When I lived in Calgary, Canada (ice cold winters) there were times I didn't have a garage for my bike, which really sucked for doing maintenance, oil changes etc, in the winters, I'd remove the battery, fill the tank to full fuel and spray the bike with WD40. If it got really cold (or was going to ice fog or ice rain) I'd put a fleece blanket over it and a tarp.
Later on, I lived in the UK for 3.5 years without a garage. It's much less cold in the winter, but I used a motorcycle bike cover all the time. One winter I didn't remove my battery (lazy) and low and behold, it was dead for spring. But the bike cover was great, although they only lasted 2 years each.
A garage is great, anything that is a shelter is better than nothing. The outside is hard on vehicles, especially motorcycles as you have lots of electrical and metal bits in the open.
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