I don't own a canoe bag and have never thought one to be a useful investment of money.
G2D raises good points about contact and restricted air flow with canoe bags. If you are mainly concerned with outside storage, you can wrap canoes loosely and open-ended in cheap blue tarps. Better yet, tent some blue tarps over your canoe rack to allow air flow while positioned to block sun and rain. Yeah, you'd probably have to re-rig them from time to time.
1 Canoe/Kayak Trailer
Canoe/Kayak Storage Racks
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