The popularity of electric bicycles, or eBikes, has skyrocketed over the last few years. U.S. sales for eBikes are nearing $2 billion, and will possibly reach that level by the end of 2024. California does have regulations for eBikes, and places them in three classes based on electric motor assistance below 20 mph, 20-28 mph, and 28 mph and above. However, the state does not currently require insurance on eBikes. So, do you need to cover yours?

The cost of eBikes alone may be reason to insure them. The average purchase price is between $600 and $2,500, but some cost as much as $8,000. The median cost is closer to $1,500, not to mention any customizations owners may make. When your bike is being stored at home, it may be covered for theft or vandalism by your home or renter’s insurance policy. But these eBikes are meant to be out on the road, right?

Just like other vehicles, eBike insurance is available for both collision and comprehensive coverages. And also like other vehicle policies, the value, your age, driving history, class of eBike, and where you’re located will factor into the cost of your insurance.

Comprehensive Coverage Having a comprehensive eBike policy may help protect you in non-collision claims scenarios, including theft, vandalism, fire, weather-incidents, and animal-related accidents. For a comprehensive policy, you’ll want to understand how value is determined, replacement cost versus actual cash value, and if items like aftermarket accessories are covered for your eBike.

Collision Coverage The more basic collision eBike policy may help cover you in incidents where there is a collision with another vehicle or a stationary object. This may help pay for damage to your vehicle or the collided vehicle/object, regardless of fault. Should requirements for eBikes ever be put in place, this will likely be the minimum coverage you must carry.

In addition to these scenarios, consider if your eBike is covered when being towed on a trailer, attached to a vehicle by a carrier, or other situations where your eBike is being moved without its own operation. There may be coverage for this in other policies you have in place, but it would be best to confirm that with your agent.

Talk with our team about your eBike’s uses and needs, and we’ll help you understand the risks. The we can discuss the options you may have for coverage. Don’t spoil your ride by not having the right insurance in place!

SOURCES

https://www.dmv.ca.gov/portal/handbook/motorcycle-handbook/two-wheel-vehicle-operation/  

https://www.sixthreezero.com/blogs/bike-advice/how-much-is-an-electric-bicycle