I have my key on a small nylon wallet style ring. All my info is inside, plus a few extra bucks in case I run out w/o my wallet and need gas. This also helps me to remember to take my key with me when I leave the bike. :wink:
Keep in mind, if you store your papers in a saddlebag that you have to open, the Police are going to watch you very closely as you access your luggage. Once you open a closed compartment in his presence, you pretty much give the LEO permission to search your bike.
Ya, I know, you have nothing to hide.....that's not the point. If an LEO wants to search your gear he either suspect something or he wants to suspect something. Either way, that leads to bad things.
Never consent to a search and never give them an opportunity for a free search.