All About Electric Bike Insurance and Why You Need It

kyle

Owner at - EbikeWizard

I am excited to be able to help people get by with their ebike journey. Here at ebikewizard.com, I share my expertise and over a decade of experience riding, testing, and troubleshooting ebikes of all kinds.

E-bikes are one of the most significant revolutions in the cycling world. Huge masses of people all across the globe have turned to pedal-assisted power to contribute to environmental protection as well as to extract the utility and benefits that e-bikes offer. Since 2018, the number of electric bikes on the streets has risen to a considerable amount, and the prices of electric motor-powered two-wheeled vehicles began tumbling. Insurance is an important aspect for all assets, and insurance companies were quick to start offering e-bike insurance to protect electric bike owners from unforeseen costs.

According to a study, 130 million e-bikes are estimated to be purchased between the years 2020 and 2023 on a global scale. The United States and Europe have the biggest appetite for e-bikes, and the regions are experiencing a rapid increase in the demand for electric bike insurance. We will cover everything you need to know about e-bike insurance in this article. But first, let us look at some of the reasons why it is important.

Reasons to Buy Electric Bike Insurance

E-bikes do not come cheap, and they require you to spend money on their maintenance as well. If you like to cycle and prize your two-wheeled possession, it is crucial for you to insure it as accidents and unforeseeable unfortunate events are usually inevitable. E-bike insurance is certainly not a thing that is on the top of the mind while buying a new electric bike. However, it is something that can save you a lot of hassle and money in the long run. Electric bike insurance is especially useful for people who use their e-bikes for routine commuting and running errands.

Protection Against Damage and Theft

In 2020 and 2021, 77,000 bikes were stolen in the UK, while 1.7 million of them are stolen in the United States each year. These big numbers play a major role in enhancing the significance of getting e-bike insurance. Just imagine coming out of your house one day to where you park your electric bike and finding out that it is not there. You would have lost a hefty amount of investment and a reliable commute partner. However, if you have an e-bike insurance plan in place, you will get the cost to replace it within no time.

Similarly, if your e-bike is involved in an accident, it can receive damages that can be costly to repair. Acts of vandalism are also common across most of the regions that can detriment the well-being and performance of your electric bike. With an insurance plan, all the repair expenses you bear on your e-bike can be fully covered.

Access to Substitute Transport Mode

If an electric bike is your main mode of transport for doing groceries, visiting places, and commuting to and from work, your plans and daily activities can come to a halt if you lose your e-bike or have it in the workshop for repairs. E-bike insurance remediates this issue and saves you a lot of stress by giving you access to substitute e-bikes when yours is away from you for any reason. Almost all insurance policies have a replacement service for e-bikes that you can avail free of cost.

Getting a Payout During Injury

Fortunately, serious and critical e-bike accidents are not very common. However, the unexpected can happen at any time, and getting compensation when you are injured and require it the most can help you focus on getting better quicker. The financial safety net can make you get back on wheels again in a better manner.

Legal Fees Payment

Most electric bike insurance plans offer to pay for any legal fees that you may incur if you file a case against the person whose mistake has caused an accident. This gives you confidence for resolving the issue quicker. In the case when you are the one who is at fault, third-party liability coverage offering of your e-bike insurance is there to protect you from having to pay huge amounts from your pocket.

When you know that you have electric bike insurance on your back, you are able to ride with confidence. It allows you to attain peace of mind while leaving your e-bike in parking, taking on an electric bike trail, or commuting or leisurely riding around town. E-bike insurance keeps your pocket from getting a dent in it and you from being left without a mode of transport.

Total Cost of An E-Bike Insurance

Basic e-bike insurance that covers a top speed of 28 miles per hour and a motor power up to 750 watts can cost anywhere between $100 to $250 a year with a variety of deductible options. It is crucial to understand that you can customize your policy according to your riding style and preferences and include coverage for hitting another object, vandalism, third-party liability, medical costs and payments, theft or attempted theft, fire, collision, and crash, etc. Most of the policies come with free rental reimbursement, cycle apparel, and spare parts coverage. In Europe, most of the basic electric bike insurances start from 9 to 15 Euros per month for e-bikes that are worth 1500 to 2500 Euros.

Difference Between Electric Bike Insurance and Regular Bicycle Insurance

If you have an insurance policy for your traditional or analog bicycle and think that would cover your e-bike as well, it is most likely that you are wrong. The electrical element of an electric bike makes its insurance different from that of a regular bicycle. You want the components, such as the control system, interface, gearbox, battery, and the motor, of an e-bike that provide your ride with a boost need to be covered by your policy if you do not want to be left high and dry at the time of making a claim. The rate of claims that electric bike riders make is significantly lower than that of traditional bicycle riders. This is a major reason why many insurance companies offer discounts on e-bike insurance policies.

Our Final Thoughts

Insurance is meant to protect an individual against the risks associated with financial losses. When it comes to electric bike insurance, the most major threat is linked to the e-bike’s value. If an electric bike owner thinks that they would find it monetarily difficult to replace their electric bike with a new one if anything is to happen with the e-bike they own, they should seriously consider buying an e-bike insurance policy that meets their needs.

Furthermore, the different offerings of insurance policies covering damage and theft of cycling accessories, lights, GPS, and even clothing are also valuable for electric bike owners that have made a good amount of investment in cycling items. Third-party liability also proves to be vital in case of an accident as it can save you a considerable amount of dough. It is even mandatory in some municipalities with specific classes of e-bikes.

Make sure you go thoroughly go through an e-bike insurance policy to be certain of the extent of the coverage it offers before buying it. Also, always use protective gear while riding an electric bike. Here are our top picks for e-bike safety accessories: