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The importance of e-bike insurance

By January 11, 2022April 18th, 2024No Comments

Personal Insurance News


By the Insurance Experts

E-bikes have been on the market for a long time but recently have seen a surge in sales. They are expensive and have high potential risks on the road typically not fully covered by homeowners, renters, or auto insurances. It’s a risky move for your e-bike to be uninsured. Fortunately, there is coverage designed 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 $1,500, an average value e-bike runs around $3,000, and a high-end e-bike costs as much as $15,000. With a big 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 risk.

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. E-bikers who cause an accident could be personally responsible and face devastating financial liabilities.

Homeowners, renters, 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 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. Several companies offer a stand-alone policy that insures e-bikes with power assist up to 750 watts with speeds up to 28mph. Electric bicycle coverage protects the e-bike from theft, damage, and more. E-bike policies start at $75 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 the 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.

We pride ourselves in finding the best insurance in Oregon for you, at the best rate with the best coverage, and not just the first time but every time your insurance renews. We will shop your insurance through multiple companies to find you the best option.