Any such thing as comprehensive insurance for Bikes in storage | GTAMotorcycle.com

Any such thing as comprehensive insurance for Bikes in storage

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xX-GMan-Xx

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I recently purchased a motorcycle, obviously I will not be riding it during winter time and it will be parked for next almost 6 months in my garage. Is there any way I can get comprehensive insurance that covers just the theft & fire until April / May so I can save some money on insurance during winter season.

I understand the insurance companies actualize insurance premiums pro rated based on different seasons, but I'd rather start paying full year premiums as of May 2015 or the riding season per say.

any ideas?
 
I'm curious about this too - though I planned to register it 'unfit' and store it somewhere safe for the winter.
 
I had bike road insured for a month and than switched to fire and theft.
It was like that for 4-5 months and I needed it on street for a month so I asked State Farm to put full insurance on the bike.
Next thing you know they send me bill for full insurance for whole period.
After I politely explained to them that I did not have road insurance and I am not paying for it they backed off.

It is possible but make plenty sure that you make clear that you are purchasing another type of coverage when you get full insurance. I would even consider different insurance company next time just to avoid the hassle.

In my case I paid more for the first month insured when I switched to non road insurance as they pro rated the cost and I did not expect anything else. What I did not expect was the bandit move on the tail and of it :)

It does not make sense to do it in the bike that is permanent but I needed mine for two months, five months apart.
 
If your with a place like TD you will probably pay more going just fire and theft over the winter as you will be paying for that instead of the 0% of your premiums over the winter months.
Also a place like SF if you insure for just the riding season and cancel in the winter, be prepared to send them a nice cheque once you cancel as premiums are prorated (as germax experienced).
I would rather start paying insurance now because then when it comes to cancelling whenever that is, you will most likely get a refund instead of owing hundreds to cancel.

Read the stickies in this section on how TD and SF prorating works, I believe TD might charge only a couple of dollars to have full insurance until Feb.
 
TD Insurance may be your best bet for the winters months, based on your scenario, as they will force you to have a renewal in February, and since they seasonally rate motorcycles like most insurers (5% of yearly premium in October, 0% in November, December, January, February) it would not cost much. However with TD going forward to April/May, you would start paying the 7 equal installments of the yearly rate from March to September on a payment plan they call "Pay as you Ride". You can always set up with TD now and have the renewal in February (to keep costs low for winter months), and once the renewal comes up, shop around with numerous insurers to find out what the best yearly rate is and proceed accordingly. Let me know if you have any questions. Good Luck.
 
Ok so the bottom line, as I understand is that there is no way around it. I will end up paying the annual premium regardless.

What I'm thinking is this; if I buy full year insurance now, its gonna run until next October. However, if I buy insurance in April my annual term will be from April to April next year. So the 6 months from now till April I can save half of the annual amount. (hope it makes sense)
 
I plan to do the same thing. Store it for the winter months; certify and insure it in the spring.
 
You can have fire and theft insurance. People are complicating things. While it does not make sense to do it in the middle of ownership it makes perfect sense for first winter. Just make sure that insurance company understand that bike is not road insured for first while.
 
Germax said:
You can have fire and theft insurance. People are complicating things. While it does not make sense to do it in the middle of ownership it makes perfect sense for first winter. Just make sure that insurance company understand that bike is not road insured for first while.
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But a place like TD who charges 0% from November until feb for full coverage, I would assume you would be paying the same or more for just fire and theft, plus you can ride it for the a month or 2 (Depending on the type of person you are)
 
Okay! so here's how it works, after calling a few insurance companies here and there...
(Correct me if I'm wrong)

All insurance companies charge certain insurance premium over a period of year, then divide the annual premium amount over the period of 12 months either at a rate of 12 equal payments or on percentage basis. Also, various companies have different policy renewal months, which may be different from normal year end running from Jan to Dec.

Lets assume the following:
March is the policy renewal month;
Company A: $1200 annual premium, $100 every month for 12 months.
Company B: $1200 annual premium, certain percentage each month of 12 months.

Lets say if you bought your vehicle in October, if you pick "Company A" you will end up paying $100 every month until March i.e. 100 x 6 = $600

Whereas, if you chose "Company B" and the winter months premium percentage is 5% of the premium, you will end up paying 5% of $1200 for 6 months. i.e. 60 x 6 = $360

Now the trick is that; since Mar is the policy renewal month you can opt out to buy the insurance from Company B and just get insurance from whoever is offering the best rate.
 
That is all correct except you do not need road insurance. Once you do all this applies. Bike is not on the road and all this pro rated stuff does not need to apply.
 
If it's parked in your garage, your home insurance will cover damage/theft/fire for your bike under comprehensive
 
Your home insurance policy will not cover your motorcycle for fire/theft even if it is parked in your garage. Check the policy wordings of your home insurance.
 
Germax said:
That is all correct except you do not need road insurance. Once you do all this applies. Bike is not on the road and all this pro rated stuff does not need to apply.
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Well I didn't find any such thing as Fire/Theft only insurance. TD said they will give me comprehensive insurance and only cover the fire & theft if I get the security alarm installed professionally...

(so if anyone after reading this installs the alarm them-self, fire/theft will not be covered. I guess if anything goes wrong the insurer will ask for installation receipt or something).
 
I had fire and theft for 5 months with state farm. I really do not understand what is the big problem here....
 
Germax said:
I had fire and theft for 5 months with state farm. I really do not understand what is the big problem here....
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After you had full coverage, right?
 
Month full coverage, 5 months theft and fire, another full month and bike was gone. Full months costed more than average as they were pro rated. Still better than paying full amount. Important is to make sure to get non road insurance. This makes sense for temporary bikes or to save money before putting on the road as your year starts later. It does not make sense for permanent bike mid insurance term.
 
Yes. You can do it with cars, too.

And like kellen said, your home insurance does not cover vehicles no matter where they are stored. I think bicycles are an exception.
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