Insurance has become an important & integral part of our lives and we have to deal with it directly or indirectly on a frequent basis whether we like this fact or not. Bike and ebike insurance have become a hot topic mainly because of their increasing demand & prices. This article will delve into the details & benefits of ebike insurance so you can take a decision vis a vis your own situation.
Why Do You Need Ebike Insurance?
Electric bikes aren’t generally protected by other insurances such as homeowner insurance which is why it is a good idea to get your ebike insured. Doing so will provide you insurance coverage against instances such as personal injury, third-party liability, and physical damage which can come in very handy as ebikes are considerably pricier than simple bicycles.
Benefits of Availing Ebike Insurance:
Electric bike insurance isn’t mandatory in the majority of the countries and states but insuring your ebike helps in more than one way. The long list of benefits mentioned below will surely convince you to get your electric bike insured:
Prevent Potential Risks:
The main point of any insurance is to protect yourself from any kind of potential risks and it’s the same case for ebike insurance. Almost all the electric bike insurance deals protect you from any kind of unwanted risks which is a great thing as you will get to avoid hefty repair costs.
Insurance Policies Offer Very Limited E-Bicycle Coverage:
Since ebikes are a relatively new form of transportation and leisure trips, therefore, conventional & routinely used insurance policies don’t provide much coverage for them. The problem gets aggravated by the fact that ebikes aren’t required to be insured by the governments which is why insurance companies don’t provide any helpful or meaningful coverage to ebikes under their auto insurance policies, which in turn makes the need for ebike insurance much more pressing.
Ebike Insurance is Affordable:
Just like motorcycle or bicycle insurance, ebike insurance is also very affordable and starts at around $100-$120. This quote is only valid for the most basic ebike insurance offered and it will surely rise if you want enhanced coverage. Nevertheless, it will remain affordable by a wide majority of ebike owners, and you can also customize it according to your budget & needs.
Useful When You have Personal Accident:
In case of a personal accident, the entire expense lies on your shoulder which can be a headache since ebike parts prices are on the higher side when compared to a simple bicycle. Ebike insurance becomes very attractive especially in such a case which is why it is good to be a bit cautious at an earlier stage.
Theft Insurance for Protection:
Bicycles and ebikes are generally taken for granted but their true worth only becomes apparent once they’re stolen or if there’s any mishap. No security lock is impenetrable and bicycle locks are far from being the best in the business. Ebike insurance has a built-in clause for thefts that will provide compensation in case of a theft which can be especially helpful if you’ve got a high-end ebike.
Third-Party Liability:
A crash not only hurts you, but it can also be detrimental for a by-passer, another rider, or someone else's property. Such cases can sometimes lead to lawsuits where a court can hand you a penalty. This is another area that ebike insurance covers and therefore can protect you from any kind of third-party liability.
Prevent Malicious & Accidental Damage:
No matter how carefully you ride your ebike, some external factors/people can cause damage to your beloved electric bike. Such damages are not controllable by you even if you try your best. Electric bike insurance provides for you in case of such accidental damages so your financials will remain unhurt by someone else's malicious attempts.
Top Ebike Insurance Companies:
Since ebike insurance isn’t as widely available as bicycles or motorcycles, people struggle to find a good insurance company that will fulfill all their needs as far as ebike insurance is concerned. We have shortlisted some ebike insurance companies for you that have accumulated great reviews from ebike owners:
Markel:
Markel is probably the #1 insurance provider when it comes to ebikes that also provides $100 insurance plans. Not only are Markel's ebike insurance plans affordable but they also cover a wide range of damages at no extra cost. However, Markel ebike insurance plans do not extend to all the ebikes, there are some conditions that your ebike must meet that can be confirmed by contacting the Markel customer support department.
Velosurance:
Just like Markel, Velosurance also provides $100 ebike insurance plans but it insures ebikes at their full cost rather than their depreciated cost which has its good & bad sides. The good side is the ability to purchase a new ebike if your current ebike gets totaled in an accident. Velosurance’s plans are customizable, and several add-ons can be added at an extra cost. Velosurance, just like Markel, doesn't provide insurance for all ebike instead it also imposes certain restrictions which can be confirmed by them.
Spoke:
Being the very first bicycle insurance company, Spoke provides comprehensive electric bike insurance plans that also include roadside assistance, though you will need to provide some personal information in exchange for insurance coverage. $100 ebike insurance plans are also available but regardless of which plan you go for; you’ll get your damages recouped quite swiftly without any delay or unwanted investigations.
Sundays Insurance:
Sundays Insurance is your best bet if you are planning to get insurance for multiple bikes as it has several affordable plans for someone wanting to insure multiple ebikes at once. Unlike the last three insurance providers, worldwide coverage isn’t provided by Sundays insurance, but the plans & add-ons are quite affordable.
Progressive:
Progressive offers good ebikes insurance policies under the umbrella of its bicycle insurance policies which is understandable since it does not have any ebike specific insurance policies. The standard offerings are good, but you’ll have to upgrade in order to cover crash damage. Perhaps the greatest advantage of Progressive insurance is its bundle offers that offer discounts if you also avail insurance on your home, car, or anything for that matter.
FAQs About Electric Bike Insurance:
Many ebike owners have certain queries in their minds when it comes to electric bike insurance. Those queries are understandable since ebike insurance isn’t as widely used as other types of insurance. Therefore, we have tried to answer the most frequently asked questions related to ebike insurance so that the process can go smoothly for you:
What Kind of Coverage Does Electric Bike Insurance Include?
The coverage varies from provider to provider and the plan you have chosen but coverage generally includes accidental damage, theft, vandalism, and collision. Some optional coverage might include third-party liability, accessory damage, spare part costs, and worldwide coverage.
Is an Ebike considered a Motorized Vehicle?
Ebikes are largely regarded as non-motorized vehicles and therefore they are treated just like a bicycle. Since they are not regarded as motorized vehicles therefore there is no need to get a license or registration to drive them.
How to Choose an Ebike Insurance Provider?
There are several ebike insurance providers and the best one for you is solely based on your needs and budget. Ebike insurance quotes vary based on the options so it's a good idea to contact multiple insurance providers and select the one that best suits your needs.
How to Get an Ebike Insurance Quote?
To get an ebike insurance quote you need to contact the insurance provider, or it can also be calculated by using an online insurance calculator.