The arrival of winter brings along a lot of changes with it, including tucking away your trusty motorcycle in the garage because you won’t be out there on the slippery roads in the cold.
But doing so raises another question, do you need to keep your motorcycle insurance if you’re not going to be riding the bike?
This is a valid question because why would you pay the premiums for 4-5 months when you’re not even riding your bike? To know the answer, read this guide till the end.
So, Can I Cancel Motorcycle Insurance During Winters?
Well, you may be able to do so depending on the terms and conditions of your policy. However, this will likely result in fees and penalties because your motorcycle insurance coverage is enforced for the whole year. So if you back out before the term ends, you may need to pay some fines.
Moreover, if you cancel the policy in winter and buy a new one in summer, insurers will quickly recognize this pattern and may not offer you coverage after that. If someone still does, they will charge very high premiums.
Other Motorcycle Damage Factors Than Accidents During Winter:
Your bike can still get damaged even if it’s winterized and neatly tucked away in the garage. Some risks include:
- Theft: Someone can just break into your garage and steal your bike.
- Fire: If the garage or other storage space catches fire with your bike inside, there will be no coverage to recover your loss.
- Ice & Snow: Your garage is at the risk of significant harm during the winter months due to ice and snow damage, which could extend to your bike as well. If there’s no coverage, you’ll be paying for bike repairs out of your own pocket.
So based on these reasons, it’s not wise to cancel your motorcycle insurance during winters. However, there’s one thing that you can do to save money on premiums during winter.
You Can Get a Layup Insurance Instead:
But the great news is that you can get a layup insurance policy that will decrease the insurance premium cost during the winter season while still protecting your bike from other damages.
It pauses collision, liability, and other insurance covers that are needed when you’re on the road, so the cost on those is saved. However, non-accident or off-road risks are still covered, like your bike catching fire.
Over to You:
Motorcycle insurance is a very personal choice, and there are a lot of factors to consider when making this decision. Whether you choose to keep your policy or not depends on what’s important to you and what’s best for your wallet. You can cancel the policy, but that’ll do more harm than good.
So, we suggest keeping it and turning it into layup insurance to reduce the premium cost per month during winter while also maintaining coverage protection. If you have any questions about layup insurance, contact Paradiso Insurance for help!