to have. I made this website to teach others about auto insurance, so that you can make a great choice.
Canada is well known for its cold weather, so chances are pretty good you will only be riding your motorcycle a few months out of the year. Since theft or disaster can strike at any time, maintaining insurance on your bike will protect your asset in case something happens to it while it is in storage. At the same time, though, it seems silly to spend a lot of money on something you most likely won't use. Here are a couple of options for insuring your motorcycle while it's in storage.
Switch to Winter Storage Insurance
You may be tempted to cancel your insurance outright when you put your motorcycle in storage. However, you may not save any money this way since most insurance companies anticipate this type of maneuver and typically adjust your premiums to account for the downtimes. For instance, even though you're getting a year's worth of coverage, you may be required to pay the cost of the policy in six installments. So if you get the insurance in April, you'll have paid the entire cost of the policy by October and may not receive a refund if you cancel coverage for the winter season.
Additionally, lenders typically want people to maintain insurance coverage on the vehicle during the entire life of the loan, so cancelling your policy may not be an option if you're still paying a bank note for your motorcycle.
An alternative option is to seek out an insurance company that offers comprehensive only coverage. Comprehensive insurance covers losses that aren't related to operating the motorcycle, such as theft or damage not caused by a vehicular accident. In general, this type of insurance is packaged with liability coverage. However, there are some companies that will let you switch your policy to comprehensive coverage only, which can save you some money while still protecting your motorcycle when it's in storage.
If you can't find a company that offers this option, another thing you can do is to reduce the liability and collision portion of your insurance to the lowest levels and increase your deductible. Since you won't be riding the bike, the probability of actually paying the deductible or needing to use those aspects of your policy are minimal. Just don't forget to switch back in the spring when you take to the road again.
Check Your Homeowner's or Renter's Insurance
The loss of or damage to recreational vehicles may be covered under your homeowner's or renter's insurance policy. However, this is entirely dependent on who you have your coverage through. Some insurance policies exclude damage to any vehicle on your property, even a motorcycle stored in your garage. Others will cover recreational vehicles as long as they meet certain requirements. For example, the policy may only cover your boat if it has less than 25 horsepower and is stored at your home. And still others may provide exceptions for vehicles designed for those who have disabilities.
Check your policy or call your insurance agent to determine if your motorcycle will be protected if you store it at home or at a commercial storage facility. Don't be discouraged if the answer is no. Some companies offer riders you can purchase that will cover vehicles, which may be a cheaper option if you will not be using the motorcycle for an extended period of time and don't want to carry motorcycle insurance.
As noted previously, anything can happen to your motorcycle while it's resting peacefully in your garage or on the street. Therefore, completely eliminating motorcycle insurance is probably not a good idea. Connect with a vehicle insurance agent from a company like Klondike Insurance Agencies Ltd for more options or ideas on insuring your bike while it's in storage.Share