We regularly get questions about whether insurance will cover electric bicycles. As these bikes have become more commonplace, thieves have noticed. Several clients have reported stolen electric bikes. If your bike is stolen, you might be able to make a claim on your Homeowners or Renters policy. Personal property losses are covered but are subject to the policy deductible. In some cases, however, the value of the bike is less than the deductible or only slightly higher. It could be detrimental to make a claim resulting in increased premiums in future years. You can always consult your agent before making a claim.
Does my insurance cover bicycle accidents?
Bicycle accidents may be covered by insurance, depending on the scenario. If you're involved in a bike accident with another cyclist or pedestrian and you're not at fault, your medical bills and damage to your bike may be covered by the at-fault party’s personal liability coverage on their home or renters policy. If you’re hit by a car while riding, the at-fault driver's auto liability coverage may pay for damages and injuries.
If you’re at fault in a bike accident, personal liability coverage on your home or renters policy may pay for the damages and injuries you caused, up to your coverage limits. What if the at-fault party doesn't have insurance, enough insurance, or flees the scene (hit and run)? In these cases where you are not at fault, you might be able to make a claim on your auto policy under the un/underinsured motorist if coverage is extended to you as a pedestrian or cyclist. If you don't own a car but regularly ride a bike, you should have a Named Non-Owner Auto insurance policy - auto insurance for people who don't own a vehicle. These policies provide you as a driver, pedestrian, or cyclist with auto liability and un/underinsured motorist coverage. The cost is usually very reasonable as you aren't insuring a vehicle, just a driver or drivers.
What other options do I have to insure an electric bike or bicycle?
In most states, if the bike doesn't qualify as a scooter or motorcycle, we might not have a good insurance solution to protect against damage or theft to your bicycle without a high deductible. Insurance companies are slow to adapt coverage and products for newer technologies like electric bikes. Ironically, we can more easily insure a stamp collection with no deductible than an electric bike. And I would bet there are more electric bike owners today than stamp collectors.
We recommend exploring coverage with VELOSURANCE - insurance exclusively for bicycles including electric bicycles. They offer coverage with lower deductibles than a homeowners or renters policy. Velosurance is a national insurance agency founded by two cyclists in response to the insurance needs of bicycle riders nationwide. They partnered with Markel, an A.M.Best “A” rated, US insurance company to provide a multi-risk policy offering protection to all types of cyclists. CB Chambers Insurance does not represent Velosurance or receive compensation for our recommendation. To learn more or purchase a policy visit https://velosurance.com/.
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