Is Ebike Insurance Necessary by Law?
Let's get the important question answered and out of the way - Do you need to get insurance for your electric bicycle by law? The answer here is no, you do not need ebike insurance in the US.
The key here is to understand what is being classified as an ebike and not a moped, electric motorcycle or any other form of motorized vehicle. On August 30th, 2019, the department of interior released a policy order that clearly defined what an ebike is classified as. Below are the 3 classes of ebikes in its simplest terms:
- Class 1 - Motorized bicycle that provides pedal assist up to 20 MPH
- Class 2 - Motorized bicycle that provides both throttle & pedal assist up to 20 MPH
- Class 3 - Motorized bicycle that provides pedal assist up to 28 MPH
You can read the full order here:Order 3376
So as long as you are riding a class 1,2, or 3 ebike, you do not need to have insurance. In many cases, ebikes can even be covered through homeowners insurance. We encourage everyone to look further into their local and state laws to learn more about ebike policies.
There are, however, instances where some may choose to look into purchasing insurance for various reasons.
In this article, we’ll discuss a few of the most important reasons why you might want to consider purchasing an insurance policy that covers your ebike.
Why You Should Consider E-Bike Insurance
E-bikes Are An Investment
If you have an electric bike or are considering purchasing one, then you know that it's a rather substantial investment. High-quality ebikes can often cost upwards of $1,000 all the way to nearly $3,000, while a high-end e-bike can cost upwards of $12,000. With an investment like that, you should alwaysbe sure that you have adequate coverage for damage, theft, or any other unforeseen circumstances.
Furthermore, e-bikes are often complicated in terms of electrical, mechanical, and computer-driven systems. Additionally, they usually travel relatively quickly and for great distances at a time, which makes them more susceptible to potential loss or damage. Ebikes are a substantial investment that you will absolutely need to protect.
E-bikes Have Potential Risks
Because electric bicycles often travel faster and are heavier than regular bicycles, they have a higher demand for liability coverage. This also makes them potentially dangerous for causing harm to someone else's property or physical injury to another.
Without insurance, a bicycle rider who caused an accident may be held personally accountable for the accident and face devastating financial obligations.
While e-bikes are seldom involved in third party crashes, that does not mean that the risks are any less real. E-bikes travel faster than regular bikes, so they have the potential to cause more injury to the rider, pedestrians, or property in the event of an accident.
Should you be involved in an e-bike accident with no electric bikes insurance, the damages you may be held liable for could be significant, and the financial liabilities alone could be catastrophic.
Other Insurance Policies Offer Very Limited E-Bicycle Coverage
As an electric bike is considered a motorized vehicle, traditional homeowners and renters insurance policies typically provide limited coverage for theft, damage, or liability associated with e-bikes. Moreover, your typical auto insurance company may not offer electric bicycle insurance because e-bikes don't have to be insured with an auto insurance policy, and e-bike riders aren't required to have a valid driver's license to ride.
E-Bike Insurance is Available and Affordable
Yes, e bicycle insurance does exist, and it provides a blend of coverage between auto, home, and renters insurance. Most e-bike policies begin at nearly $100 a year and extend to an assortment of coverage levels and deductible choices.
One of the best things about insurance for e-bikes is that each policy can be customized to suit you and your riding style. Coverage often includes insurance for property damage resulting from theft, crash, collision, fire, attempted theft, vandalism, or hitting a pedestrian.
Additionally, covered bikes can get replacement parts and rental reimbursement at no extra price.
Things to Consider When Purchasing Insurance for Bicycle Ride
Personal Accident Insurance
If you’ve been involved in an accident on your e-bike as an uninsured motorist, you will have to worry about how you are going to pay to have it repaired out of your own pocket.In the event that you've got a personal accident section included in your electric bicycle insurance policy, then you will be given a lump sum amount of money if you are seriously injured following an accident on your e-bike. This may help ease your mind even in the worst-case scenario.
E-Bike Theft Insurance
As a cyclist, theft is always a concern. Bikes are often covered under insurance policies in the event your lock or chain is cut, so make sure to protect your ebike against this risk when purchasing an insurance policy.A theft section on your electric bicycle insurance policy will pay for the expense of a replacement if yours is stolen, something that is especially critical if your ride is on the higher end in terms of price.
This is likely what you think about when e-bike insurance is brought up. In the event that you are involved in an accident while riding your e-bike, third party liability would cover the cost of any damages that resulted from the accident. As an e-bike is considered a motorized bike, third-party liability is significant because it is something that is not often thought of, but something that can happen to any rider.
Malicious or Accidental Damage
Accidents and vandalism happen all the time. While it is certainly not your fault, you will likely require help in paying for any repairs or replacements that are required as a result.If you are considering purchasing e-bike insurance, be sure that you get a policy that covers accidental and malicious damage, so that you can keep your e-bike in excellent shape no matter what happens.