A common question many new ebike owners ponder is, ‘should I insure my ebike?’ At this point in time, in most countries of the world, there is no legal requirement to have ebike insurance to ride your ebike on the public highway. It is an option though, and so is the possibility of some protection under the umbrella of a home contents insurance policy.
Just because it is not a legal requirement though, does not mean there is no merit in having an ebike insurance policy in place.
An ebike can be an expensive piece of equipment to leave unattended for hours at a time, if you are shopping in town, for example. No matter how good a lock you have securing your ebike, there is still always the possibility of theft, or damage inflicted on your ebike while a theft is attemped.
Home Insurance Excess can be Excessive
When many people think of insurance, their ebike being stolen, or damaged, is what they think of. If they have home contents insurance, they may assume their ebike is covered under that, and it may be, but it is always wise to check, and also check the full extent of the cover provided under a home contents policy, and also what type of excess your home contents policy has.
If you have a high excess you need to pay before a claim, then it may be more prudent to cough up yourself for any damage to your ebike, than put in a claim that will end up costing you more when your policy comes up for renewal, and cost you more, because the ultimate cost of the claim to you, would be more than just paying for the damage yourself instead of claiming.
An insurance policy excess is what you would have to pay out of your own money when you claim. For example, if the damage to your ebike would cost $300 to repair, and your policy excess was $250, then all the insurance company would pay out would be $50. If you do claim this, and as a result, your policy goes up in price by around $50 when the time comes around to renew, then putting a claim on your insurance was financially not worth the effort.
Home Insurance Limits
A home insurance policy, by its broad scope, covers a lot of the items you would have in your home. Because of this, there are often limits imposed on the value of individual items that you may wish to make a claim for.
It would be unfortunate if you claimed for an expensive ebike that had been stolen, only to discover the maximum the insurance company would pay out for an ebike was far below the actual cost of the ebike you purchased. It is always worth checking the policy small print to put your mind at ease, rather than just assuming, if you ever need to make a claim, that you are well covered.
Ebike Theft or Damage is Just One Aspect of Insurance
You may worry more about your ebike being stolen or damaged, but there are a range of other reasons why getting a separate ebike insurance policy may be prudent.
The reality is that a good ebike insurance policy will cover you for much more than ebike theft and damage, that cover under a home contents policy will not cover you for. If you use your ebike for business purposes, this should be something to definitely think about. There may be valid business and legal reasons why an ebike insurance policy for business purposes is not only common sense, it may be a requirement.
See Also: Stop Ebike Theft
A Separate Tailored Ebike Insurance Policy May Be a Wise Move
Full Cost of Replacement
You want your insurance policy to cover the full cost of a replacement ebike so, that in the event of a claim, you can go out and replace the exact make and model of ebike you had, or buy something very similar in cost and specification.
Accidental Damage Cover
If you inadvertently damage your ebike yourself, you may be glad if your policy has this aspect of cover.
Personal Accident Cover
You should expect a clause for personal accidents, in case you injure yourself in some capacity while out on your ebike. This should also extend to cover any medical bills you may incur due to the accident, especially if you have to foot the bill of any medical care where you live in the world.
Public Liability Cover
There should be some sort of public liability cover, in case you inadvertently injure someone else, or damage the property belonging to someone else.
Commuting Cover
If you are commuting regularly to your place of work and back, this may be something you should ensure your policy is covered for.
Legal Expenses
If lawyers have to get involved, issues and disputes tend to get expensive. Ensure you have adequate legal cover in your policy.
The above six options are just some of a number of items you may want to tailor your ebike insurance to cover. There are many more, e.g., if you use your ebike in competition. If you travel abroad with your ebike. If you allow others, family members or friends, to use your ebike. If you have fitted expensive accessories, e.g., pannier bags, an additional battery pack, a GPS gadget. And, or course, if you use your ebike for business purposes.
Cost of Insurance and Cost of Peace of Mind
Insurance costs money, and the more tailored you want your policy to be, may mean paying a higher premium. This is why it would be wise to write down a list of everything you would wish to be covered for, and when complete, look to your budget and decide what amount of excess you would be prepared to pay in the event you ever have to claim.
Once done, then take some time and look for quotes from a variety of insurance companies. Most insurance companies do specific policies for ebikes now and can give you a quote online, though you can also call different insurers and request quotes by phone if that is what you prefer.
If you have existing car or home insurance, it may be wise to contact that provider also. As an existing customer they may offer a discount, or a more competitive quote.
Insure, or Not Insure?
Ultimately, whether you opt for insurance or not is up to you. It is a choice you make, and you may decide, one way or another, after careful thought and consideration, which is the right choice for yourself and your personal circumstances.
Insurance is something you may never have to claim on, and paying monthly or annual premiums on something you may never need, may seem pointless and extravagant.
On the other hand, though, if something were to happen to your ebike and you couldn’t afford to replace it, or you were in an accident and receiving demands for third party damages, those expensive premiums may seem more affordable as an afterthought.
It is a dilemma that is personal to you, and your lifestyle and budget. Whatever you decide, always take care and stay safe on your ebike.
05 Jan 2022