Motorcycle Insurance Coverage Helps Saving Money This Winter
This is for a lot of you motorcycle owners.
Do you garage your bike when the weather gets cold? If you do, you may save a bunch of money by initiating suspense coverage on your motorcycle!
What does that mean? It means that once you’re done riding for the fall and winter seasons, you can contact your motorcycle insurance agent (hopefully that’s us!) and have them drop collision and liability coverage on your motorcycle.
You’ll still have comprehensive coverage. So you’ll still be covered in case your bike is stolen, a tree falls on your storage shed and damages your bike, or your garage and bike get destroyed in a flood or wildfire.
You’re just dropping coverage for anything related to a collision.
Since you’re not riding the bike, you don’t need it anyway.
Suspense coverage – sometimes called laid-up coverage – isn’t available in some areas.
People in Florida, California, and Texas ride motorcycles all year round. In fact, in Florida, people ride more in the winter. The weather is beautiful in most of the state, and there are fewer thunderstorms to contend with!
So you may not be able to get suspense coverage on a motorcycle in these areas.
But if you live up North, in the Midwest or Rocky Mountain regions, or Alaska, you can save significant amounts of money with suspense coverage on your motorcycle.
Chances are good that we can save you money, improve your coverage, or both.
92% of people who shop around for car insurance and switch carriers save money, according to a recent Value Penguin survey.
The same goes for motorcycle insurance coverage. Especially if suspense coverage is available in your area!
If You’re Still Making Payments
Note: If you’re still making payments on your bike, this technique probably won’t work. Your finance company will require that you maintain full coverage all year round. Including collision.
In some cases, though, it might be worth paying off the loan (or refinancing to a personal loan) to give you the ability to save money through the suspense coverage technique.
However, you might consider increasing your deductible, especially if you know your area is secure and your risk of filing a comprehensive claim is low. That can lower your premiums substantially while keeping you in compliance with your finance company’s insurance requirements.
SR 22 Insurance Experts
Getting affordable auto insurance is frustrating enough without a high-risk history. If you have multiple incidents, a poor driving record, or a conviction for driving under the influence (DUI), it can seem downright impossible. Fortunately, Select Insurance Group can help. We specialize in high-risk auto insurance, including SR 22 insurance, and strive to make the process as simple as possible for clients across the U.S. You can also turn to Select Insurance Group for your home, motorcycle and renters policies.
Why Choose Select Insurance Group?
When you partner with Select Insurance Group, you’re getting support from an experienced, knowledgeable team. We can help you:
- Find affordable prices with top-rated insurance carriers and low down payments.
- Get a license reinstated.
- Stay compliant with state requirements.
- Make sense of technical terminology and a complex process.
- Enjoy flexible appointment schedules and responsive communications.
- Get ignition interlock systems at discounted rates.
- Take advantage of state diversion and relief programs.
At Select Insurance Group, we believe everyone should have access to affordable insurance regardless of their situation. We can help you get back to living your life with coverage that fits your needs.
Every state is different, so it can be tough to figure out what you need based on your location. We operate in almost every state, covering most of the U.S. with the exceptions of Alaska, Hawaii, New York, and the District of Columbia. We understand the ins and outs of these states’ requirements and can help you navigate your insurance needs in almost every part of the country. We also offer a range of in-depth online resources on individual state SR 22 requirements.
Don’t Cancel Insurance Thinking You’ll Reinstate It in the Spring!
One thing I would not recommend in most cases is canceling your insurance coverage altogether and then trying to reinstate it a few months later every year. Some carriers might not want to insure you anymore if you do that. And insurance companies generally charge significantly more following a lapse in coverage. Or they may hit you with a hefty reinstatement fee if you cancel coverage outright for the season.
See you on the road!
(But maybe not on your motorcycle this winter!)
Steve “Mr. Insurance” Ludwig