Image Credit: Zoomo.
One of the less fun things we do at the shop is support our customers when their bikes are stolen, primarily by providing the proof of purchase and serial number data required for the insurance carrier. Based on several recent incidents, we’ve grown aware that coverage for electric bikes is different from standard bikes under a homeowner (or renter) policy.
Many homeowner policies consider e-bikes to be “motorized vehicles”—regardless of e-bike classification—and therefore excluded from home or rental insurance. We recommend reviewing the specific limitations (some of which apply to either standard or electric bikes) you may encounter in your insurance policy.
Coverage Limit
Does your policy limit the coverage of any one item in your home to a maximum value? $1,000? $3,000? $5,000? Is that enough to cover the replacement value of your bike? Also consider your deductible.
Speaking of Replacement Value…
Some claim payouts may be based on actual cash value, which could be depreciated over time based on your purchase date, resulting in an amount less than the replacement cost.
Home vs. Away Theft
Some home and renter policies cover the full value of an item stolen from the insured premises, but offer a different level of coverage (or no coverage) for an item stolen when away from home. Check to see if your policy has a theft exclusion.
Don’t Forget Liability Insurance
Thankfully we don’t have any firsthand experience with this one. As we’ve become more insurance aware, however, we’ve learned that the same “motorized vehicle” exclusion for e-bikes also applies to medical liability if another individual is injured in a crash or their property is damaged.
Insurance Options
Following is a non-exhaustive list of companies that offer e-bike specific insurance, each with its own variety of benefits, such as higher coverage values, international travel, and multi-bike policies.