How Much Does Electric Bike Insurance Cost?

How Much Does Electric Bike Insurance Cost?

No matter how you plan to use it, having e-bike insurance is essential. Electric bike insurance will protect you and your finances; and your responsibilities in certain situations.

When shopping for electric bike insurance, you need to keep the average cost in mind. There are several factors that affect the cost of electric bike insurance outlined below. Are you looking for comprehensive insurance coverage for your electric bike? Read on to learn everything you need to know about electric bike insurance in Michigan.

What is the average cost of electric bike insurance?

A cursory look at the major insurance providers shows that prices start at $10 per month. For a barebones underwriting policy, this is about $120 per year. Prices for enhanced coverage may range from $50 or more. However, prices will vary depending on the carrier, the passenger’s risk profile and other factors.

Markel is the main insurer for e-bikes, with prices starting at $100 a year. However, we’ve noticed a trend in e-bikes: they only cover motors of 750 watts or less. Markel only insures the following e-bikes:

Is my electric bike covered by homeowners insurance?

Most homeowners insurance policies will cover non-motorized bicycles by default. Others may allow you to add your bike to your policy for an additional fee.

However, homeowner policies generally do not extend to motorized items. Your ebike is an electric product – especially if the motor is rated at 750 watts.

Even if your homeowners insurance policy extends to electric bikes, it might not be worth it. For example, in most cases, the maximum limit for a single item is usually $1000. If the e-bike is worth $3000, you have to pay the difference out of your own pocket.

That’s why it’s best to buy an independent e-bike insurance policy. Ideally, the insurance policy will cover the full market value of your e-bike.

The homeowner’s insurance policy only applies if the e-bike is parked in your home. This makes this strategy ineffective for most use-case scenarios of e-bikes. It will not cover the e-bike if it is stolen from a bike rack, parking lot or office.

Electric Bike Insurance Coverage – What Do They Cover?

No two electric bike insurance policies are the same. They vary from one carrier to another, but most policies will include:

Theft and vandalism: If the e-bike is damaged, pay for the replacement of the e-bike. It can also compensate for losses caused by damage.
Damage: Pays for repairs to bikes damaged by accidents. Providers may offer miscellaneous features for an additional fee. These are as follows:
Limitation of Liability: This is useful for paying legal fees and compensation claims. Liability insurance will protect you if your e-bike accidentally injures someone or damages property.
Personal Injury Insurance: Covers any medical expenses incurred as a result of an e-bike accident. It can also make up for lost income due to hospitalization. Personal injury insurance is especially useful for riders performing stunts on electric bikes.
Accessories Coverage: Covers the cost of changing clothes, helmets, and accessories like GPS and batteries.
Riding Abroad: Covers you if you ride an e-bike abroad.
You probably don’t need all of these add-ons, especially the last one. However, it’s worth knowing their pros and cons. An insurance agent will design an electric bike insurance policy that meets your needs.

Do I need electric bike insurance in Michigan?

You are not required by law to have e-bike insurance to ride it. This is a personal decision based on your preferences and the value of your e-bike. In some cases, you may not need it – especially if you don’t use it often.

However, if the price of an e-bike is over $3,000, it might be a worthwhile investment. This will give you peace of mind and financial security in the event of an accident.
 
Factors Affecting Electric Bike Insurance Premiums
It’s hard to say how much you’ll need to pay for e-bike insurance. This is because the operator will offer you a quote based on your risk profile.

They will weigh several factors such as:

Crime statistics in your area
your zip code
The type of electric bike you have
Safety Features of Electric Bikes
The market value of electric bicycles
how you plan to use the e-bike (recreational or commuting)
Your experience with an e-bike (in years)
Heybike Explore Adult Electric Bike 48V 20AH Removable High Capacity Battery, 750W Brushless Motor, 26″ x 4.0 Fat Tire Step-Thru Ebike, Top Speed 28MPH, Shimano 7 Speed, UL Listed
 

Compare Electric Bike Insurance Policies

Electric bikes still have a long way to go before they become mainstream. This is why not many insurance providers cover e-bikes. We’ve reviewed the best insurance providers for electric bikes below. The list takes into account factors such as policy products, features, discounts and coverage limitations

speed insurance
Velosurance is a major insurance provider and is often used as a benchmark for insurance policies. They are an independent insurance provider with a nationwide presence.

Velosurance offers a wide range of features covering e-bikes that few suppliers can match. Velosurance policies start at $100 per year.

Each policy includes the following:
Medical fees
ACCIDENT
Injured while riding an electric bike
theft and vandalism
Cycling abroad
Coverage can be increased for a small price. Coverage limits for Velosurnace include $25,000, $40,000 and $100,000.

Some of their unique features include:

Replacing your e-bike insurance coverage
Passenger aircraft transportation range
racing report
One of the main reasons to choose Velosurance is its extensive network of e-bike shops. They maintain relationships with e-bike repair experts across the country. This makes it easy to find an expert to repair your e-bike.

If you have memberships in USA Triathlon, USA Cycling and IMBA, you are eligible for discounts. Notably, Velosurance offers e-bike insurance exclusively. This means you can’t bundle multiple policies and expect a discount.

Notably, major carrier Markel underwrites its insurance policy. Visit the official website or contact an agent for a quote.

ECOTRIC Electric Bike 26″ Fat Tire 750W Electric Bike 48V 13AH Detachable Large Battery Beach Snow Mountain Electric Bike Adult UL Listed with Dual Shock Absorber and Shimano 7 Speed

Markle
Markel is a major insurance provider that also sells electric bike policies. Their policy prices start at $100 per year. It has a good reputation as an insurance company.

Their basic policies include the following:

Bicycle Liability Protection – Protects you from accidental injury or injury to others due to a collision. Limits range from $25,000 to $100,000.
Medical Insurance – Covers up to $10,000 in hospital costs due to injury.
Physical Damage – Covers damage to electric bikes.
Roadside Assistance – Pays for towing service. Ideal if you’re running out of battery and don’t want to haul your e-bike yourself
Rental Reimbursement – Ideal if your e-bike is damaged and you need to rent a replacement.
Event Expenses Reimbursement – If you are unable to attend, you may be reimbursed for expenses.
Markel divides e-bike coverage into three categories:

Tier 1 20 mph top speed with assist
Class 2 top speed 20mph with throttle
Level 3: Maximum assist speed is 28 mph
Markel insurance only covers e-bikes with motors rated up to 750 watts.

endorsement insurance

Spoke Insurance is a relatively new provider, founded in 2012. The company works with Marsh & Mclennan Agency LLC, a large insurance provider. Their standard policies start at just $100 per year. That’s why they’re perfect for e-bike riders who need something on a budget.

You can get more discounts by choosing a wider policy. Like the Markel, the Spoke only covers e-bikes under 750 watts and a top speed of 28 mph.

AOSTIRMOTOR Electric Mountain Bike, 750W Motor and 48v 15ah Removable Lithium Battery, 26 Inch 4.0 Inch Fat Tire Electric Bike, Adult Electric Bike

The standard spokes policy covers the following:

theft insurance
collision insurance
Spare parts insurance up to $1000
Liability coverage between $25,000 and $100,000
Coverage for Electric Bike Replacement
Medical expenses ranging from $1,000 to $10,000
Reimbursement of Electric Bike Rentals
Transit Protection
The only problem is that Spoke Insurance doesn’t offer worldwide coverage. It’s only available in certain states. It does not provide insurance if you use an e-bike abroad.

Like Velosurance, Spoke works with Markel and does not cover its own policies. Spoke requires applicants to purchase a home insurance policy through Markel to be eligible.

Sunday Insurance
Sundays Insurance is the top provider of electric bike insurance policies. All of their policies are covered by Markel. Their prices depend on many factors, including size and experience. Standard policies start at $365 per year with a deductible of about $300 and include:

$5,000 in medical expenses
$50,000 Bicycle Liability
Sunday coverage does not include worldwide coverage. If you need a comprehensive policy for multiple e-bikes, we only recommend Sunday coverage.

McLean Insurance
McLean Insurance offers high coverage through its electric bike insurance policy. This is ideal for anyone looking for broad coverage at an affordable price. Standard policies start at $250 per year.

Notably, McLean Insurance offers one of the highest coverage limits. For example, their liability insurance covers up to $500,000 – which is higher than others.

Their standard policies include medical payment insurance and property damage insurance. The only downside is that their policies have no unique features.

We recommend them if they cover roadside assistance, transit, replacement and international travel.

The good news is that McLean’s electric bike policy costs $250/year. However, we recommend contacting them to learn more about their policies.

McClain insurance is only available in a few states. You must be a resident of Oregon, Idaho, Utah, Arizona or Washington to qualify.

IMREN Electric Bike, Adult 26 Inch 4.0 Fat Tire Electric Bike 750W Motor, 48V16AH Detachable Battery Electric Bike, 32MPH Electric Mountain Bike, Shimano 7 Speed, Lockable Alloy Front Suspension Fork

simple bike insurance
If you have several e-bikes in your collection, simple bike insurance is recommended. Their customizable policies are useful for people who own multiple e-bikes and bikes. The best part is their affordable prices, starting at just $100 a year.

Their coverage applies to mountain e-bikes, road e-bikes, cruiser e-bikes, and more. The only limitation is that the motor must be rated for less than 750 watts. Top speed should not exceed 28 mph (with assist).

Their policies cover the following:
Physical damage protection
Roadside assistance coverage
Spare parts up to $1,000
Game fee reimbursement
Rental Electric Bike Replacement
Global Physical Damage Protection
Liability insurance up to $25,000
Collision insurance up to $10,000
Medical coverage up to 1,000

Getting a quote from Simple Bike is easy. Just call their agent or submit an application through their website. Simply Bike insurance policies are available in all US states. Notably, Markel Insurance underwrites its policies.

Read Are electric bikes good for exercise?
progress
Progressive does not offer a separate electric bike policy. However, you can purchase e-bike insurance as an add-on to your homeowners policy.

The standard homeowners policy with progressive insurance is available under Personal Property if the e-bike is stolen. Note that this does not apply if the e-bike is damaged outside your home.

If you already have an existing policy with them, we recommend that you use Progressive. This is because it will help you save money in the long run.

Summary – Our Verdict

You’ll notice that most of the electric bike insurance policies mentioned here are underwritten by Markel Insurance. Prices start at $100 per year, with higher deductibles for more features. Most e-bike insurance companies offer similar features with some differences. Before purchasing an insurance policy, learn about policy options and coverage limitations.