If you’ve ever thought that insurance was only for vehicles, homes, and boats, you may be surprised that you also have the option to get insurance for another form of transportation – your electric bike! Electric bikes, or e-bikes for short, are amazing for when you want to get out and go for a leisurely (or rugged) ride but don’t want to use your traditional bike and would like some assistance from a motor.
The popularity of e-bikes is growing and they are becoming more advanced, meaning higher prices and values. Therefore, you may want to consider purchasing an insurance plan for your e-bike. Before signing up, you should check with your existing home and auto insurance companies to see if your e-bike is already covered under one or both of these policies. If it isn’t, read on for everything you need to know about electric bike insurance.
Pricing
The first question most people ask when considering purchasing e-bike insurance is the price. While home and vehicle insurance prices may seem exorbitant at times, thankfully prices for e-bike insurance typically aren’t as much. Obviously, the insurance company you go through and the options you choose will ultimately determine your price, but you can likely find prices starting at just under $100 per year.
Other factors that will determine your insurance price are what brand and model your e-bike is, your chosen deductible, and your specific e-bike’s value. The more “bells and whistles” you have on your e-bike, the higher your price will likely be because there is more protection needed.
What is Covered
Every policy will differ, but in general, e-bike insurance will cover accidental damage, theft, and various forms of vandalism. Certain policies also offer coverage for unfortunate accidents such as collisions with vehicles and some medical payments resulting from an accident. Sometimes, you may also be able to receive e-bike roadside assistance from the insurance company. This would be useful in cases such as malfunction of a tire or engine failure.
Is e-bike Insurance Legally Required?
Currently, there is no law in the U.S. that requires standard e-bike owners to have insurance. If it isn’t covered by any of your current insurance policies, you are not required to obtain it. You may want to, however, especially if the value of your e-bike is high. You also do not have to have a valid driver’s license to ride an e-bike.
Note that there are three classes of e-bikes and e-bike insurance policies will provide coverage accordingly. Class 1 e-bikes provide pedal assist up to 20 miles per hour, Class 2 e-bikes provide throttle and pedal assist up to 20 miles per hour, and Class 3 bikes provide pedal assist up to 28 miles per hour. Any bike that has been altered to go faster or have different features may be designated as a vehicle or something else, so be sure to check with whatever insurance company you choose – if it’s classified as something else that requires you to have insurance, you will be legally obligated to getting it.
Why Should Someone Buy E-bike Insurance?
Many e-bike owners are unaware that e-bike insurance is even a thing, but once they learn about it, it is important to understand why they might need it. E-bikes are generally not cheap and can turn into quite a hefty investment. The price of e-bikes varies greatly, from as low as a few hundred dollars to over $12,000. Insuring your e-bike is no different than insuring your vehicle, as it is important to do so in case of any issues.
Most people are not skilled in the electrical and mechanical setups of e-bikes; therefore, getting them fixed can be tricky. Unlike traditional bikes that have many of the same components and can often be fixed quickly, e-bikes come with various hardware and software that can be more difficult to diagnose and repair when issues arise. This is especially true in the cases of more advanced bikes with more high-tech features.
Bikes are also easy targets for thieves and vandals, seeing as riders normally lock them up in plain view of other people (for obvious reasons), so insurance is important in those instances. You’ll want to make sure the policy you get fully covers vandalism and malicious damage that other people may cause.
E-bikes also go faster and weigh more than traditional bikes, so they will normally sustain more damage in an accident. Of course, this also means riders or other people may be more injured in an accident and require more medical attention. Additionally, e-bike riders may be deemed liable for accidents, which can end up costing a lot of money. Being insured can help alleviate the financial burden in case of any unforeseen instances.
Ultimately, if you have an e-bike, you may want to insure it. Many e-bike owners view their e-bikes as smaller versions of their vehicles and want to make sure they are protected in case of an accident, theft, or any other type of loss or damage. E-bike insurance isn’t extremely pricey, and if you’ve made a valuable investment in your e-bike, you may want to do some research into the e-bike insurance policy that is right for you.
