When you put your motorcycle into storage for 3-4 winter months due to unsafe weather and road conditions, you may ask yourself whether you must pay the full motorcycle insurance premium when it’s not in use.
This blog discusses whether canceling motorcycle insurance in winter is viable and why you may need coverage even when your motorcycle is unused. It also provides an alternative insurance coverage that you may consider buying instead of canceling your motorcycle insurance.
Can I Cancel My Motorcycle Insurance Coverage During Winter?
Whether you can cancel motorcycle insurance in winter depends on your policy’s terms and conditions. However, you may face the following issues if you cancel insurance before its term expires:
- Your insurance provider may impose fees and penalties if you cancel your insurance policy mid-term.
- The lapse in coverage due to the cancellation of insurance may lead to higher premiums at the time of renewal.
- Making it a regular practice may result in your insurer either denying you coverage later or charging high rates.
Why You May Need Motorcycle Insurance During Winter?
Canceling your motorcycle insurance in winter may seem a financially beneficial decision, but it may not be so. Let’s see why.
While you may not be exposed to risks associated with driving your motorcycle on the road, other potential risk factors can cause loss or damage to your bike during winter. In the absence of motorcycle insurance, you may have to pay for the damage from your pocket, which in some instances can be financially damaging. The potential risks may include:
- Theft and Vandalism: Break-ins and thefts cannot be ruled out even if your vehicle is in storage.
- Fire: A fire in your garage or storage facility can cause immense damage to your motorcycle.
- Ice and Snow: If you live in an area that experiences heavy snowfall, the risk of structural property damage, whether it is a garage in your home or any other storage space, is always there. It may even result in vehicle damage.
What Is Layup Insurance?
We have established that canceling motorcycle insurance in the winter months may not be the best option for you. However, there is an effective solution to your woes of whether you should cancel motorcycle insurance in winter when you do not use your motorcycle.
Instead of canceling your policy altogether, you can add layup insurance coverage to your motorcycle insurance policy. Also known as motorcycle storage insurance, layup insurance is a cost-saving option offering required winter coverage. It temporarily pauses coverages that you need when on the road, such as:
- Liability Coverage
- Collision Coverage
- Medical Coverage
- Uninsured/Underinsured Motorist Coverage
- Roadside Assistance
While layup insurance continues to provide coverage for non-collision and off-road covered perils, you enjoy a premium discount till the weather clears up, and you can take your motorcycle on the road again.
Enjoy Worry-Free Bike Rides with Jack Stone Insurance Agency
Keep your motorcycle and yourself secure with personalized motorcycle insurance solutions offered by our Jack Stone Insurance Agency expert team. For more information about our services, contact us today. Call us at (925) 516-7934 to get started.