For motorcycle riders in most of the country, the winter months are a time where they keep their bikes in storage. This creates a conundrum for vehicle owners who want to maintain their bikes insured at rates that are affordable. This is where storage insurance for motorcycles will apply.
What is Motorcycle Storage Insurance?
This is an insurance that covers your motorcycle during the winter months when it is in storage at lower rates compared to when the bike is in operation. This form of insurance was created to keep owners from canceling motorcycle insurance in the winter and going through the process of renewal for the spring. Storage insurance is a way to maintain coverage at rates lower than spring, summer, and fall months when driving is desirable.
Effects of Storage Insurance
Since this is for motorcycle insurance storage only, there will be no collision coverage since the bike should be stationary. However, it will have the other effects typical of a comprehensive insurance policy which includes protection from fire, theft, and storm damage. To qualify for the storage insurance, the motorcycle must be in a garage or approved facility protected from the elements and locked to prevent easy theft.
You will want to check with your insurance company about any other coverage that is offered by the storage insurance. You will also need to check for the qualifications to see that your bike is properly protected for this type of insurance policy.
Rates – How Much does It Cost?
Your rates for storage insurance for the motorcycle is reduced compared to full coverage that includes collision. However, the rates themselves are often lowered for the entire length of the policy itself. This means that you pay a lower rate each month the year round as opposed to the full rate for collision insurance and less for the winter months.
Your rates are reduced according to the length of time that your motorcycle is in storage. So, if you store your bike for six months out of the year, you will enjoy greater savings compared to storing it for five or four months. Keep in mind that different insurance company will have various methods of setting rates. While some may offer a reduced premium for the year, others may include a built-in layup rate that allows for greater savings.
Is Storage Insurance Right for You?
The answer will depend on your motorcycle insurance winter storage plan and how often your bike will be in service. One advantage of having a built-in layup rate is that you do not need to make any significant changes when you are ready to ride your motorcycle. Remember, you can change the rate of the deductible and lower the liability limits when it is in storage for further savings.
For those who live in areas of the country with harsh winters, storage insurance is highly desirable as it significantly cuts the cost of your premiums. Be sure to go over your insurance plan and talk to your agent so you can fully understand the savings and how you can maximize your benefits when using this type of insurance.