Electric bikes (commonly referred to as e-bikes) are expensive, high potential risks on the road typically not fully covered by homeowners, renter or auto insurances. It’s a risky move for your e-bike to be uninsured. Fortunately, there’s bicycle insurance specifically for e-bikes to give you the peace of mind you deserve. Let’s take a closer look at why e-bike insurance is a good move.
E-bikes can be expensive.
If you own an electric bicycle or are planning on buying one, then you know it’s a significant investment. A good quality entry-level e-bike costs upwards of $1,000, an average value e-bike runs around $3,000, and a high-end e-bike costs as much as $12,000. With an investment like that, you want to make sure you have adequate coverage for theft or damage. Additionally, electric bikes are usually complex with mechanical, electrical and computer driven systems that tend to travel fast, for great distances at a time, making them more susceptible to damage or loss.
E-bikes are high potential risks.
E-bikes have a greater need for liability coverage. Electric bikes tend to travel faster and are heavier than bicycles, making them high potential risks for causing damage to someone else’s property or bodily harm to another. Without insurance, an e-biker who caused an accident could be personally responsible and face devastating financial liabilities.
Homeowners, renter and auto insurances offer very limited e-bike coverage.
Traditional homeowners and renter insurances typically offer limited coverage (if any) for theft, damage, or liability related to e-bikes because an electric bike is considered a motorized vehicle. In addition, auto insurance companies may not offer e-bike insurance because e-bikes do not need to be registered and e-bike riders are not required to have a valid driver’s license.
E-bike insurance is readily available and affordable.
Electric bike insurance does exist and it provides coverage between auto, home, and renters insurances where there are gaps and fine print exclusions. Markel offers a stand-alone e-bike insurance policy that insures e-bikes with power assist up to 750 watts and covers theft, damage and more. E-bike policies start at $100 per year and offer a variety of coverage levels and deductible options.
Each policy can be customized to fit you and your riding style. Coverages include protection for damage caused by theft, crash, collision, fire, attempted theft, vandalism or hitting another object. Coverage of spare parts, cycle apparel, and rental reimbursement are also included at no additional cost.
Additional optional coverages include: Liability coverage to cover the costs for a third party in case of injuries or property damage caused by the insured cyclist; medical payments to cover medical costs of the insured cyclist associated with a cycling accident; and vehicle contact protection for medical costs of the insured cyclist associated with accidents caused by an automobile. Additionally, roadside assistance is available, providing the cyclist a service vehicle ride of up to 35 miles.
It’s your move. Take action today and protect yourself and your e-bike.