With many now grabbing bike helmets instead of car keys for their daily commute, investing in insurance for your e-bike might make a lot of sense for your personal situation.
And a basic policy can be surprisingly cheap – e-bike policies start at around $100 per year and offer a variety of coverage levels and deductible options. You might imagine with the extra power and weight onboard that comes with an e-bike means they would cost more than traditional non-powered e-bikes to insure but this isn’t necessarily the case.
For example, UK based specialist bike insurers Bikmo announced in July 2020 that they would cut premiums for e-bike riders, with new research showing that e-bikers were 38% less likely to make a claim compared to non-assisted riders. Indeed, Bikmo says customers can now insure an e-bike worth £2,000 from £9 a month, which they say is typically 25% less than a standard road bike of the same value.
Also insurance brings with it other benefits if you opt for more of a ‘bells and whistles’ type policy covering areas such as third party liability and accidental damage.
E-Bike Insurance 101: Make Sure the E-bike is Secure
It’s stating the obvious; of course you don’t want your bike to be stolen so of course the first line of defence is a good lock and good home security. If you live in a property with no secure outside storage folding and compact e-bikes can be the difference between owning an e-bike and not. If you have a larger e-bike kept in a garage or an outbuilding of some kind security is much more important.
A ground anchor is a particularly good idea for outbuilding security as a good last line of defence; I’ve used examples from Hiplok and Squire.
[Read more…] about The Basics Of Electric Bike Insurance