You'll laugh....I bought a cover from Target online...I think it was dirt cheap, like $30+shipping. It works really well to protect from both rain and snow. It also has the heat shields for the muffler, but I always wait at least 15 minutes before covering my bike. It helps that I have a centerstand - I always keep my bike on the centerstand to take some weight off the tires.
Here it is:
Motorcycle Cover - L : Target
Dani