E-bikes are quickly growing in popularity. Some of these e-bikes are very expensive. What happens if someone steals yours? What if you hit someone while riding on a busy sidewalk?
E-bike insurance is quickly becoming an important thing to consider, and many insurance carriers don’t have a great solution for these. They aren’t really a motorcycle, and they aren’t really a bicycle. They are kind of in between. Do you need different coverage? If so, what should you get?
The good news is that Think Safe Insurance has a solution for your e-bike insurance needs. First, let’s look at some of the things to consider regarding electric bicycle insurance.
Isn’t my E-Bike Covered by my Homeowner’s Insurance?
This is a great question, and you want to review the definitions and exclusions in your policy. Most policies exclude coverage for “motor vehicles” and it will depend how this is defined in your policy. On a standard ISO homeowner’s HO-3 policy, it says:
“Motor Vehicle” means:
a. A self-propelled land or amphibious vehicle; or
b. Any trailer or semitrailer which is being carried on, towed by or hitched for towing by a vehicle described in a. above.
Coverage for motor vehicles is excluded under most policies unless:
(2) We do cover “motor vehicles” not required to be registered for use on public roads or property which are:
(a) Used solely to service an “insured’s” residence; or
(b) Designed to assist the handicapped;”
The liability exclusion goes into more detail, but most e-bikes aren’t used solely to service a residence or assist the handicapped.
So it seems that the big question would be is an e-bike a motor vehicle? Florida has a 3-class system for e-bikes.
| Class 1 | A bicycle equipped with a motor that provides assistance only when the rider is pedaling, and that ceases to provide assistance when the bicycle reaches the speed of 20 miles per hour. |
| Class 2 | A bicycle equipped with a motor that may be used exclusively to propel the bicycle, and that is not capable of providing assistance when the bicycle reaches the speed of 20 miles per hour. |
| Class 3 | A bicycle equipped with a motor that provides assistance only when the rider is pedaling, and that ceases to provide assistance when the bicycle reaches the speed of 28 miles per hour and is equipped with a speedometer. |
Class 2 seems to be capable of being self-propelled. Class 1 & 3 seem to require pedaling. (Learn More)
A lot of questions can come up based on the definition of electric bicycle, the class of the e-bike, the specific home insurance policy, and the circumstances of the incident. Having a separate e-bike insurance policy can eliminate a lot of these tricky situations.
Full-time RVers
I just wanted to make a quick note here too. For full-time RVers that have insurance with a full-timers package, the coverage is usually limited to your site. Often there is no liability or personal property coverage off-site, so the e-bike insurance policy would be beneficial in this case as well.
5 Primary Coverages for E-Bike Insurance
There are a lot of coverages available under an electric bicycle insurance policy. Here we will look at 5 of the primary coverages:
- Comprehensive – Theft is a big concern for e-bikes. Comprehensive coverage is similar to comprehensive for your car, and provides coverage for things like theft, fire, vandalism, etc.
- Liability – What happens if you hit someone on a busy sidewalk and they get hurt? Liability coverage will cover injuries and property damage that you may cause on your e-bike.
- Medical Payments – What happens if you get hurt riding your electric bicycle? Your health insurance may provide some coverage if you have health insurance. MedPay will also provide coverage regardless of whether you are at fault or someone else is at fault.
- Collision – This is similar to collision coverage for your car. It covers damage to your e-bike if you’re in an accident. It covers up to what the e-bike is worth, minus your deductible.
- Uninsured Motorist – What if someone hits you while you are riding? Their liability coverage should provide coverage for you. However, if they don’t have insurance or don’t have enough, your uninsured motorist coverage can kick in to provide coverage for your injuries if the other party is at fault.
Optional Coverages for Electric Bicycle Insurance
E-bike insurance offers several additional coverages that you can choose:
- Accessories – Provides coverage for items not originally included from the manufacturer as part of the VIN. (Custom equipment, saddle bags, etc.) Coverage is available starting at $1,000 and increasing in increments of $1,000. You can choose to have actual cash value or replacement cost for these items.
- Personal Effects – (only with Collision) Provides coverage for personal items damaged during a covered comprehensive or collision claim. (Safety equipment, helmets, etc.) Coverage is available starting at $1,000 up to $2,500. You can choose to have actual cash value or replacement cost for these items.
Conclusion
If you are using an e-bike, a specific e-bike insurance policy can make sure that you have the correct coverage in the event something happens. You don’t want to find out too late that you had the wrong coverage or no coverage at all.
If you have questions about electric bicycle insurance or need a quote for Florida e-bike insurance, call our team today at 813-425-1626 or request a quote online. We are here for you, and we are happy to help any way that we can!