We have riden in the rain more than several times it seems and everyone always had their gear with them. I have a Tourmaster full suit which works well. It has reflective materials and keeps me dry and focused on driving rather than on staying dry. I can also wear the hood under my helmet to protect me from the back drafting.
I have lowers so the Gaters I have seem to be useless and cumbersome. The guys without lowers carry the elephant ears to cover the higway bars They say each time they are glad they have them to keep the rain off their legs and boots but still wear the Gaters.
On a side note: The Bug Off spray works well for rain repelling off of the fairing and my glasses. HD also makes wipes for this as well but are a one use application and expensive.
Hope this helps.