An electric bike (or ebike) can be a costly purchase, whether you use it for commuting and errands or just for fun.
You also face the danger of getting into an accident or otherwise damaging a car or injuring a pedestrian if you ride it in cities or on busy routes.
Some homeowner’s insurance covers bikes stolen from the insured home, however, coverage is frequently limited and does not apply to other damages. This coverage gap is filled by ebike insurance.
This article answers a few questions to better understand the best ebike Insurance in 2022.
Check Out: How to Get Cheap Car Insurance
What Is an ebike?
A motorized bicycle with an integrated electric motor used to help propulsion is known as an electric bicycle (e-bike, ebike, etc.).
There are many types of e-bikes available around the world, but they generally fall into two categories: bikes that help the rider’s pedal force (i.e. pedelecs) and motorcycles with a throttle and moped-style capabilities. Both are not electric motorcycles because the rider may still pedal them.
E-bikes have rechargeable batteries and can travel up to 32 kilometers per hour (16 to 20 mph). High-powered types can frequently reach speeds of greater than 45 km/h (28 mph).
They are gaining popularity in some regions, such as Germany as of 2013, and are displacing traditional bicycles, while in others, such as China as of 2010, they are displacing fossil fuel-powered mopeds and small motorbikes.
They classify many ebikes (such as pedelecs) as bicycles rather than mopeds or motorbikes, depending on local rules. This exempts them from the stricter regulations that govern the certification and operation of more powerful two-wheelers, which are commonly referred to as electric motorbikes. E-bikes might be classified as a different category with their own set of laws.
E-bikes are battery-powered variants of motorized bicycles, which have been around since the late 1800s. They’re used in some bike-sharing schemes.
Check Also: GEICO Insurance Reviews 2022: Everything You Need To Know
What Is Ebike Insurance?
Electric bicycle insurance is a sort of policy designed to safeguard electric bicycles.
Ebike insurance is a comprehensive policy that covers theft, vandalism, vehicle accidents, medical costs, property damage you do while riding, and even roadside help if your ebike’s battery fails while you’re away from home.
Read Also: 10 Best Cheap Car Insurance in New York (NY)
What Kind Of Coverage Does Ebike Insurance Include?
Theft or attempted theft, vandalism, wrecks and collisions, and fire are all covered under most ebike insurance policies.
Medical costs, third-party responsibility, damage that occurs during overseas travel, fee reimbursement, and roadside help are all covered by policies, depending on the carrier.
See Also: Comprehensive vs Collision Car Insurance: All you should know
Can I Insure My ebike With A Homeowners Policy?
Although you may insure your ebike under your home’s policy, most homeowners’ plans do not cover bicycles unless they are stolen from your home.
This means that if they steal your bike at school or at work, they won’t compensate you. And they won’t cover the repairs if you get into an accident or damage someone’s automobile while riding.
Furthermore, most homeowners policies limit the amount you can claim if your bike is stolen. With an ebike, this might only cover a percentage of the bike’s true value.
However, some carriers will enable you to add a bike to your existing homeowners or renters policy, so check with your agent to see if this is possible.
Check Also: Allstate Insurance Reviews: Is it worth your money
Are ebikes Easy To Steal?
Because of their higher price tags, ebike are three times more likely to be stolen than traditional bicycles. It’s not simply the bike itself that might disappear.
Pricey batteries that are frequently removable propel electric bikes to allow the rider to recharge them quickly and easily.
You Should Read: Classic Car Insurance: What is it? And how does it work?
How Good Are ebikes On Hills?
On an electric bike, you should be able to climb hills of 1 in 10 (10%) without a problem if you put in a lot of effort.
You can clear a maximum gradient of 1 in 7 (14 percent) or even more at the same time. The effect is nothing short of spectacular in hilly areas.
See Also: Best Cheap Full Coverage Insurance in Texas 2022
How Do We Choose the Best eBike Insurance Providers?
To get the best ebike insurance, compare companies based on price, available coverage and discounts, deductibles, roadside help, rental reimbursement, and worldwide coverage.
Consider bonuses and coverage tailored to cyclists, such as bike store networks and roadside support. We gained quotations based on a $1,500 ebike in New York.
Otherwise, we compared plans based on advertised premiums and the availability of an online pricing service.
Check Also: Direct Auto Insurance Reviews 2022: Everything You Need to Know
Is An ebike Considered A Motorized Vehicle?
The classification of ebikes as motorized vehicles differs by the state in the United States. Electric bikes, for example, are classified as motorcycles in Alabama and Alaska.
However, most states define ebikes as bicycles or electric-assisted bicycles, which means they don’t always require a license or impose a minimum driving age.
However, because of these distinctions, you should always check your state’s rules before purchasing an ebike.
What Are The Best Ebike Insurance Of 2022?
1. Markel
Markel is a well-regarded insurance company that offers ebike coverage for as little as $100 per year.
Like the other companies on our list, Markel only insures bikes with motors rated at 750 watts or fewer, which includes pedal-assist ebikes with top-assisted speeds of 20 mph, throttle assist ebikes with top-assisted speeds of 20 mph, and pedal-assist ebikes with top-assisted speeds of 28 mph.
They offer physical damage insurance with deductibles ranging from $200 to $500, and it covers vandalism, crash damage, and collisions with other riders, as well as race coverage.
Spare parts and accessories protection (up to $1,000 total each term), replacement cost coverage (at full value), theft protection, and transit protection are all available at no additional cost (within the U.S. and Canada). Physical damage is also available on a global scale.
Markel additionally offers the following protection: Bicycle liability insurance, with limits ranging from $25,000 to $100,000; vehicle contact insurance, which covers damage caused by another motorist; medical payments, with limits ranging from $1,000 to $10,000; and roadside help, which costs around $12 per year per bicycle.
Furthermore, Markel provides rental compensation if you damage your bike and competitive event fee reimbursement if you cannot compete in a race. After receiving the relevant evidence, they normally settle claims within seven to ten business days.
Because of the vast selection of coverage options that can be personalized for everyone from commuters to competitive cyclists, ebike Insurance is a brilliant choice.
2. Velosurance
Best selection, Markel American Insurance Company, underwrites ebike plans for Velosurance, a major insurance company. Bikes are insured at their full worth rather than depreciated over time, so in the event of a total loss, you’ll be able to replace your ebike with something identical.
Customers may personalize their Velosurance insurance with a variety of add-ons, which start at around $100 per year and cover accidental damage, theft, and loss in transit.
Medical coverage, roadside help, including up to 35 miles of transportation per breakdown up to five times per year, and liability protection with coverage limits of approximately $25,000, $50,000, or $100,000 per incident are available as additional coverage options.
Velosurance, like Markel, offers coverage for all electric-assist bikes with a nominal power of up to 750 watts. Besides its vast ebike coverage, Velosurance collaborates with a nationwide network of local bike shops, allowing you to get your bike fixed in the store of your choice.
Customers who need to travel outside of the United States and Canada can take advantage of global coverage for physical damage and theft, which includes while their bike is in the airline’s custody.
It’s one of the greatest because of its commitment to offering top-notch service to its customers through a vast network of allowed bike shops.
3. SPOKE
SPOKE, the first bicycle insurance firm in the United States, was founded in 2012 and offers comprehensive, stand-alone bicycle insurance, including for ebikes.
Because SPOKE is now underwritten by Markel and distributed by Marsh & McLennan Agency, it offers exceptionally comprehensive coverage options. The company is worth mentioning because it offers ebike and commuter-specific coverage for as little as $100 per year.
They offer roadside help, as it is with Velosurance and other Markel carriers, and includes a network of over 10,000 tow truck firms across the United States, as well as transportation within a 35-mile coverage zone up to five times a year.
They offer roadside help, as it is with Velosurance and other Markel carriers, and includes a network of over 10,000 tow truck firms across the United States, as well as transportation within a 35-mile coverage zone up to five times a year.
Before receiving a policy quote from SPOKE, potential clients must enter their contact information. You’ll also be given the option of entering your Social Security number (which, while not required, will provide a more precise estimate).
Because of its wide alternatives for commuters, it is a top choice in the eBike Insurance business.
4. McClain
Ebike insurance policies from McClain Insurance include high coverage limits, which are suitable for ebikers who desire increased peace of mind and financial security in the event of an ebike accident.
It has the following features:
- With a starting rate of $250 per year, premiums are affordable.
- Certain insurance has high coverage limits.
- Your coverage is always up-to-date with an annual “Five minutes Insurance Checkup.”
McClain Insurance has the largest coverage limits of all the ebike insurance providers we looked at. Up to $500,000.00 in liability and uninsured motorist coverage is available. Standard ebike insurance policies also include property damage and medical costs coverage, while the policy limits aren’t listed online.
Despite the high coverage limits offered by McClain Insurance, the coverage available is limited, especially when compared to some of the other carriers we looked at. Roadside help, foreign coverage, travel protection, and the company does not advertise replacement cost coverage.
On a more positive note, we appreciate how affordable McClain’s ebike insurance packages are. Ebike policies start at $250 per year, according to the website. However, you’ll need to speak with an agent to find out what deductibles are available.
The only means to contact a representative in terms of customer service and claims handling are through phone or email. There is an online quote request form, but you must contact an agent with your results.
Another issue to consider about McClain Insurance is that ebike insurance is only available in a few states. To purchase a policy, you must currently live in one of the following states: Washington, Oregon, Idaho, Utah, or Arizona. Your insurance will cover an ebike anywhere in the United States, however, it is unclear whether overseas coverage is included.
An ebike coverage from McClain Insurance may be underwritten by one of its partner providers depending on where you live. If you buy auto or house insurance through McClain, you might be eligible for a multi-policy discount, although the business doesn’t publicize it.
5. Sundays Insurance
If you take your ebike on an abroad trip, Sundays Insurance provides excellent international bike coverage, so you never have to worry about it being damaged, stolen, or lost in a cargo hold.
It has:
- Alternatives for comprehensive coverage, as well as some unusual policy options.
- It’s simple to gain a quotation, get coverage, and file a claim all over the internet.
- Strava members get freebies.
- Batteries for ebikes are covered under a normal policy.
Sundays Insurance is the best ebike insurance for overseas travelers. You can get airline freight coverage and physical damage coverage while traveling internationally if you gain a worldwide extension to your policy. The only drawback is that you must pay for the extension in order to enjoy these benefits.
Sundays Insurance’s ebike insurance policy includes several other policy options that are valid in the United States and Canada. Spare parts coverage (up to $500), racing coverage, liability coverage (up to $100,000), vehicle contact protection, rental reimbursement, and a variety of other benefits are available. In addition, if your ebike battery is stolen or destroyed in a collision, you are covered.
Sundays Insurance does not disclose the cost of its coverage, although you can select a deductible from $200 to $500. Sundays Insurance will allow you to take your ebike to any shop to be fixed if something goes wrong with it.
This is because Sundays Insurance solely sells bike coverage. There are no alternatives to package your policy like most ebike insurance providers.
One of the most appealing aspects of Sundays Insurance is that Strava members may take advantage of exclusive benefits. For example, if you wreck your ebike while using the Strava app to record an activity, Sundays Insurance would reimburse you up to $600 to replace or repair the device you were using to record the activity.
Another advantage of Sundays Insurance is that you can receive an estimate, buy a policy, and even file a claim without having to phone an agent. If you need to contact the company during business hours, you can call, email, or use a live chat.
Markel Insurance underwrites Sundays Insurance coverage. Although coverage is available nationwide, policy availability and Strava benefits differ by state.
6. Simple Bike Insurance
Simple Bike Insurance offers customisable coverage, free protection for competitive riders, and, best of all, discounts for insuring multiple bikes if you have a growing bicycle collection.
It has the following features:
- The service is available all throughout the country.
- Several policy savings offers are available.
- Low-cost insurance is available for as little as $100 per year.
Ebike owners who want to protect numerous bikes can look into a policy from Simple Bike Insurance.
If you insure a combination of bikes, such as ebikes, road bikes, mountain bikes, and cruisers, the company offers a considerable discount if you add many bikes to the same policy. Ebikes are covered if they have a power output of less than 750 watts and a top speed of less than 28 mph (with power assist).
Bike insurance packages are simple to understand and give a wide range of coverage.
Collision coverage (up to $10,000), liability insurance (up to $25,000), medical payments (up to $1,000), worldwide physical damage protection, roadside help coverage, spare parts coverage (up to $1,000), competition fee reimbursement, and rental bike replacement are just a few of the options available.
They cover your bike everywhere in the United States and Canada. And your policy includes worldwide physical damage coverage.
Simple Bike Insurance offers policies starting at $100 per year, with deductibles ranging from $200 to $500. If your bike has to be repaired after a covered loss, you can email an agent to file a claim, and there are no repair limits.
Simple Bike Insurance offers a discount for select membership organizations besides the multi-bike discount. If you are a member of USA Cycling, USA Triathlon, or the IMBA, you may be eligible for a 10% reduction on your registration fee.
Another advantage of Simple Bike Insurance is that you can gain a quotation online, but you’ll have to phone an agent or fill out an online help form if you have questions about coverage.
Markel Insurance underwrites Simple Bike Insurance policies, and coverage is available in all 50 states. You won’t be able to bundle your coverage because the company only sells bike insurance.
7. Progressive Insurance
Ebike users who currently have Progressive homes, renters, or condo insurance can save money by adding a bike insurance endorsement to their policy.
It has the following features:
- Reputable insurance company with a strong financial position
- Endorsements are usually less expensive than standalone plans.
- Tool for filing claims online
The only business on the list that offers a bicycle insurance endorsement that may be added to existing homeowners, renters, or condo insurance policy is Progressive.
If you already have Progressive insurance, adding this endorsement to your policy is simple, and it may be less expensive than obtaining a separate ebike policy from another carrier.
Progressive’s bicycle insurance endorsement provides all the essential coverage you’ll need when riding your ebike. Collision insurance, medical payments insurance, theft and vandalism insurance, liability insurance, and property damage insurance are all included. However, it lacks several of the benefits offered by other companies, such as spare parts coverage and roadside help.
One disadvantage of Progressive is that there are no specifics online regarding how much the bicycle insurance endorsement costs, what coverage limits are offered, or which deductibles are accessible.
Overall, we discovered that Progressive’s bicycle insurance page lacked key information that a potential client would want to know, such as whether you can choose your own repair shop in the event of a covered claim and whether ebikes are covered abroad.
You’ll need to contact a Progressive salesperson to add bicycle insurance to your policy because it’s sold as an endorsement. A representative is available by phone or email 24 hours a day, 7 days a week.
Progressive is one of the most well-known insurance firms in the industry. It has an outstanding financial strength rating from AM Best, with an A+ grade. Progressive is one of the few ebike insurance firms that underwrite its own coverage, according to our research.
8. Prime Insurance
Prime Insurance, founded in 2001 in Lakewood, New Jersey, is one of America’s more traditional insurance businesses that are fast to spot increasing trends in a variety of industries, including e-bikes, as proven by its recent debut into it.
It’s stated “recent” because the firm has yet to create a separate category for e-bikes, although it acknowledges the need for specialist coverage. Have it in mind, Prime Insurance provides customized e-bike coverage, which you can find out more about in the table below.
It’s just that it hasn’t been as forthcoming about the contents of its policy as other insurance companies have been. At best, you may expect them to defend you from the most common threats while leaving you susceptible to add-ons.
The historical track record and acclaim that Prime Insurance has earned throughout the years are its pluses. It’s also not afraid to brag about the positive comments it’s gotten recently and over the years, so the company very much speaks for itself.
9. ISU Insurance Services Of Westlake (ISU)
ISU Insurance Services of Westlake, or ISU for short, is a nationwide insurance company that provides a wide range of personal and business insurance coverage, some of which are more esoteric and uncommon than most.
Indeed, learning that there is a growing number of insurance firms in the United States that offer full coverages for extremely specific niches like tattoo shops, spas, and, of course, e-bikes is a pleasant surprise.
ISU has existed since 1988 and continues to call Los Angeles home. It has a substantial national presence, with over 50 branches in several states already operating under its umbrella.
It also covers many bicycle store insurance, including e-bikes. And what’s clearly amazing about the organization is that they’re all too happy to delve into the complexities of the user’s wants before making a policy recommendation.
It should be noted, however, that the company’s restrictions only apply to e-bike shop owners, not individual e-bike riders. If you fall into the first category, ISU may provide all the company protection you require.
10. State Farm Insurance
Californians can rejoice again because State Farm now offers e-bike and personal mobility insurance only in their state. The United States public regards State Farm as the Swiss Army knife of insurance firms.
The company is already well-established in American society, having served an entire generation and subsequent generations, for which it has received countless accolades. Bloomington, Illinois, is where the company’s current headquarters are located.
One benefit of State Farm coverage is that it is typically less expensive, and e-bikes are no exception. However, the company does not provide stand-alone e-bike insurance.
In the best-case scenario, you can get e-bike coverage under a “sports equipment” policy. It will cover the most important risks, such as damage and theft, which can be controlled.
Nonetheless, State Farm remains a good option for most e-bike owners who want to secure their machines without breaking the bank. If you have many e-bikes to cover the most typical hazards, it may be a viable option.
Another advantage is that State Farm has knowledgeable agents who will gladly delve into the details of each policy to assist you in filing claims for your e-bikes.
Frequently Asked Questions (FAQs)
Yes, ebike insurance can be beneficial, although it is not required for all ebike owners. They may automatically insure your ebike up to a specific amount if you have a home, renters, or condo insurance policy.
The cost of ebike insurance can be as little as $100 per year, although it varies by person. The type of ebike you have, the worth of the bike, the coverage limit on your policy, your deductible, endorsements, discounts, and the insurance provider you choose are all aspects to consider.
No, they do not legally require you to have ebike insurance in order to ride your bike. Although some insurance companies categorize ebikes as motorized vehicles, they do not require the same level of coverage as a car.
Yes. A GPS tracker for your electric bike works similarly to any other Bluetooth device.
Yes, ebikes, like pushbikes, are weather-resistant, and you may ride your electric bike in the rain as long as you can see and ride safely.
Conclusion
Ebikes are such a new trend, which is why there aren’t many ebike insurance firms to choose from. The finest providers provide collision insurance, theft protection, and liability insurance, as well as excellent customer service.
Signing up for one and selecting the best one based on policy options, coverage limitations, unique features, and discounts can safeguard your bike from a variety of losses.
References
- https://www.investopedia.com/best-ebike-insurance-5121122
- https://www.treehugger.com/best-ebike-insurance-5087737
We Also Recommend
