Leon Wang:21 Jul, 2023

What Is Electric Bike Insurance, and Do You Need It?

Electric Bike Insurance


Electric bikes have become a new sensation among those who travel frequently. Especially with the soaring fuel prices, e-bikes provide a great rescue to cut down daily commute costs. Plus, they are a boon to the environment as it does not emit harmful gases that pollute the environment.

You can count many such benefits and not stop, but you must also be aware that e-bikes take some extra bucks out of your pockets when you buy them. So why not consider getting ebike insurance in the first place to get protection from any mishap? Besides this government has levied rules in some areas to get insurance for e-bikes to promote genuine riders on the road.

Let us know about e-bike insurance in detail ahead.

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What is Electric Bike Insurance? Is Electric Bike Insurance Important?

Like any other insurance, electric bike insurance is a policy that is taken for the protection of the rider and the vehicle if any mishap occurs. An e-bike is expensive, so insurance covers all possible losses like bike damage, smashing, or theft.

So based on the insurer you confide in and the kind of insurance policy you agree to take, the cost of your electric bicycle insurance depends. Plus, it also considers the speed of your e-bike and its type.

Insurance for your e-bike is essential and can be considered a wise step. However, some states still regard them as regular bicycles and do not need insurance. So, considering good e-bike insurance is essential as it protects your e-bike against the following;

  • Accidental damage.
  • Any theft.
  • Damage from e-bike collision.

Additionally, with some insurance companies, you get cover for the following;

  • Roadside assistance.
  • Replacement for damaged parts like battery or motor, etc.
  • Reimbursement for rent in case you cannot ride your e-bike.
  • Replacement coverage in terms of a similar model or same market price for your damaged e-bike.

Do You Need E-bike Insurance?

Getting insurance for your e-bike is a superb call to take. It helps cover various losses you can not imagine while purchasing an e-bike. Many insurance companies offer customized plans that suit your style of riding the e-bike. E.g., if you use your e-bike for a daily commute to your workplace, your policy will be different from the rider who uses their e-bike for racing purposes.

Some insurance companies offer policies with unique features like covering you for;

  • Any damage to the e-bike during international or domestic traveling.
  • Accessories damaged like gear, lock, helmet, etc.
  • Liability for third parties if you accidentally injure a person or their property.
  • Medical claims in case you get injured while traveling on the e-bike.
  • Loss incurred during racing or any competition.
  • More than one e-bike coverage on a single policy.

So, it is good to get insurance for e-bikes, as you never know when you may need them to prevent or minimize your losses.

Factors That Need to Consider When Purchasing E-bike Insurance

Before considering getting ebike theft insurance or any other insurance covering a bundle of benefits in case of a mishap, it is good to ponder some factors. 

These are;

 Searching for Coverage and add-ons:

    Before settling on a policy, it is better to research for conclusions and Coverage offered by the company. Some insurance companies offer plans to protect against personal accidents, damage, theft, etc. So, knowing the Coverage beforehand is better.

     Checking IDV(Insured Declared Value):

      Different insurance companies offer other plans, pricing, and Coverage in policies. So, it is better to look for the company with the best Coverage for your loss and a higher IDV.

      Inspecting Insurance Company Credibility:

      Before getting an insurance policy, it is better to inspect its credibility. Also, ensure the company takes claims online and that 24/7 customer care is available to handle your queries. Plus, the company must be financially stable to settle your claims promptly. Look for reviews posted by consumers who have already taken the company's service.

      Comparing Quotes from Various Insurers:

      It is better to compare various insurance plans given by a company and those offered by other insurance agents. This way, you can grab the best deal at the best price. Also, make comparisons of the availability of garages in the company's network, claim settlement ratio, etc.

      Checking for Exclusions:

      While settling for e-bike insurance, look for any exclusions in the policy to find what is not covered. 

      Insurance companies may not cover the things listed below;

      • Drink and drive in case of an underage rider.
      • Driving in a flooded area.
      • Damage is done on purpose.
      • Driving with an expired insurance policy and driving license.

      Opting for an Insurance Online:

      Opt for online insurance if you are not looking to visit the insurance company office. It will ensure you save time and energy and invest in better things. Herein clear guidelines are mentioned on websites, and selecting the policy with the required parameters becomes easier. 

      Process for Initiating Claim:

      When you opt for insurance for e-bikes, you must ponder the procedure for claiming the amount. Look for the settlement ratio for claims done by the insurance company. The higher the settlement ratio, the better it is for you. Also, see if the claim is cashless, as in such cases, the amount will be paid to the garage directly after a mishap occurs. Also, look if the process for claims is accessible or not.

      Where to purchase E-bike Insurance?

      An electric bike insurance cost may range from $10 a month to $100 per year. However, adding on some extra coverage may increase the insurance amount. Here are some standalone policies that you can consider for your e-bike;

      • Spoke Insurance

      Being the first insurance company for bikes in the U.S., Spoke Insurance has come a long way through its expansion. But they are limited to providing insurance only to those with a renters or homeowners policy with Markel Insurance, their parent company. It also offers extra facilities at no additional price.

      • Velosurance

      It starts from a $100 yearly charge for a basic policy. It covers theft, accidents, and damage from transit between Canada and the United States. You can also opt for several add-ons if the basic policy is insufficient for your needs.

      • Simple bike insurance

      Like its name, this insurance is simple yet covers all essential aspects of an e-bike. However, if you insure multiple bikes, you get discounts. You can take this policy for bikes of up to 750 watts with 28mph speed.

      • Markel Insurance

      Markel comes under the most common underwriters for e-bike insurance. It starts from $100 per year and can increase for additional facilities. It also covers a race entry fee if an accident occurs and the race remains incomplete.

      • Sundays insurance

      It's a versatile insurance offering a variety of plans for competitors, commuters, etc., to provide them with a customized policy. It also covers a claim of $500 for helmets, along with the total replacement value for your e-bike.

      The Bottom Line

      Once you get hold of a new e-bike, it is impossible to refrain from testing its limits. Whether it is its speed, controls, or any other parameter, you love to try it all as a new user. Similarly, getting ebike insurance is crucial as adventures may turn into accidents at any time, and the user is not at fault each time. It helps in covering losses incurred along with replacement facilities of mentioned parts. 

      You can ponder the points mentioned under factors to be considered while settling for e-bike insurance. Also, check out various insurance companies that offer immediate help for your electric bike insurance. Search well and settle for the best for your ebike.