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.