You bought a motorcycle you love. You took it out a handful of times over the last few years, but you don’t use it very often. And, you may be thinking about dropping your insurance coverage. Should you do so? There are some situations in which you can stop coverage, but at the same time, you’ll need to consider what this will mean to you in the short and long term.
Why You May Need to Keep Motorcycle Insurance
Once you cancel your motorcycle insurance, you no longer have any protection in place. You may think that you also do not have any risk, but that may not be the case. Consider these circumstances in which this could lead to significant financial loss:
- Your store your motorcycle in the garage for now since you are not using it. But, the garage catches on fire or is damaged in a storm. Your bike isn’t protected.
- You decide to put new motorcycle insurance on your bike next year when you will be able to take it out again. Now, it may cost you more since the bike has been uninsured for some time.
- Your bike is stolen from the storage unit you are keeping it in. You don’t have any way of recouping your losses.
While these may seem like threats that you won’t really face, that’s not the case. Instances like these can occur quite often.
What Options Do You Have?
Instead of canceling your motorcycle insurance when you are not using your bike, choose a different policy that is more representative of the way you use coverage. For example, choose storage coverage for your bike so that you gain protections from risks associated with damage to the storage area. You can also downgrade to the lowest level of protection just in case.
Talk to your motorcycle insurance provider to ensure you have the right amount and type of coverage on your bike. It is valuable even if you are not using it or it is not in the best condition. For this reason, you’ll appreciate having the right protection in place to safeguard your valuables.
Get a free quote today. Call Peachstate Insurance at (877) 997-2478 for more information on motorcycle insurance Decatur, GA.