Motorcycle Insurance Options During the Winter

The winter season is a tough time for motorcycle riders. As a motorcycle owner, you have to figure out where is the best place to store your asset. You also have to figure out whether to cancel your insurance during the season since you won’t be riding too often.

Many motorcycle riders opt to cancel their motorcycle insurance Portland policy during the winter as a way to save money. Other alternatives include reducing coverage or increasing the deductible, which lowers premiums. Here’s a guide to help simplify the process of getting motorcycle insurance in Portland during winters. This step-by-step review of each option will help you make the best decision

  • Canceling Your Motorcycle Insurance During the Winter Season
    It is not generally recommended that you purchase motorcycle insurance during the summer and then cancel it during the winter. You may be subject to fees and penalties if you cancel your insurance during the winter. Most policies have a 12-month term. Your insurer may charge you a termination fee if you cancel your policy. The fee reduces the amount you would receive in your refund. While you may enjoy short-term savings, canceling a policy and then looking to renew it a few months later can become complicated. Your insurer may opt not to insure you again. You may also be forced to pay higher premiums. The higher premiums may result in you not saving as much money as you originally intended.

    You are still exposed to risks during the winter season. Even if you opt to store your motorcycle in a garage for the winter, it may still be damaged or stolen. If something happened to your motorcycle while it’s uninsured, you would be responsible financially for any repairs. You also have to consider unpredictable weather changes. Perhaps there is a day during the winter where you decide the weather is warm enough that you would like to take a ride. If you cancel your coverage, you will be responsible if something goes wrong. If you opt to keep some form of coverage in place, you would be protected during these scenarios.

  • Increasing Your Deductible
    Increasing your deductible may help you save money because it lowers your premium. Your deductible is the amount you are responsible for paying before the insurance company takes over your claim. Increasing your deductible can make your motorcycle insurance rates more affordable during the winter because you are unlikely to be involved in a collision with your motorcycle in storage. The amount of money you can save through increasing your deductible depends on the type of motorcycle you have, the deductible, and your insurer. Increasing your deductible is a good idea if you rarely operate your motorcycle.
  • Lay Up Insurance
    Ask your carrier if they offer a lay-up policy. Motorcycle storage insurance policies allow you to temporarily pause different parts of your insurance policy because you aren’t an active rider. However, the layup policy does allow you to maintain comprehensive coverage on your motorcycle. This protects you in the event that your motorcycle is stolen or damaged due to a fire or natural disaster while in storage. Storage insurance is a great option if you reside in an area with a long winter period. If you think that the weather may change at some point and it’s warm enough for you to ride, you can keep liability coverage on your storage policy so that you will be protected in the event of a situation. Your insurer may also offer a sunny day clause, which gives you one day to ride your motorcycle during the winter while maintaining full coverage. A partial warm weather clause is convenient because it still allows you to reduce your insurance costs during the winter.

Unless you are absolutely sure that you will not operate your vehicle during the winter season, you are likely better off purchasing storage coverage instead of canceling your policy. That way, you are protected if something unpredictable happens. If you have any questions about your motorcycle insurance policy, our team of insurance professionals at Action Insurance Group can assist you. We can help customize your vehicle insurance policy as per your needs.

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