Your enjoying good afternoon ride with an electric bike. Hunger strikes at of nowhere, so you step into a local store to buy something to eat.
You walk back to your parked e-bike and it’s gone.
This is probably the nightmare of all e-bikers. Unfortunately, the probability of getting your own bike back after theft is currently less than 10 percent.
Fast replacement is therefore the only consolation in most cases. This is where e-bike insurance comes into play.
They are few stubborn bike owners that feel electric bike coverage isn’t needed. Simply securing your electric bike is enough.
Honestly it might be, you may live in low risk area and trust everyone’s intentions.
It’s up to your discretion but we created this post inform and help empower those on the fence. So, E-bike insurance, Do you need it?
Table of Contents
- Why electric bicycle insurance is important
- Is E-bike insurance a legal requirement?
- Should I insure my electric bike?
- Advantages and Disadvantages of e-bike insurance
- Are electric bikes easy to steal?
- Do E-Bikes Require Insurance?
- How Should You Behave In The Event Of An E-Bike Damage?
- How Do You Insure Your Electric Bike?
- Does homeowners insurance cover bicycle theft?
- Making An electric bike Insurance Claim? Here’s few steps to help
- How Much Is Electric Bicycle Insurance?
- Is Insuring Your E-Bike Really Worth It?
- Related Post
Why electric bicycle insurance is important
According to statistics, the sales figures for e-bikes have increased continuously in recent years.
In 2014, 18 Million were sold in the US, and now those estimates have increased to 143 Million in 2018. That’s huge spike in two-wheelers sold.
The increasing demand also means an increased need for protection. If you own an e-bike, you will be even more interested in protection against theft or damage.
Compared to a conventional bike, an e-bike costs significantly more.
You need more than 2,000 dollars for the purchase of an electric bike. Depending on the equipment and scope of services, an e-bike or pedelec can also cost 5,000 dollars and more.
A special e-bike insurance protects the owner from high damage as a result of damage or theft. Insurance can be taken out with a separate policy or by supplementing household insurance.
There are differences to bicycle insurance: with conventional bicycle insurance, the sum insured will be significantly lower. E-bikes can cost up to 5,000 dollars and more.
Accordingly, the amount of cover is then also negative.
In addition, property damage or specific damage to the engine or drive are usually also covered by e-bike insurance.
Bicycle insurance usually does not offer this protection because there is no motor.
Is E-bike insurance a legal requirement?
No, electric bike coverage is not legal requirement and it’s not necessary to have electric bike insurance in the US. Although there are other laws that we covered in recent post that touches base on other e-bikes legal requirements.
Should I insure my electric bike?
There are very few electric bike insurance policies out there to choose from. You may be asking if you need to look into them? E-bike riders are playing Russian roulette with their expensive bikes. High-quality ebikes can often cost in the ranges between $1,200 to $3,000 making them big targets.
Theives are always lurking looking for an opportunity to cash in on someone’s mistake. In the unfortunate case your electric bike is taken good insurance policy can save you a load of headaches.
Many worry about the potential premium cost to get electric bicycle insurance. Yet when compared to pedal-power bikes the cost is quite similar. Most e-bike policies begin at nearly $100 a year.
Electric bike riders can get the peace of mind of knowing you’re covered for a myriad of situations under a good insurance policy. We listed some advantages and disadvantages of ebike insurance below.
Advantages and Disadvantages of e-bike insurance
- The insurance applies if the e-bike is stolen.
- Insurance can be taken out in the event of vandalism damage.
- Protection is also possible for expensive bicycles.
- Insurance coverage can be adjusted individually.
- Separate e-bike insurance usually has no night clause.
- E-bikes insurance is afforable
- Such insurance entails additional fixed costs.
- The insurance can usually only be taken out within one year of buying the new e-bike.
Are electric bikes easy to steal?
Yes, E-bikes can be easily stolen in fact electric bicycle theft is on the rise. Just like other conventional bikes, electric bicycles are a huge target due to higher price tags. Tending to fall victim to thieves in two ways. The first is to steal particular parts from e-bikes.
Parts like e-bikes motors, speed controllers, throttles, batteries, and such can fetch big money for thieves. Second way is to steal the entire e-bike for themselves. With many stolen e-bikes going unreported and lower prioritization by the police. Electric bike theft continues to be a problem for major cities across the city.
We always recommend securely locking e-bikes in places where everyone can view them. Keep your eyes on electric bikes at all times. Insurance policies are put in place to ensure certain parts of the e-bike.
Do E-Bikes Require Insurance?
You’d think that the purchase of an expensive electric bike automatically requires insurance, but it doesn’t. Unlike cars, it isn’t mandatory to have insurance.
In the US, laws vary from state to state. So, you’d probably need to check your state laws to follow best practices.
However, insurance is recommended to protect against theft and damage to the e-bike. Taking a risk on an electric bike that cost 1000’s isn’t wise.
It can be hard to find coverage for riders because auto insurers are not required to register electric bikes.
There are few special insurers that specifically only offer electric bike coverage.
Another option is to buy a bike lock that will insure an electric bike if the lock is broken and bike is stolen.
The only con is some companies will waive the insurance if a certain high-power tool is used to cut the lock.
How Should You Behave In The Event Of An E-Bike Damage?
In the event of damage, the same applies as for all thefts. You should report the theft to the police.
At the same time, report the theft to your insurance company. You will receive a file number from the police to report your theft.
You usually need this file number to report damage to your insurance company.
You should be able to provide the insurance company with evidence (e.g. photos of the defect/damage report/accident location / destroyed lock) to ensure that it can be processed easily in the event of damage.
For this purpose, additional documents such as proof of purchase may also be required.
After checking your report, the insurance company will usually settle the damage within 14 days
How Do You Insure Your Electric Bike?
Basically, an e-bike insurance has the same purpose as a bike insurance. With the special feature that the special parts of the electric bike, such as the battery and motor, are also covered.
Good insurance not only helps in the event of loss due to theft, but also protects against electronics failures and other damage. A defect fall or even vandalism can also damage the e-bike.
E-bike insurance is available to replace the costs of purchasing lost or damaged property.
You can get an overview of the best offers for e-bike insurance with the help of an insurance comparison on the Internet.
Basically, you can take care of good protection yourself. However, thanks to a variety of various insurance options, for example with household insurance, you can also take advantage of the support of an insurance broker.
It’s important that you consider the scope of the insurance cover.
These comparison criteria can help you choose the right e-bike insurance:
- Should the insurance cover go beyond theft damage?
- Does the insurance cover apply around the clock?
- Can individual components of the policy be graded individually?
- What compensation does the insurer pay in the event of a damage or theft?
- Are there discounts if I have already taken out insurance with the same provider?
- Is it enough if I expand my own household insurance?
- Do the bike locks specified by the insurer have to be used?
- Does the insurance also pay for repairs?
- Is the motor or drive insured separately?
- Are there any authorized workshops for repairs?
Does homeowners insurance cover bicycle theft?
The answer to this question can be mixed as it is based on your specific insurance policy plan. Conventional bikes are covered under the personal property section for home and renters insurance policies.
Coverage will reimburse you, minus your deductible if your bike is stolen or damaged in disasters listed in your policy.
Logically the same answer could be applied to electric bikes that have incurred theft damage or liability. If your uncertain make sure your electric bicycle can be added as part of your standard homeowner’s insurance policy.
Making An electric bike Insurance Claim? Here’s few steps to help
Take note of Inventory – If fortunate to have electric bike insurance coverage. We listed a few ways to minimize the pain of theft or damage when reporting a claim.
Make sure to add your bicycle to your home inventory this should include other items like a helmet, patch kits, pumps, extra inner tubes, and other essentials.
If your electric bike or essentials is stolen or damaged having an inventory can help speed the claims process.
Save your receipts – Whether you purchased your electric bike online or in-store make sure to keep a receipt of your purchase. This also goes for any essentials that you brought alongside the e-bike. The cost of these can add up quickly and, again, a proof will be much needed when you file your claim.
Photos – It doesn’t hurt but its good idea to have an updated photo of your electric bicycle. Similar to cars a photos of an before after gives the insurance companies a peace of mind during the claims process.
You’d be surprised how many fake claims insurance companies must go through. The photos provide further proof of damages.
How Much Is Electric Bicycle Insurance?
If you take out separate e-bike insurance, you should expect annual costs of around 200 dollars.
The following “tricks” are available for saving:
- Try expanding your existing ebike insurance with e-bikes.
- Use your existing household contents insurance and check the scope of insurance for e-bikes.
- Try negotiating with some providers.
- Use multiple e-bikes to receive discounts.
- If you enter into a workshop commitment for repairs, you can save costs, just like with car insurance.
Similar to car insurance, the term of many ebike insurance companies is one year.
With some providers, the insurance contract then ends automatically. If the e-bike is covered by household insurance, the term depends on your household policy.
Is Insuring Your E-Bike Really Worth It?
Ebike insurance is particularly worthwhile for new e-bikes with a high purchase price.
The value of an e-bike is highest in the first three years after purchase. It is not only the acquisition costs that are higher compared to the “normal” bicycle.
Individual components of the e-bike are often higher quality and significantly more expensive.
E-bikes cost a lot of money and are therefore coveted stolen goods.
Therefore, both the whole bike and its parts are at risk of theft. In addition, these are often exposed to greater wear due to the stronger forces.
In contrast to other forms of insurance, e-bike insurance also includes the drive with battery and motor. This alone often makes up around 50% of the total value.
If the e-bike is older or has undergone major changes, it may be that the e-bike insurance is no longer worthwhile.
Theft insurance could then be reimbursed under certain conditions in the event of theft.
If you care about the safety of your wallet, and most importantly your mood, then insurance is a great choice.
After all, what could be better than enjoying your beloved transports without worrying about possible incidents.
How to protect your e-bikes – There is a special place in hell for bike thieves and you know what, I’m okay with it.
But if there walking among us common folks you need figure out ways around them. If not, you risk losing your highly valued electric bike.
The truth is electric bike theft is on the rise and no matter the bike part nothing is safe. Read More Here.