When you purchased your brand-new motorcycle this spring, you likely also purchased a year’s worth of insurance. Now that winter has arrived, you’ve stashed away your motorcycle in the warmth of your garage because you’re wary of riding it in the winter. You’re also probably wondering whether it makes sense to keep the insurance for the next few winter months if you don’t use the bike during this time.
If you’re going through this all-too-familiar winter insurance dilemma, you’re not alone. Weighing in on insurance retention during winter months when you aren’t actively using the vehicle is a valid concern. So, should you cancel your motorcycle insurance in winter? The short answer is yes. But, if you’re smart, you’ll weigh all variables before making a decision. Here’s a lowdown of all the factors that will help you decide whether you should cancel your motorcycle insurance this winter.
Consider Insurance Terms
Before you cancel your motorcycle insurance in the winter, take a moment to review your policy terms and conditions. If your insurance covers the entire year, abruptly withdrawing your premium payment may result in additional penalties or fees. Even if you agree to pay the fines and purchase a new policy in the spring, the insurance company may hold you accountable for a buy-and-withdraw pattern. This might hurt your chances of receiving coverage in the future, or you may be required to pay hefty premiums with every new policy you purchase.
Motorcycle Damage at Home
Winterizing your motorcycle and keeping it out of the snow and sleet in your garage is a good idea, but does it guarantee complete safety? The notion is that since you won’t be using it on the road, there is no risk of an accident, so you don’t need insurance, right? Not necessarily. Your bike can suffer an unfortunate mishap even sitting in the apparent safety of your garage. Here are some risks you should be aware of:
- Your bike could be stolen from your garage
- One cannot rule out elemental risks such as fire. If the fire destroys your garage, your bike will suffer damage as well
- Although you may believe you’ve protected your bike from the severe weather outside, cold temperatures can still seep in and cause significant damage to your bike’s parts.
While these are hypothetical scenarios, they are real possibilities you must consider before canceling your bike’s insurance. Even if you have a homeowner’s policy, it won’t cover your bike’s damage in these instances, and you will have to pay for repairs out of your pocket.
Consider Getting Layup Insurance
Consider layup insurance as a halfway between canceling your bike’s insurance in the winter and keeping it all year. You will pay a lower premium throughout the winter season with this coverage, protecting your bike while also saving money. When you’re not using the bike during the season, layup insurance doesn’t cover on-the-road accident liability, but it does cover the cost of any accidents that happen off the road, such as theft, fire, or other damage.
Like any other dilemma, this issue presents a complex decision-making process. Ultimately, insurance decisions are a personal choice that depend largely on your financial plans.
If you still choose to ride in the winter and are involved in an accident, don’t lose hope. Seek the assistance of a reputable motorcycle accident lawyer to get fair compensation for your damages.