If you’ve invested in an electric bike (also known as an e-Bike) it’s time to learn about e-Bike insurance. E-Bike insurance is an extra expense but can be well worth it for the amount of coverage it provides. Here’s what you need to know about the best e-Bike insurance providers and when you should get an e-Bike insurance policy.
The Best eBike Insurance
While some insurance providers include coverage for e-Bikes with a standard renters or homeowners insurance policy, they usually don’t cover everything you need. For a robust e-Bike insurance policy, it’s probably best to get specialized coverage. These top providers are a good place to get started.
Velosurance is one of the top providers of e-Bike insurance. A standard e-Bike policy from this provider has coverage for accident damages, damages during travel, roadside assistance, medical payments and theft. The coverage with these policies extends beyond the United States as well, offering worldwide coverage.
One unfortunate thing about Velosurance is that it does not offer much information about the costs of the policies online. However, you can request a free quote by entering your zip code, name, email address and the replacement cost of your bike.
Velosurance also offers unique benefits and features, including discounts for members of USA Cycling, USA Triathlon and the International Mountain Bike Association (IMBA). The provider also offers racing coverage and airline shipping coverage to help bikers who might be traveling around the world for races. Within the United States, you’ll also be able to benefit from Velosurance’s nationwide network of bike shops for easily accessible repairs.
Spoke Insurance offers affordable coverage for both pedal-assist and throttle-assist e-Bikes. Coverage can be customized to fit your needs based on your bike and riding style. Some of the coverage options include replacement coverage for collision and theft and protection for spare parts and cycle apparel. Spoke also offers liability coverage, medical payment coverage and roadside assistance coverage.
Spoke does not offer free worldwide coverage with its e-Bike policies, but it can help you find a worldwide protection policy if you need it for a trip out of the country. This provider offers rental reimbursement that allows you to rent a substitute bike if yours is damaged or stolen while you’re away from home and participating in an organized ride. It also offers reimbursement for prepaid entry fees for competitive events if your bike is involved in a covered accident and cannot be used to participate in the event.
Your insurance costs vary depending on the coverage that you need for your policy. However, Spoke Insurance advertised that it offers bicycle insurance policies for as low as $100 per year. The downside is that Spoke Insurance policies aren’t available to everyone. The company sells policies through Markel, and bicycle insurance policies are only available to people who have renters or homeowners insurance through Markel.
Simple Bike offers flexible and affordable e-Bike insurance plans for every brand. To get an insurance policy, you need to tell Simple Bike about yourself and your bicycle. You’ll then receive a free instant quote. After you’ve reviewed your policy options, you can select the one that works best for you.
Policies from Simple Bike offer robust coverage to provide peace of mind to e-Bike owners. Some of the highlights include full-value coverage, meaning that the provider will reimburse, replace or repair your e-Bike up to its full value. It also includes event fee reimbursements, spare parts coverage and replacement bike rentals for both everyday and racing needs.
Some people may be able to benefit from a policy discount with an e-Bike insurance plan from Simple Bike. Members of USA Cycling, USA Triathlon and IMBA are eligible for a 10% discount. You can also get a multiple bike discount if you insure more than one bike with Simple Bike.
Progressive customers can elect to add e-Bike insurance to an already existing policy by adding the bike insurance endorsement. To qualify, you must have a homeowners, renters or condo insurance policy from Progressive. In some cases, this option may be less expensive than buying a standalone e-Bike insurance policy.
E-Bike insurance policies from Progressive offer all the coverage you might expect, including collision insurance, liability insurance and property damage coverage. It also provides medical payment coverage and coverage for acts of vandalism or theft. The downside of these policies is that it doesn’t offer all the extra coverage that some other providers include, such as roadside assistance or spare parts coverage.
Unfortunately, Progressive’s website provides little information about its e-Bike insurance policies. You won’t find anything about coverage limits, premiums or deductibles on the website. Online quotes are not available either, so you need to contact a Progressive agent by phone or email to add the endorsement to your policy.
Advantages of E-Bike Insurance
You might be wondering whether e-Bike insurance is worth the cost, or if you can get by with the personal liability coverage that comes with your homeowners or renters insurance policy. There are some benefits to consider when you’re deciding whether or not to purchase an e-Bike insurance policy.
#1. E-Bike insurance policies offer more coverage than you’d get with your homeowner policy’s personal liability coverage, which matters when you own expensive bikes such as e-Bikes.
#2. Some e-Bike insurance policies offer special coverage for competitive racers, including event reimbursement fees.
#3. If you travel with your bike, e-Bike insurance can help you recoup the costs of damage or theft while your bike is in transit.
#4. E-Bike insurance policies can include roadside assistance coverage.
#5. E-Bike insurance policies offer liability coverage for damage caused while you’re riding.
#6. Some e-Bike insurance policies offer coverage for spare parts, bike accessories and cycle clothing.
Is E-bike Insurance Required?
As a general rule, it’s always good to check your local laws to see what insurance requirements there are. If you’re competing in races out of the country, it’s crucial to check that country’s laws regarding e-Bike insurance as well.
There is no federal requirement in the United States about carrying e-Bike insurance, as long as it is a Class 1, Class 2 or Class 3 e-Bike. However, your state, county and city may have its own laws regarding e-Bike insurance. Laws and requirements can change over time, so you should be sure to keep track of updates that could affect your e-Bike.
How Much E-Bike Insurance do you Need?
The amount of coverage and types of coverage you should have for your e-Bike depends on your bike and what you use it for. When purchasing a policy, you should keep these factors in mind to help you get what you need:
- What’s the full value of your e-Bike?
- Would your health insurance cover injuries you might suffer if you crash your bike?
- What protection does your homeowners or renters insurance policy offer?
- Do you leave the state or country with your bike often?
- Do you compete at cycling events?
The answers to these questions can help you determine what your bike is worth and what coverages should be included in your e-Bike insurance policy.
Frequently Asked Questions
Is an e-Bike tax deductible?
An e-Bike tax credit was included in the Build Back Better bill. It included a refundable 30% tax credit for some e-Bikes that cost up to $4,000. It also included a $900 credit for one e-Bike. To qualify for this credit, an individual must make $75,000 or less, and couples must earn $150,000 or less in combined income. As of May 2022, it’s unclear whether this part of the bill will end up being signed into law.
Is an e-Bike worth the investment?
This answer depends on what’s important to you. For some people, an e-Bike might be a worthwhile and enjoyable investment. Others may find it to be a frivolous purchase. If you’re interested in using a bicycle as a main mode of transportation, an e-Bike could be a good investment. Using an e-Bike allows you to get where you need to go quicker than if you were using a standard bike. It also helps you save money on gas if you ride your e-Bike instead of driving your car. Plus, riding an e-Bike regularly can be a great form of exercise.