YES!
Everything Dace says and if those are not in your budget...well then, just layer your clothes so you can strip accordingly!
Carolyn and I use our FroggToggs Rain Suits for cold weather protection and they work wonders. We used them two summers ago and this last summer while riding all over Colorado. We were in every type of weather condition you can imagine outside of a tornado, and we were comfortable for many miles.
Here is the website,
http://www.froggtoggs.com/, they sell these rain suits at various places around town but we could never find our size so we ordered the online.
For now a nice rain suit will keep you warm during the winter and dry in the summer...monsoons that is, should you be caught in a storm...God Forbid...

Then you can save for the Armor that Dace is speaking of. And the Armor that is out there now is really neat! But pricey!
Lea