Any such thing as comprehensive insurance for Bikes in storage | Page 2 | GTAMotorcycle.com

Any such thing as comprehensive insurance for Bikes in storage

I got a bike last November, insured with TD MM, paid all of $20 until renewal in February (that was full coverage). At that point you can just switch to whatever company offers the best full-year quote.
 
Let's see if I can clarify this.
Motorcycles and automobiles are not covered under your home insurance for fire/theft or vandalism.

When it comes to covering your motorcycle for fire/theft only during the non riding season as far as I know there is no company that offers that coverage.
What you guys are getting confused about is how it works and it's making you think you only have fire/theft coverage.

Let's take 2 companies both charge $1200/year
company One will charge $100/month for all 12 months of the year making you think you're paying for insurance when you can't ride the motorcycle.
Company 2 will not charge you for the 4 winter months, let's say Dec/Mar, however the following 8 months you will pay $150/month, they do that to make you think you're not paying during the winter time when you're not riding.
At the end you're still paying the same premium.
 
Let's see if I can clarify this.
Motorcycles and automobiles are not covered under your home insurance for fire/theft or vandalism.

When it comes to covering your motorcycle for fire/theft only during the non riding season as far as I know there is no company that offers that coverage.
What you guys are getting confused about is how it works and it's making you think you only have fire/theft coverage.

Let's take 2 companies both charge $1200/year
company One will charge $100/month for all 12 months of the year making you think you're paying for insurance when you can't ride the motorcycle.
Company 2 will not charge you for the 4 winter months, let's say Dec/Mar, however the following 8 months you will pay $150/month, they do that to make you think you're not paying during the winter time when you're not riding.
At the end you're still paying the same premium.
You are absolutely correct, assuming you insure the bike all year.

If you insure the bike for only the winter you will generally pay next to nothing because they presume you're not riding it. That's if they'll let you do that. I believe some insist on a full year term.

If you change your coverage to "suspended coverage" (no liability/comprehensive only) and insure only for winter, it will be even lower.

However, if you put it on a full year of coverage and then suspend coverage for just the winter months, you'll save almost nothing because they were already barely charging you anything for the winter (like you said) so there's no point.

If you put it on a full year policy and then suspend coverage during the summer, you will see some savings.

In your example of the company that charges throughout the whole year you may end up having to pay them even if you got rid of your bike for what you owe them from the summer that you haven't paid yet.
 
If you insure the bike for only the winter you will generally pay next to nothing because they presume you're not riding it. That's if they'll let you do that. I believe some insist on a full year term.
There is no such thing as insuring the bike for the winter time only, every company will make you sign a 1 year policy.

If you change your coverage to "suspended coverage" (no liability/comprehensive only) and insure only for winter, it will be even lower.
If you put it on a full year policy and then suspend coverage during the summer, you will see some savings.
Motorcycle policies/premium is calculated based on a riding season, there is no "suspended coverage" on motorcycle policies, you cannot change to comprehensive coverage only.

Someone please correct me if I'm wrong but I don't know if any company that will do any of the above.
 
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I could swear State Farm told me they would but there's no point to suspended coverage for the winter because you save next to nothing. I think The Personal also will.
 
Motorcycle insurance is small business in Ontario, you can count in one hand the number of insurance companies that are willing to insure motorcycles.
Because the motorcycle business is so small it only takes one nasty claim and that one company will not be profitable.
Just came across a 2 year old claim that just closed, accident benefits payout alone was $238,000
 

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