Why It’s Important to Protect Your Bike During Offseason
The once sunny road ahead is now covered in slush and snow. Unfortunately, it’s that time of year to put your ride to bed for the winter. But what about your motorcycle insurance? Should you drop motorcycle insurance in the winter?
When it comes to motorcycle insurance, there are a number of strategies that can be deployed. Choosing your motorcycle insurance is all about considering the various aspects of the purchase well ahead of time. For example, knowing how to get great motorcycle insurance at an even greater price is an excellent start.
From there, choosing motorcycle insurance is as easy as understanding your own needs and selecting a plan that matches. Maintaining an insurance policy over the course of the winter is crucial. Fortunately, this is a decision that we are more than happy to assist you with.
Related Article: Specialty Insurance Brokers – What You Need to Know
Structured Insurance for All-Year Protection
The majority of bike insurance policies tend to be full year terms. This gives bikers peace of mind and allows them to enjoy the year-long protection that ensures a maximum level of safety. Many riders opt for the pay-as-you-ride approach as this allows premiums to be paid during the peak riding months and keeps you insured for the whole year.
While it can be counterintuitive to insure something you’re not using, there are a few important things to think about:
- Continuously insured motorcycle policies tend to get cheaper. Renewing your year-round insurance policy builds your insurance history, adding more credibility to your account. This makes you look favourable when insurance companies are reviewing your profile.
- Just because your bike is in storage, doesn’t mean it’s protected. If you don’t have insurance and your bike is damaged or stolen while in storage, your bike will not be protected, meaning you’ll have to pay out of pocket for repairs or replacing the bike entirely.
- Motorcycle insurance fees are typically prorated over the year. Due to irregular riding conditions making this a seasonal activity, insurance premiums are spread out over the year. By cancelling your motorcycle insurance for the offseason, you won’t actually save.
- Cancelling insurance during the offseason will increase your rates upon renewal. Cancelling your insurance policy will show up on your record. Continuously cancelling and re-insuring your motorcycle is a huge red flag for insurance companies, which is why they typically charge higher renewal and rewrite fees.
Comprehensive Insurance Coverage for Total Protection
There are some who may believe it’s cheaper to insure their motorcycles during peak riding months and cancel the policy during the winter – this is not the case. Keeping your bike insured year-round means there will be a history on file that insurance companies will appreciate. Restarting a policy after it has already been cancelled is always going to be more expensive in the long run. It is in the best interests of a rider to purchase a year-long policy that keeps them covered at all times.
Cancelling during the winter months can also pose problems that are better off avoided. There is no reason to cancel a policy and restart it, especially when there are competitive year-long rates that offer the highest level of continued protection.
Proper Insurance Can Help Protect Your Resale Value
Depending on the model, year, and manufacturer, motorcycles typically have a high resale value, unlike other vehicles. This is due to the fact that riders don’t put on as much mileage on their bikes because there is limited riding time available throughout the year. Approximately 60% of riding in Ontario occurs during the summer months, while spring sees about 30% and winter – you guessed it, 0%.
Motorcycle insurance ensures that the rider is able to sidestep any of the typical concerns that keep them from having the chance to enjoy riding once the weather has turned. If an accident takes place, it may cost the rider more to fix the bike than what the bike is actually worth. In these instances, having an insurance policy that covers total loss is crucial.
The same goes for property damage insurance. Let’s say that a biker has experienced an accident that is not life-threatening. These accidents can still be costly and more importantly, they prevent a biker from being able to enjoy their vehicle. Bikes are precious possessions, and every rider wants the same thing – to be able to get back on the road as quickly and safely as possible without having to shell out hundreds or thousands of dollars.
The best thing you can do to protect your bike while also eliminating large financial risks is to purchase insurance in one-year terms with renewals. This way, you’ll know you won’t be forced to pay out of pocket for issues that arise outside of peak riding months when you lock up your bike during long, cold Canadian winters.