Excellent question as I too have just gotten into towing. My thoughts are to leave it on there. For me, too heavy and cumbersome to deal with more than I have too. Looking for a lock to use on the pin that slides into the receiver hitch. Hate to have someone walk away with it.
One can always bungee the bar to the receiver hitch if you think it will come out of the stored position.
Mine came with a cover and I put it on upside down. Birds made a nest in it!
Tom Wilds
Blythewood, SC
2016 Newmar Baystar Sport 3004
2015 Jeep Wrangler 2dr HT