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e-bike insurance coverage: what you need to know

The use of e-bikes has grown immensely over the last few years. In 2019, the industry was estimated to be valued at $15.42 billion, and it has only grown since then—especially with rising gas prices! In fact, experts predict that the e-bike market is expected to reach $54.48 billion by 2027.

So, let’s talk about e-bikes; more specifically, do you need a standalone excess insurance policy for this fun gadget? Let’s find out.

what is an e-bike?

If you’ve been outside at all in the past few years, chances are you’ve seen a large number of e-bikes whiz past you. But what is an e-bike? An e-bike, or electric bike, is a bicycle equipped with battery power motors to aid with pedaling (either partially or completely depending on the bike).

Bosch describes the three categories of electric bikes in the United States:

  • “Class 1: eBikes that are pedal-assist only, with no throttle, and have a maximum assisted speed of 20 mph.
  • Class 2: eBikes that also have a maximum speed of 20 mph, but are throttle-assisted.
  • Class 3: eBikes that are pedal-assist only, with no throttle, and a maximum assisted speed of 28 mph.”

are e-bikes covered by homeowners insurance?

The short answer? It depends.

E-bike coverage largely depends on your:

  • State
  • Insurance company
  • And claim type

Even if you are covered by your homeowners policy, that coverage is likely capped at a limited dollar amount.

what do we recommend?

We know – The extent to which homeowners policies provide coverage for the physical damage and operations liability to e-bikes is clear as mud. 

Owning and operating an e-bike can create additional risk exposure, with limited to no coverage under your homeowners policy.

This is why, at benchmark commercial insurance, we recommend a standalone policy for your e-bike.

Why? Every single insurance carrier has different e-bike parameters. By getting a standalone policy, it reduces the worry about liability if an accident were to occur. Moreover, homeowners policies have exclusions, and are specific to the particular wattage of your e-bike.  

Coverage for a standalone policy can be ​​as low as $100 annually; however, the cost of insurance varies for everyone.

Unsure if your homeowners policy covers your e-bike? Get in touch with our professionals at benchmark commercial insurance today. Then, since we’re already speaking of moving vehicles, check out our article on why auto insurance premiums are increasing.

infographic about e-bike insurance coverage