You may not be riding your motorcycle as much in the winter months, so you might think cancelling your motorcycle insurance is a good idea that can save you money while it’s in storage.
Think again.
Why It’s Not a Good Idea to Cancel Your Coverage
There are several reasons why it’s better to maintain motorcycle insurance, even when you’ve put it in storage for winter.
You might be charged a fee for cancelling your insurance early. Depending on your policy, there may be an early termination penalty for cancelling. If you paid in full for the year, that’s less money you’ll get back. If you pay monthly, you might have to pay the fee out of pocket.
There are consequences for being uninsured. When you cancel your insurance and then purchase a policy later, you might pay higher premiums. Why? Because lapses in insurance can signal risky behavior to providers. They’ll insure your motorcycle, but you may pay more than you would if you’d maintained coverage.
Your motorcycle can still be damaged or stolen while in storage. The risk of having an accident may be smaller when you don’t ride your bike, but winter didn’t eliminate all of your risks. Whether you store your bike at home or in a storage facility, things can go wrong. You may need to file a claim to repair or replace your motorcycle even in the winter.
You might miss riding on an unseasonably warm day. Riding your motorcycle with no insurance is risky. Without coverage, you either have to take a big risk on one of those random warm-weather days or miss out on the ride. But if you maintain your insurance coverage, you don’t have to make that choice.
What You Can Do Instead of Cancelling Your Motorcycle Insurance
It makes sense that you want to save money on your insurance, especially when you’re not riding much. But there are other ways of doing it without putting your bike or your finances at risk.
Ask your independent insurance agent about a “lay up” or “laid up” policy. Lay up policies are designed for motorcycle riders who can’t get on their bike during the winter months. Some insurers will let you pause liability, collision, and other forms of coverage you need most on the road when you’re not riding. Some even include a “sunny day clause” that allows for one day of liability coverage, so you don’t have to miss out on that random day to ride in the middle of winter.
Increase your deductible. The easiest way to decrease your premiums without sacrificing coverage is to pay a higher deductible. It’s relatively easy to change your deductible when you put your motorcycle in storage and when you take it out again in spring. This way you get the protection of a good insurance policy when the bike is parked without paying more than necessary.
Want to make sure your motorcycle has great insurance protection while it’s in storage? Contact Charlotte Insurance today for a free quote or to ask about a lay up policy.