For motorcycle enthusiasts, nothing beats the freedom of the open road during the warm weather months. But when winter hits, many riders park their bikes and wait for sunny skies to return. If you store your motorcycle for the season you may wonder if you can press pause on your insurance coverage and premium payments until you ride again.
While most insurers don’t offer “seasonal” motorcycle policies, you generally have options to reduce your coverage, lower premiums, or cancel when your bike is in storage. However, suspending insurance entirely can leave your motorcycle vulnerable This article explores the implications of altering your insurance during winter storage and how to protect your bike cost-effectively.
Can You Pause Your Motorcycle Policy?
Most motorcycle insurance policies are designed for year-round coverage But some insurers, including Progressive, allow you flexibility to modify your policy when your bike is stored for winter While you can’t officially “pause” coverage, you can
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Remove physical damage coverages completely if you own your bike outright.
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Lower comprehensive and collision deductibles to reduce premiums.
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Lower liability limits if state laws permit.
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Cancel the policy completely if you have no lienholder.
So in effect, you have options to reduce the scope and cost of insurance when not riding. Just bewareSUSPENDINGliability coverage CAN leave you exposed for legal damages IF someone is injured involving your parked bike. Weigh options carefully.
The Risks of Suspending Coverage
Before altering your motorcycle insurance, consider these risks:
Theft
Over 2,800 motorcycles were stolen nationwide EACH WINTER month in 2022. Theft protection gaps without comprehensive coverage.
Fire Damage
Wiring faults or flammables in storage sites can spark fires that damage nearby bikes.
Weather Perils
Snow weight can collapse sheds. Wind can blow debris into bikes. Comprehensive coverage responds to weather risks.
Lienholder Requirements
If financing your motorcycle, the lender likely requires year-round comprehensive and collision insurance.
Higher Premiums Later
Gaps in prior insurance can increase rates when restarting a policy. Continuous coverage keeps pricing steady.
No Coverage for Good Weather Rides
Warmer winter days may prompt you to take your bike out briefly. No active policy means riding uncovered.
Damages to Others
Liability insurance is crucial whenever others could access and be harmed by your motorcycle, even when stored. Don’t cut liability unless certain no one can access the parked bike.
So while you CAN alter motorcycle insurance in winter, weigh the coverage gaps carefully first. Protecting your bike still merits an albeit minimized policy.
How to Lower Your Premiums in Winter
If comprehensive and collision coverage remains advisable for your stored bike, here are ways to reduce your winter motorcycle insurance premiums:
Raise Deductibles
Opt for higher deductibles like $500 or $1,000 versus lower ones like $250 or $500. This cuts premiums up to 40%.
Drop Accessories Coverage
Remove coverage for non-critical accessories like saddle bags, chrome, and custom paint if you can withstand self-insuring smaller losses.
Review Liability Limits
If state law allows, consider minimum liability limits while stored versus higher limits when riding.
Change to Lay-up Coverage
Some insurers offer lay-up policies with cut-rate premiums covering fire, theft, and weather only while stored.
Bundle Home and Motorcycle
Maintaining your bundled home and motorcycle policies year-round can maximize multi-policy discounts.
Pay Annually
Opt for annual premium payments to avoid monthly installment fees.
Raise Anti-Theft Discounts
Adding theft deterrents like heavy chains and alarms can qualify you for anti-theft premium discounts.
Review your motorcycle insurance needs and weigh where potential cuts make sense for stored bikes. Every dollar saved matters.
Tips for Modifying Your Motorcycle Policy
If you decide to adjust your motorcycle insurance, follow these best practices:
Review Policy and Lien Terms
Confirm what types of changes your insurer and lienholder allow before acting. Some prohibit coverage reductions.
Notify Your Agent Promptly
Inform your insurance agent of desired changes at least 2 weeks before storing your bike so adjustments take effect on time.
Opt for Electronic Documents
Choosing email versus paper delivery for insuring documents simplifies revising policies seasonally.
Calendar Reminders to Reinstate
Note dates to restore original coverage limits before riding season returns.
Take Photos of Stored Bikes
Document your bike’s pre-storage condition, mileage, and storage location in case you need evidence for claims.
Get Changes in Writing
Request confirmation letters from your insurer detailing amended coverage, limits, premiums and effective dates for proof of changes.
With some planning and care, you can modify motorcycle insurance to suit your seasonal needs without compromising protection.
Alternatives to Pausing Coverage
If reducing coverage seems too risky while your motorcycle is stored, consider these options to cut costs:
Negotiate Premium Discounts
Insurers often offer discounts for multi-policies, anti-theft devices, safety courses, loyalty programs, and good driving records. Ask your agent to review any discounts you may qualify for. Even a 5-10% discount on premiums helps.
Raise Your Deductible
Ask how much you can save by assuming more out-of-pocket risk via higher comprehensive and collision deductibles like $500, $750, or $1,000.
Drop Collison on Older Motorcycles
Consider retaining just comprehensive and liability coverage on lower-value, older motorcycles.
Buy a Winter Storage Policy
Some insurers offer low-cost winter storage policies with limited coverage just for parked motorcycles.
Pay Annually
Avoid monthly installment fees by paying your entire annual premium upfront.
Store Bikes Offsite
Ask about potential “stored off premises” discounts if you keep your bike at another secure location.
With smart trade-offs, you can minimize motorcycle insurance costs without undue risk. An independent agent can best advise you on tailored options.
How to Cancel Your Motorcycle Policy
If you definitely want to cancel while your motorcycle is parked for winter, follow these steps:
Set a Reminder to Reinstate
Calendar a reminder to purchase fresh coverage a month before riding season starts.
Return License Plates
Surrender your plates to the DMV to cancel registration and avoid fees during uninsured periods.
Terminate Automatic Payments
If paying by EFT or credit card, disable automatic payments to stop premium debits.
Remove Lienholder
If no lien, request they be removed as additional insured to allow cancellation.
Complete Insurer Cancellation Forms
Ask your insurer for required cancellation forms and submit for a refund.
Obtain Written Confirmation
Verify the insurer confirms your cancellation and effective date in writing for your records.
With care, you can cancel motorcycle policies safely. But pausing coverage using alternatives better protects your assets.
How to Insure Your Motorcycle Year-Round
While you can reduce or cancel motorcycle coverage for stored bikes, maintaining year-round insurance offers advantages:
Uninterrupted Theft Protection
Comprehensive coverage shields against loss 24/7. Nearly 3,000 bikes are stolen nationwide monthly – even in winter.
Peace of Mind
Continuous coverage means you don’t worry about gaps in protection.
Lien Satisfaction
No risk of lender penalties from coverage lapses if financing your motorcycle.
Preserved Discounts
Consecutive years with your insurer earns maximum discounts for loyalty and tenure.
Policy Reinstatement Avoidance
No need to re-enter application info, get re-approved, and start a new policy.
Riding Flexibility
Coverage is active if you take advantage of an unseasonably warm day for a ride.
Potential Bundling Savings
Keeping your motorcycle policy active can maximize discounts on bundled policies.
While maintaining year-round motorcycle insurance may cost more, for many riders it’s worthwhile for peace of mind.
Choosing the Best Winter Motorcycle Insurance
If electing to keep motorcycle insurance active through winter, choose coverage wisely. Look for providers offering:
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Flexible coverage options to reduce stored bike premiums
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Bundling discounts and loyalty rewards programs
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Generous anti-theft discounts for GPS trackers, heavy chains, alarms etc.
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Claims-free discounts and deductible rewards to lower rates
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Online management of policies and paperless documents
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Top-rated customer service and U.S.-based insurance experts
Additionally, an independent motorcycle insurance agent can best represent your needs to find competitively
Save Money By Comparing Insurance Quotes
Instead of canceling your insurance, consider comparing quotes from different providers. You might find a more affordable rate or a plan that offers flexible coverage for riders like you.
Remember, itâs not always about cutting off protection but finding the right protection for the right price.
Here are our top tips on comparing motorcycle insurance effectively:
- Know what you need—Know what kind of coverage you need based on the bike you ride, how often you ride, and your own personal needs.
- Always compare policies that are similar. When choosing an insurer, make sure you are comparing “apples to apples” in terms of coverages, limits, and deductibles. Avoid comparing policy provisions with dissimilar attributes or coverage limits.
- Reputation is important. A few quick online reviews can tell you a lot about how well an insurance company treats customers and pays claims.
- Ask about discounts—Ask about discounts for safety courses, having more than one policy, and anti-theft devices.
- Watch for exclusions – Always check whats NOT covered – especially as it relates to your current policy (see #2 above).
- Check your deductibles. If your premium is lower, your out-of-pocket costs may be higher.
- Flexible policies are better. For example, can you easily change or add coverage for motorcycles?
- Claims process – A straightforward claims process is golden.
- Rate stability—Watch out for insurance companies that raise rates a lot after the first year.
WHAT IS SEASONAL MOTORCYCLE INSURANCE?
With seasonal motorcycle insurance, riders can change the types of coverage they have or the lay-up period (the time when the bike is not being used). People who ride their bikes only at certain times of the year or just for fun can save money and have more options with this type of insurance.
Most motorcycle insurance companies let you make changes to your yearly policy, but many don’t offer a “winter layup” policy, and there’s a good reason for that.
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FAQ
Is it bad to cancel my motorcycle insurance?
How much does it cost to cancel bike insurance?
Why is motorcycle insurance 12 months?
Do I need to cancel my motorcycle insurance policy?
If you plan to continue your motorcycle insurance with another carrier, coordinate the coverages so that you do not have a lapse of coverage. Learn about why you might need to cancel your motorcycle insurance policy and how to successfully do so.
Can you ride a motorcycle uninsured?
NOTE: In most states, riding your motorcycle uninsured is a violation of law. If you are planning on canceling your motorcycle insurance, make sure you have coverage through another policy, or stay off your motorcycle. When canceling your motorcycle insurance policy, make sure you take action with the insurance provider.
What happens if I don’t have motorcycle insurance?
If you do not have coverage from another motorcycle insurance company, you face penalties such as registration and license suspension . It’s easiest to wait until near the end of your policy term to end your coverage, but you can cancel a policy at any point.
Should you buy motorcycle insurance in winter?
You could buy motorcycle insurance for the summer months and cancel it during winter to save money. But this option has several downsides. First, you’re likely to face fees if you cancel your insurance in winter. Many insurance policies have a one-year term, and the company might charge you a fee for canceling early.