How does storage location affect coverage?

Storage location impacts rates and coverage requirements, especially for theft protection.

When it comes to insuring powersport vehicles like motorcycles, ATVs, or snowmobiles, insurance companies consider the storage location as a critical factor. This is because the risk associated with theft or damage can vary significantly based on where and how you store your vehicle. For instance, a custom-built garage with a locking mechanism and security system is likely to offer better protection against theft compared to a street-side parking or a less secure shed. As a result, insurance providers might offer lower premiums or require different coverage for vehicles stored in more secure locations. On the other hand, if your vehicle is stored in a location that's prone to theft or vandalism, such as an open area or a shared space without surveillance, the insurance premiums might be higher or certain coverage requirements might be necessary to protect against potential losses. Essentially, the more secure the storage, the more favorable the insurance terms could become.

Imagine you own a jet ski. If you keep it in a locked and covered boathouse with a security camera, it's less likely to be stolen or damaged by weather elements. Due to this secure setting, your insurance company might offer you a reduced rate on your coverage. Conversely, if you store it on a trailer in an open, unattended parking lot, your insurance rates are likely to be higher to compensate for the increased risk of theft or damage.

For those owning powersport vehicles, always consider where you store them and think about security improvements. If possible, invest in a secure, locked storage space with security features like cameras or alarms. Not only does this protect your vehicle from potential theft and damage but it can also lead to lower insurance costs. If you're unsure about what qualifies as a secure storage, talk to your insurance provider for recommendations on best practices to potentially reduce your premiums.