While Pismo Beach, CA offers warm, dry summers perfect for riding, the rainy winters may have you back in your car. There may also be other reasons you want to keep your bike stored, like family obligations or because you’re waiting to do repairs. You may be wondering if you can cut some of the cost of ownership by canceling your motorcycle insurance during those off times, or putting it on hold.
At Neff & Associates Insurance Services Inc, we help our clients design the right mount of coverage for their individual needs. You need the right protection considering your personal risks, but you shouldn’t be wasting money on coverage you don’t need.
Unfortunately, it is standard policy to exclude any vehicles, including motorcycles, in a traditional homeowners policy. This applies even if your motorcycle isn’t currently registered, or if you have it in your attached garage to work on it. You may still get some protection for other unusual items in storage, like your boat, but anything excluded receives no protection.
Another important point to think about is whether you still owe money on the bike. If you still have a loan on your motorcycle, there is probably a clause which requires you to keep full coverage on your bike all the time. If your lender finds out you canceled the insurance, they can impose a more expensive policy.
You never want to give up riding in a place like Pismo Beach, CA, but you can still be frugal. Call Neff & Associates Insurance Services Inc today if you want to see how you might be able to lower your premiums.