Your go to place for everything Ebike
– Since 2014 –
Your go to place for everything E-Bike
– Since 2014 –
An electric bike is a phenomenal way to get involved in cycling and develop your fitness, not to mention that it is so much easier to get up a hill. In recent years, e-bikes have become a popular method of transport, in particular for those who only tend to make short journeys such as quick trips to the nearby shops or short commutes to work. But sometimes the less demanding bike rides can cause the greatest problems.
More than 15 million bicycles are sold each year in the USA, with 4 million of them being of high value (over $2k). Having insurance is a necessity for these e-bikes!
As you no doubt are aware, E-bikes are expensive, with high potential risks on the road often not entirely covered by owners, renter or auto insurances.
It’s a dangerous move for your e-bike to be uninsured. Luckily, there is e-bike insurance. Let’s make an analysis as to why e-bike insurance is a good move.
Electric bikes are expensive
A high-quality entry-level electric bike costs upwards of $1,000, with an average value of $3,000. High end-bikes, often cost upwards of $10 – even $15k!
With an investment such as this, you have to make sure you have adequate coverage for damage or theft.
Additionally, electric bikes are complex, with electrical, mechanical, and computer driven systems that travel fast, for long distances at a time, making them more sensitive to damage or loss.
Fixing them or replacing components that have broken or stolen can cost a bundle of money. An electric bike battery, for example, can cost anywhere between $150 and $800. Motors aren’t cheap either.
High-potential risk
E-bikes have a larger requirement for liability coverage. Electric bicycles tend to travel faster and are a lot heavier than regular bikes, making them high potential hazards for causing damage to somebody else’s property or injury to another.
Without insurance, an owner who caused an accident could be personally responsible and could face disastrous financial liabilities.
Limited e-bike coverage
Ordinary homeowners and renter insurances commonly offer limited coverage for damage, theft, or liability related to e-bikes because an electric bicycle is considered a motorized vehicle.
Also, auto insurance companies may not offer electric bicycle insurance because e-bikes do not need to be registered and owners are not required to possess a valid driver’s license.
Readily available and affordable
Electric bicycle insurance does exist, it starts at $100 per year and offers a diversity of coverage levels and deductible options.
Every policy can be customized to meet your demand and your riding style. Coverage includes protection for damage caused by crash, theft, attempted theft, collision, fire, vandalism or hitting another object. Coverage of additional parts, cycle apparel, and rental compensation are also included at no extra charge.
Other optional coverage includes liability coverage to cover the expenses of the third party in case of injuries or property accident caused by the insured cyclist. There are also medical payments to cover medical costs of the protected cyclist associated with a cycling collision. There is another convenience called roadside assistance, providing the cyclist a service vehicle transportation of up to 35 miles.
It’s your move. Take a step today and protect yourself and your electric bicycle.
E-bikes, in general, are not covered in most homeowner insurance plans. While we don’t want to dissuade you from purchasing an E-Bike, you can, and should, speak to your current or prospective insurer to determine what coverage, if any, they provide you.
According to ebikereviewer.com – most bicycle insurance “won’t cover electric bikes as electric bikes cost more than bicycles and they have different accidents and incidents”. Similarly, Spoke Insurance, a U.S. based insurer, notes that “often, traditional homeowners and renters policies do not cover E-bikes, leaving riders without protection for themselves and their bikes.”
Motor assisted cycles must be powered by electricity. If your bicycle has a gas engine attached, it will not be considered a motor assisted cycle.
E-Bike Insurance Is Confusing
E-bike insurance is doubly confusing, as there is both an “insurance from theft” as well as potential “auto insurance” insurance as well. Should you need auto insurance to drive your E-bike? Should you be required to have a motor vehicle license? These are just some of the sticky questions that are rising to the forefront lately. Let’s look at them in turn.
E-Bikes And Auto Insurance
While every country, state, province, and even city have different opinions (and laws), a look at how the auto insurer, Insurance Corporation of British Columbia (ICBC) addresses this issue is instructive.
According to ICBC – a “motor-assisted cycle,” must be equipped with bicycle-style pedals, have a maximum motor speed of 32 km/h and an electric motor of 500 watts or less. Any bike that exceeds these limits will be considered a motor vehicle and will require separate auto-insurance. Otherwise, no insurance is required.
When it comes to E-Bikes, the bottom line is you need to check with your insurance agent/broker to see if you can add your e-bike to your policy.