An electric bike is a phenomenal way to get involved in cycling and develop your fitness, not to mention that it is so much easier to get up a hill. In recent years, e-bikes have become a popular method of transport, in particular for those who only tend to make short journeys such as quick trips to the nearby shops or short commutes to work. But sometimes the less demanding bike rides can cause the greatest problems.
More than 15 million bicycles are sold each year in the USA, and 4 million of them are of higher value and are sold through exclusive bike shops. E-bikes are readily available at retail bike stores, and the popularity of electric bicycles is becoming a booming section of this kind of industry.
As you may notice, e-bikes are expensive, high potential risks on the road often not entirely covered by owners, renter or auto insurances. It's a dangerous move for your e-bike to be uninsured. Luckily, there's bicycle insurance especially for e-bikes to give you the peace you want. Let's make an analysis why e-bike insurance is a good move.
Electric bike are expensive
A high-quality entry-level electric bike costs upwards of $1,000, and with an average value of $3,000, with high-end e-bikes costing as much as $12,000. With an investment such as this, you have to make sure you have adequate coverage for damage or theft. Additionally, electric bikes are usually complex with electrical, mechanical and computer driven systems that travel fast, for long distances at a time, making them more sensitive to damage or loss. Fixing them or replacing components been broken or stolen can cost a bundle of money. An electric bike battery, for example, can cost anywhere between $150 and $800. Motors aren't cheap either.
E-bikes have a larger requirement for liability coverage. Electric bicycles tend to travel faster and are a lot heavier than regular bikes, making them high potential hazards for causing damage to somebody else's property or injury to another. Without insurance, an owner who caused an accident could be personally responsible and could face disastrous financial liabilities.
Limited e-bike coverage
Ordinary homeowners and renter insurances commonly offer limited coverage for damage, theft, or liability related to e-bikes because an electric bicycle is considered a motorized vehicle. Also, auto insurance companies may not offer electric bicycle insurance because e-bikes do not need to be registered and owners are not required to possess a valid driver's license.
Readily available and affordable
Electric bicycle insurance does exist, it starts at $100 per year and offers a diversity of coverage levels and deductible options.
Every policy can be customized to meet your demand and your riding style. Coverage includes protection for damage caused by crash, theft, attempted theft, collision, fire, vandalism or hitting another object. Coverage of additional parts, cycle apparel, and rental compensation are also included at no extra charge.
Other optional coverage includes liability coverage to cover the expenses of the third party in case of injuries or property accident caused by the insured cyclist. There are also medical payments to cover medical costs of the protected cyclist associated with a cycling collision. There is another convenience called roadside assistance, providing the cyclist a service vehicle transportation of up to 35 miles.
It's your move. Take a step today and protect yourself and your electric bicycle.