E-bikes, while around for some time, are now quickly gaining in popularity. These high end bicycles are built in a variety of “classes” depending on how, when, and by how much the electric motor contributes to the propulsion of the bike. Since that’s not the purpose of this content, you can find more information on that here.
As has been the case in recent years, technology now moves significantly faster than laws can change and in our case, insurance products and regulation can adapt. (Think Uber, Lyft, VRBO, Turo, etc…)
So the question remains, “I just purchased an e-bike, how do I insure it?”.
Your normal bicycle, without any endorsements would qualify as “contents” under your homeowners, renters, or condo policy. 10% of your contents limit extends off premises and your home policy deductible would apply to any loss. The problem with an e-bike is that regardless of what class it is, it meets the definition of a motorized vehicle therefore it would be excluded from coverage under your contents limit.
Another option would be adding additional endorsements to your home policy. For physical damage you could add an inland marine rider and schedule your new bike for it’s current value. This would also allow you to choose a separate deductible – or no deductible at all for damage to the bike itself. Liability could be added by another rider adding recreational vehicle (RV) liability to the home policy. The problem is, most insurance company RV liability endorsements ONLY provide liability coverage while you are ON the insured property. It does not extend liability if you are off of your property, which is where you would primarily be riding your bike.
The best option, and not all insurance companies will allow you to do this, would be to insure the bicycle on a motorcycle or auto policy and classify it as a moped. This way physical damage coverage can be included by adding comprehensive and collision to it, and all of your liability, uninsured and underinsured motorists, and medical payments would also be included.
You may ask, “why do I need liability coverage on a bicycle?”.
Have you ever gotten too close to a parked car, or a passing truck get too close? Have you ever seen or heard of someone running a handlebar down the length of a car? You may or may not be at fault, but if you don’t have liability coverage you are fighting that battle on your own.
Joseph D. Beck, President, CIC, CPRM / Beck Insurance Agency, Inc.
For more information please call Beck Insurance Agency at 419-446-2777, email us at help@beckinsurance.com, or click here. Beck Insurance is an independent insurance agency specializing in personal and business insurance, life, disability, long term care coverage, and senior products in Archbold, Wauseon, Waterville, Whitehouse, Delta, Napoleon, Defiance, Bryan, Swanton, Toledo, Liberty Center, Maumee, and surrounding areas.
