You’re lucky. You live and ride your bike in Georgia. The process of winterizing your motorcycle isn’t very involved in our gentle climate. In fact, you might ride all four seasons in the Peach State. But you still have off-season decisions to make on the subject of motorcycle insurance.
This motorcycle insurance winter guide will tell you everything you need to know about keeping your bike covered when the cold hits.
The Great Debate: To Cancel or Maintain Insurance in the Cold Months
Can I cancel my motorcycle insurance in the winter?
Yes. No. Probably. Or maybe not. But the most important question of all … should you?
Okay, it’s complicated. The short answer is that there are some circumstances under which you can’t cancel your coverage even if you want to, and other times when you can — but the cost of canceling might offset any brief premium cost advantages. And there are still other situations where the decision could be financially catastrophic.
See? It’s truly complicated.
The Risks of Going Uninsured During Winter
The first red alert is your relationship with your finance company if you have one. If you’re still paying for your bike, your lender probably specified that you must retain motorcycle insurance until the loan is paid off. If that’s the case, the decision to cancel is pretty much out of your hands.
But that’s just the start of financially uncomfortable positions you might face by canceling.
Theft and Damage Is an Off-Road, Off-Season Concern
It’s not only when you’re tooling down the road that bad things can happen to your bike. Damage or loss can occur even when your ride is securely (you thought) stored for the off-season.
Your bike could be stolen or vandalized. Your garage might burn down or get flooded out. Your bike could fall victim to windstorm damage even under shelter.
Whatever the calamity, you’ll be much better off if you have motorcycle insurance to handle a destroyed bike.
Consequences of Non-Continuous Coverage
When you get a motorcycle insurance policy, it will probably be for a designated period — usually for 6 months or a year. If you cancel your coverage before that time, you might have to pay a cancellation fee. Furthermore, your insurer might charge you a higher premium rate than you had been paying when you reinstate your coverage in the mild Georgian spring.
In other words, what you save by canceling coverage for two or three months might be offset by the fees or higher premiums you’ll pay. So where’s the savings?
If you’re still leaning toward temporarily discontinuing your coverage during the off-season, share your plans with your motorcycle insurance agent. Your agent might be able to either get you coverage that doesn’t charge for the interruption or crunch the numbers and let you decide whether the off-season savings are worth it.
Understanding Your Off-Season Motorcycle Insurance Cost-Saving Options
No one wants to pay for what they’re not using. It seems like a waste of money. If that’s how you feel about motorcycle insurance when you’ve “retired” your bike for the winter months, you should know that you have other safer options.
It’s called laid-up or layup insurance, which is seasonal motorcycle insurance — the minimal coverage you’ll pay while your bike is under wraps. Your insurer might let you reduce your coverage to comprehensive only. Comprehensive coverage pays for the damage our bike could incur in every way except by collision. Remember those threats of fire, windstorm, theft, vandalism, and everything else while your bike is in storage? Comprehensive covers all that for the few Georgia off-road months you’re facing.
It’s also cheaper than the full coverage benefits you’ll want when you’re out on the road the rest of the year.
You might also raise your deductible during the winter months. Your deductible is what you agree to pay out of your own pocket before your insurer assumes the rest. For instance, if you have a $500 deductible and your bike sustains $1,500 in covered damages, you’d pay that first $500, and your insurer would take on the rest of the bill.
The higher your deductible, the lower your insurance premium. Makes sense — right? If your insurer is responsible for less financially, they’ll be willing to reward you with lower rates.
So if you pay a $500 deductible while you’re on Georgia roads, and you feel your bike is pretty safe in your garage for a couple of months, raise your deductible to $1,000. Or even $2,000. You’ll pay a lot less during that brief time, but you’ll still be financially protected against a catastrophic loss.
There are various strategies for lowering the price of your motorcycle insurance in Georgia this winter. What you need is a knowledgeable agent who can point them out and help you decide how to cut rates while also keeping your bike–and your bank account–protected.
Are You Truly Not Riding This Winter?
That’s not just a casual question. Depending on how you answer, it might give you yet another reason to keep your bike fully insured during the off-season — even if you think you’re going to mothball it all winter.
Georgia Winters Provide Unexpected Ride Opportunities (So Stay Insured!)
Here’s the good news: It does not ever get very cold here in Georgia. Daytime temperatures are in the 50s and 60s Fahrenheit most of the time around Atlanta, and it gets warmer the further south you go.
So, aren’t you ever … tempted? Don’t you ever want to take your motorcycle out from beneath its protective tarp, kick the kickstand and … just … ride?
Don’t even think of ending motorcycle winter storage if you’ve discontinued your insurance policy. But if you think you might give in to temptation on some gorgeous winter afternoon, keep your coverage. Forget about saving a few bucks, and ride with the wind.