Electric bikes are a growing trend all around the world. They’re fun, convenient, and easy to ride. With the help of an electric motor, you can get up hills with ease, go faster than normal bikes, and have more control over your speed. They’re also lightweight, quiet, efficient, and environmentally friendly.
If you have one that you use for transportation or recreation, it’s important to have the right insurance protection. But many often wonder if they actually need an insurance policy to use an electric bike.
Do You Need Insurance for An Electric Bike?
In general, e-bike insurance requirements vary from location to location. For instance, Canada often requires electric bike users to have some form of insurance policy. In the United States, e-cyclists are not mandated to carry insurance for their electric bikes as long as they are Class 1, 2, or 3.
That said, many states in the U.S have a three-tier electric bike classification system:
- Class 1: E-bikes with motors that provide pedaling assistance up to 20 miles per hour.
- Class 2: E-bikes with motors that can provide pedaling assistance or propel the bike without pedaling up to 20 miles per hour.
- Class 3: E-bikes equipped with motors that provide pedaling assistance up to 28 miles per hour and with speedometers.
However, it’s important to note that these rules are not applied equally in all locations in the US. These laws do change and they may depend on the state you live in. This makes it your responsibility to ensure you aren’t breaking any laws by riding without proper safety equipment and an insurance policy.
Reasons You Need e-Bike Insurance
Depending on your location and whether or not e-bike insurance is necessary, there are several benefits to having one:
E-bikes cost a lot
The majority of E-bikes today are very expensive and are often considered luxury items. And with such a high price tag, it’s often safer to have an insurance policy in place. Also, when you consider the fact that E-bikes are often considered investments, it’s best to ensure yours is converted against potential outcomes that can affect the functionality of your bike.
To protect against theft and damage
You should also consider whether your e-bike is more likely to be stolen than a regular bike. While there are various measures you can take to secure your e-bike and protect it from theft, you still need e-bike insurance in place to give you complete peace of mind. With insurance coverage, you are sure of coverage of cost in the event of theft or damage to your bike.
To protect yourself against injury
Having Personal Accident Cover insurance will cover any loss or damage resulting from an accident involving you. It ensures that if something goes wrong while cycling in public, then there won’t be any financial consequences for yourself.
If you’re injured while riding an e-bike and cannot work for some time, your income will be affected until you’re able to return to work. This can be expensive if the damage is serious enough for long-term care or other medical treatments.
To protect other road users
E-bikes can be dangerous to other road users, so you need an insurance policy that includes Public Liability coverage to protect yourself from the possibility of injuring someone else. Third-Party Property Damage Liability covers third-party property damage caused by an accident involving you and other vehicles. This protects you whenever you find yourself in any of these situations.
How Much Does It Cost to Get E-Bike Insurance?
It’s difficult to say how much you’ll have to pay because the price of e-bike insurance will depend on several factors. The cost of e-bike insurance varies depending on which company you choose and what coverage level best fits your needs. Most e-bike policies begin at nearly $100 a year and extend to an assortment of coverage levels (including total loss) and deductible choices that can be as high as $500 for some riders with good driving records or who own valuable bikes (i.e., more than $2,500). Also, your rate of usage will also affect the cost of your insurance policy as well as the crime rate in your locality.
Does My Home Insurance Cover My e-Bike?
It depends on your home insurance policy. If you have an electric bike, it is likely that your home insurance will cover it. However, home insurance policies set limits on payouts for certain types of personal property. Also, most standard condo, homeowners, and renters policies only pay a depreciated value known as actual cash value for personal property.
If your e-bike is worth more than that limit, your home insurance policy may not provide adequate protection to cover repairs or theft losses. If you have a home insurance policy and have questions about whether it covers electric bikes under personal property coverage or what kind of coverage might be available if damaged then it’s best to contact your policy issuer.
Can I Insure an Electric Bike Conversion?
Yes, it is possible to insure an electric bike conversion “so long as it complies with the Government’s definition of an EAPC [electrically assisted pedal cycle]”. However, if your conversion kit features a throttle then you would not be able to claim on the policy, because the vehicle would not be classed as electrically assisted.
Also, keep in mind that an e-bike conversion kit would also be treated as a component of the bike, rather than an accessory, so when obtaining quotes for insurance or calculating premiums, make sure you include its value within your overall bike value.
A good e-bike insurance policy will protect you against theft and damage, help pay for repairs and replacement parts, cover medical expenses if you have an accident while riding your e-bike, and much more. Although it’s not always compulsory, many states often require that you have one form of insurance policy or the other. To be on the safe side, it’s best to confirm the laws that are applicable in your area.