Do You Need Insurance on an Electric Bike?
As with bicycle insurance, ebike insurance is not legally required—but it may still be a good idea. In general, ebikes range in cost from about $400 to $2,000 or more, so if it is stolen or damaged, an ebike policy can help you buy a replacement or pay for repairs. Likewise, if you get in a bad cycling accident and need to cover roadside assistance, medical costs, or even third-party liability, ebike insurance will have your back.
Ebike insurance typically includes coverage for things like theft or attempted theft, vandalism, crashes and collisions, and fire. Depending on the carrier, policies can also cover medical payments, third-party liability, damage that occurs during international travel, fee reimbursement, and roadside assistance.
You may be able to insure your ebike on your homeowners policy, but traditional homeowners policies do not typically include coverage for bicycles—unless they are stolen from your home. This means that you will not receive a payout if your bike is stolen at school or work, and repairs will not be covered if you are in an accident or damage someone’s car while riding.
Homeowners policies typically put a cap on how much you can claim if your bike is stolen. In the case of an ebike, this may only cover a small portion of the actual value of the bike. That said, some carriers allow customers to add a bike to their existing homeowners or renters policy, so ask your agent if this is an option.
In the U.S., the classification of ebikes as a motorized vehicle varies by state. For example, in Alabama and Alaska, electric bikes are considered motorcycles. However, this is more the exception than the rule, and most states classify ebikes as bicycles or electric-assisted bicycles, meaning they often do not require a license or impose a minimum driving age. Because of these differences, though, you should always check your state’s requirements when considering an ebike.
The importance of e-bike insurance
Electric bikes (commonly referred to as e-bikes) are expensive, high potential risks on the road typically not fully covered by homeowners, renter’s or auto insurances. It is a risky move for your e-bike to be uninsured. Fortunately, our bicycle insurance is designed specifically for e-bikes to give you the peace of mind you deserve.
E-bikes can be expensive.
If you own an electric bicycle or are planning on buying one, then you know it is 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.
Home & Auto insurance offers some 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.
Get a specific insurance policy for your e-bike.
Electric bike insurance does exist, and it provides coverage between auto, home, and renters insurances where there are gaps and fine print exclusions. Several insurance companies offer stand-alone e-bike insurance policy that insures e-bikes with power assist up to 750 watts with speeds up to 28mph. The electric bicycle coverage protects the ebike from 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.