A lot of vehicles only have seasonal use. This is particularly true for people that live in the northern states. People store their motorcycles, boats and golf carts in the winter, and snowmobile owners store their sleds in the summer. So while your vehicle is not being used in the off-season, there's no reason to keep insurance on it, right????
Many people decide to cancel their insurance policies on those vehicles in the off-season. However, there are some major downsides to doing that. This became very clear to me just this past Friday, when a friend that I went to school with had his motorcycle stolen....
Just two days before Christmas, a thief broke into his garage, and stole his 2001 Harley-Davidson Road King classic. This is a very nice bike! Here is a pic, in case any of you happen to see it riding around somewhere....
My friend told me that prior to his bike being stolen, he had considered canceling his policy during the winter months. Thankfully, he decided that what little money he would've saved wouldn't be worth it. So he decided to continue his coverage for the entire year. This included the comprehensive coverage he was carrying, which is what covers vehicles in case of theft.
This is the question that owners of seasonal vehicles face. Should you keep coverage on vehicles that you're not currently using? What are the pros and cons as far as risk? How much do you save if you cancel coverage in the off-season? These are just some of the questions that go into the thought process of making that decision.
Two schools of thought:
1. Keep coverage the same for the entire year.
2. Cancel coverage completely during the off-season.
Great News: There is a better solution than the two options above!
Option 3: Adjusting coverage for the off-season
When your vehicle is stored in the off-season, Comprehensive coverage is the only coverage you need. So why not keep your policy active and simply drop or lower unneeded coverages?
The following coverages only apply during the in-season, when you're using the vehicle:
*** NOTE: Some of you may carry additional coverage on accessories. If so, you'll need to check with your insurance company about dropping collision coverage, and whether that affects accessory coverage.
Other points about the Adjusting Coverages option:
I hope this gives you a better idea of how to protect your toys during the months not being used, but still save you money by adjusting coverages that are not needed in the off-season.
If you live in Ohio, Michigan, Indiana, Pennsylvania, Virginia or West Virginia, and would like an online quote on your toy, I would be happy to help you. Simply click on the link below that you would like a quote on. And as always, I handle all quotes personally and privately.
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Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..