Should You Cancel Motorcycle Insurance During the Winter Months?

Motorcycle insurance is required in most states. It provides you with much-needed coverage in case you have an accident. It is also required for you to receive a tag for the motorcycle.

But what if you live in a state that has cold winters?

You may wonder why you should keep paying for insurance that is not needed when your motorcycle is in storage. If you are unfamiliar with items such as the Progressive Winter Lay-Up Program, you might believe canceling your insurance and signing up again in the spring is a good idea.

But is that a good idea?

Before deciding about your motorcycle coverage, you should know all the facts. That way, you can make the best-informed decision about whether you cancel your coverage or find a suitable alternative.

Can You Take Insurance Off a Motorcycle?

You can cancel your insurance policy whenever you want. Most people tend to let the policy run out so they are not penalized for missing payments on their coverage. If you pay annually, you have twelve months before you have to pay again. So, you can keep the coverage and then let it run out if you do not desire to pay for another year.

If your state does not require motorcycle insurance for driving it on the road or renewing the tag, you can risk going without it. However, most states will require you to have coverage. It may seem at first that you are in a bind. Paying for motorcycle insurance to renew the tag, even though you haven’t ridden your motorcycle in months.

But what are the options?

Can You Cancel your Motorcycle Insurance for the Winter?

Yes, you can cancel motorcycle insurance when you are not riding the bike on the road. Insurance is only necessary for motorcycles that are on the road. Off-road use does not require insurance, but you must carry or tow the motorcycles to the off-road location using an adequately tagged and insured vehicle.

For the winter months, a motorcycle in storage does not require any form of insurance, at least with the state. However, canceling your insurance and then trying to bring it back in the spring may have financial consequences. Unless you are part of a program such as the Progressive Winter Lay Up Program, you might expect to pay more when reactivating your insurance, especially if you canceled your insurance when the insurance company expected the next payment.

You also have to consider that having no insurance on your motorcycle may not be a good idea, even if you are not currently using it. The following are the types of coverage that you should consider when keeping your motorcycle in storage.

Theft

Without motorcycle insurance that covers theft, you will get no compensation if someone takes your bike. Considering how much investment a motorcycle can be, having it stolen means you will have lost everything you put into the motorcycle unless it is returned in one piece and working condition.

Fire, Snow, & Ice

If the space you are storing in the motorcycle catches fire, it could take your motorcycle with it. To have your bike repaired or replaced because of fire damage, you must have it covered.

The same is true if the storage area becomes damaged due to snow and ice buildup. If you have the right motorcycle insurance, you can cover this damage.

Of course, what happens when the weather turns unseasonably warm? You may be really tempted to take a ride, especially if you have a heated seat, grips, and other accessories to keep you warm. But you cannot because you let your insurance lapse.

How do Lapses Affect the Insurance Rate?

Letting your policy lapse and picking it up again may cause a rise in rates. Even if you are not penalized by the insurance company, rates can change for various reasons. Had you kept your current coverage active, you may have been excluded from the rate increases.

This means in the long run, canceling and then paying again for a new policy may cost you more than you realize. Given the time it takes to shop around for new policies to find better rates, you may better spend your time working with your current insurance company on having built-in lapses for your motorcycle insurance.

Progressive Winter Lay-Up Program

Progressive is one insurance company that recognizes motorcycles are not always on the road, especially during cold winter.

Progressive offers a layup program where your rates are considerably reduced when your motorcycle is not in use. This is done by removing collision and other road-involved insurance conditions while leaving storage, fire, theft, and others in place.

This can save you a considerable amount while keeping your policy active. Plus, it may allow you to keep additional insurance such as storage, fire, snow & ice, and theft in place just in case the worst should occur.

This means when you are ready to put your motorcycle away for the winter months, you simply contact Progressive and let them know of the change. This will help lower your rates while keeping active coverage on your motorcycle. Plus, if an unseasonably warm day does arrive, you can contact Progressive and boost your insurance back to its normal level so you can ride.

Should You Invest in Storage Insurance?

Storage insurance is a powerful option, especially if you keep your motorcycle in storage for at least four to six months. You can add storage insurance to your motorcycle coverage, providing ample protection from the elements and theft.

You will need to take the recommended steps when storing your motorcycle to reduce the chances of theft or damage from the elements. This means locking up the bike, keeping it where you can watch it, and storing it in a location that is well-protected from the elements.