What is a Motorcycle Lay-Up Policy?
Motorcycle insurance is one of the best investments to make for your bike, no matter how valuable it is or how often you use it. It can be a very big mistake to not have motorcycle insurance in place. But what happens during the winter months or that long period of time where your bike isn’t exactly being used? You may be tempted to drop your coverage to save the money. Instead of doing that, consider a policy called motorcycle lay-up coverage. It could be exactly what you need to keep your bike safe for less.
How Does Lay-Up Insurance Work?
Canceling your motorcycle insurance may save you some money initially, but what happens if your bike, even while in storage, is damaged? For example, there may be a roof leak in the building that you don’t know about for months. The bike could be significantly damaged as a result. Or it could be damaged when someone backs into it. If you do not have motorcycle insurance at this point, you have no way of paying for these losses except out of your own pocket.
Lay-up motorcycle insurance can help you. It is a reduced amount of coverage that does not offer protections in terms of being on the road, but it can cover losses suffered while the vehicle is in storage. This might include coverage for vandalism and theft. It does not provide collision insurance and generally does not provide liability insurance. In other words, before you can take the vehicle out onto the road, you will still need to have upgraded, full coverage motorcycle insurance to meet state laws and to protect your bike in cases of collision.
What Should You Do Now?
If you currently have motorcycle insurance but you do not plan to use your bike over the next few months, consider a lay-up insurance policy. In many situations, this type of coverage can give you the protection you need to protect the value of your bike, even if you are not on the road. If you are like many people, you value your bike and you invested a good deal of money into it. Keeping it protected with the right type and amount of auto insurance is a must in these situations.
Is your bike covered? Call ACF Insurance Services Inc at (919) 661-1100 for more information on Garner motorcycle insurance.