Having ebike insurance is critical regardless of how you plan on using it. Ebike insurance will protect you and your finances; and your liability in some cases.
When shopping for ebike insurance, you will want to keep average costs in mind. A few factors influence ebike insurance costs that are outlined below. Are you searching for comprehensive insurance coverage for your ebike? Keep reading to learn everything you need to know about ebike insurance in Michigan.
What is the Average Cost of eBike Insurance?
A cursory look at major insurance providers shows that prices start at $10 per month. This comes to around $120 per year for barebones coverage policies. The prices for enhanced coverage may start at $50 or more. However, prices will vary based on carrier, rider’s risk profile, and other factors.
Markel is a major insurance carrier for ebike and starts at $100 per year. However, we’ve noticed a trend for ebikes: they only cover 750-watt motors or under. Markel only insures the following ebikes:
- Pedal-assist ebikes with maximum speeds of 20mph
- Throttle assist ebikes with maximum speeds not exceeding 20ph
Other ebike insurance providers that are worth looking into include Velosurance and Progressive.
Read How Fast is a 2000-watt Electric Bike?
Is My eBike Covered Under Homeowners Insurance?
Most homeowners insurance policies will cover non-motorized bicycles by default. Others may allow you to add your bicycle to the policy for an additional fee.
However, the homeowner’s policy doesn’t usually extend to motorized items. Your ebike is a motorized item – especially if the motor is rated at 750 watts.
Even if your homeowners’ insurance policy extends to ebikes, it may not be worth it. For example, in most cases, the maximum limit for single items is usually capped at $,1000. If the ebike is worth $3000, you’d have to cover the difference out of pocket.
This is why it is better to buy a standalone ebike insurance policy. The insurance policy will ideally cover the full market value of your ebike.
The homeowner’s insurance policy only applies if the ebike was parked in your home. This renders the policy ineffective for most use-case scenarios for ebikes. It won’t cover the ebike if it’s stolen from a bicycle stand, car park, or office.
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Ebike Insurance Coverages – What Do They Include?
No two ebike insurance policies are the same. They will vary from one carrier to another, but most policies will include:
- Theft and vandalization: Covers the cost of replacing the ebike if it has been damaged. Also compensates for damage due to vandalization.
- Damage: Cover the cost of repairing the bike that has been damaged due to an accident. Miscellaneous features that the provider may throw in for extra premium. These are as follows:
- Liability coverage: This is useful for covering legal fees and compensation claims. Liability coverage protects you if the ebike accidentally injures someone or damages property.
- Personal injury coverage: Covers any medical costs incurred if you were involved in an ebike accident. May also cover lost earnings due to hospitalizations. Personal injury coverage is especially useful for riders who perform stunts on their ebike.
- Coverage for accessories: Covers the cost of replacing clothes, helmets, and accessories such as GPS and battery.
- Riding abroad: Covers you if you ride the ebike outside the country.
You probably don’t need all of these add-ons, especially the last one. However, it is worth going through their pros and cons. An insurance agent will design an ebike insurance policy that meets your needs.
Do I Need eBike Insurance in Michigan?
You are not legally required to buy ebike insurance to ride it. This is a personal decision based on your preferences and the value of your ebike. In some cases, you may not need it – especially if you don’t use it frequently.
However, it may be a worthwhile investment if the ebike is over $3,000. This will give you peace of mind and financial protection in case of an accident.
Read Can You Ride an Electric Bike Without an Official License?
Factors that Influence Ebike Insurance Premiums
It’s not easy to say how much you will have to pay for ebike insurance. This is because carriers will provide you with a quote depending on your risk profile.
They will weigh several factors such as:
- Crime statistics in your area
- Your postal code
- The type of ebike you own
- The security features of your ebike
- The market value of the ebike
- How do you plan on using the ebike (recreational or commuting)
- Your experience (in years) of using an ebike
Comparing eBike Insurance Policies
eBikes still have a long way to go before they become mainstream. This is why there aren’t many insurance providers that cover ebikes. We’ve taken a look at the best insurance providers for ebikes below. The list takes factors such as policy offerings, features, discounts, and coverage limits into account
Velosurance
Velosurance is a major insurance provider that is often used as a benchmark for policies. They are an independent insurance provider with an extensive reach around the country.
Velosurance offers extensive features that cover ebikes that few providers can match. Velosurance policies start from $100 per year.
Each policy includes coverage for the following:
- Medical payments
- Accidents
- Damage while riding an ebike
- Theft and vandalization
- Riding abroad
The coverage limit can be increased for a small price. Coverage limits for Velosurnace include $25,000, $40,000, and $100,000.
Some of their unique features include:
- Coverage for replacing ebikes
- Airliner shipping coverage
- Racing coverage
A major reason for choosing Velosurance is its extensive network of ebike shops. They maintain relationships with ebike repair experts around the country. This makes it easy to find an expert to repair your ebike under coverage.
You qualify for discounts if you have membership in USA Triathlon, USA Cycling, and IMBA. It is worth noting that Velosurance exclusively provides ebike insurance. This means you can’t bundle more than one policy and expect a discount.
It is worth noting that Markel, a major carrier, underwrites their insurance policies. Visit the official website or contact an agent to get a quote.
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Markel
Markel is a major insurance provider that also sells ebike policies. Prices for their policies start from as little as $100 per year. It has a good reputation as an insurance company.
Their basic policies cover the following:
- Bicycle liability protection – Covers you from accidentally injuring or damaging someone due to a collision. Limits are available from $25,000 to $100,000.
- Medical coverage – Covers your hospital bill of up to $10,000 due to your injuries.
- Physical damage – Covers the damage done to the ebike.
- Roadside assistance – Covers the cost of towing services. Ideal if you run out of battery and don’t want to haul the ebike yourself
- Rental reimbursement – Ideal if your ebike is damaged and you need to rent a replacement.
- Event Fee Reimbursement – Reimburses fees if you cannot compete in a race.
Markel differentiates ebike coverage under three classes:
- Class 1 Maximum speed of 20mph using assists
- Class 2 Maximum speed of 20mph using throttle
- Class 3: Maximum assisted speed of 28mph
Markel insurance only covers ebikes with a motor rated at a maximum of 750watts.
Spoke Insurance
Spoke Insurance is a relatively new provider that was founded in 2012. The company is in partnership with Marsh & Mclennan Agency LLC, a major insurance provider. Their standard policies start at only $100 per year. This is why they are ideal for ebike riders who need something under budget.
You can get further discounts by choosing a more extensive policy. Like Markel, Spoke only covers ebikes under 750 watts and top speeds of 28mph.
Standard Spoke policies cover the following:
- Theft insurance
- Collision insurance
- Spare part insurance of up to $1000
- Liability coverage between $25,000 to $100,000
- Coverage for ebike replacement
- Medical payments that cover anywhere from $1000 to $10,000
- Reimbursements for ebike rentals
- Transit protection
The only problem is that Spoke Insurance does not provide worldwide coverage. It is only available in some states. If you use your ebike abroad, it won’t provide coverage.
Like Velosurance, Spoke works in partnership with Markel and does not underwrite its own policies. Spoke requires applicants to have a home insurance policy through Markel to be eligible.
Visit Spoke’s website if you want a quote and have other questions about policies.
Read How Much Can an eBike Weigh?
Sundays Insurance
Sundays Insurance is a top provider of ebike insurance policies. All their policies are underwritten by Markel. Their prices depend on a number of factors, including area and experience. Standard policies start at $365 per year with a deductible of about $300 that includes:
- Medical payments of $5000
- Bicycle liability of $50,000
Sundays Insurance does not include worldwide coverage. We only recommend Sundays Insurance if you need a comprehensive policy for multiple ebikes.
McClain Insurance
McClain Insurance provides high-coverage limits with their ebike insurance policies. This is ideal for anyone who wants extensive coverage at an affordable price. Their prices start at $250 per year for a standard policy.
It is worth noting that McClain Insurance provides one of the highest coverage limits. For example, their liability insurance covers up to $500,000 – which is superior to others.
Their standard policies include medical payment coverage and property damage coverage. The only downside is that their policies don’t have unique features.
We would have recommended them if they covered roadside assistance, transit, replacement, and international travel.
The good news is that McClain insurance policies for ebikes are affordable at $250/year. However, we recommend contacting them to learn more about their policies.
McClain Insurance is only applicable in a handful of states. You must be a resident of Oregon, Idaho, Utah, Arizona, or Washington to qualify.
Read Will Electric Bikes Get Cheaper?
Simple Bike Insurance
Simple Bike Insurance is recommended if you have several ebikes in your collection. Their customizable policies are useful for anyone with multiple ebikes and bicycles. The best part is their affordable prices starting at just $100 per year.
Their coverages work for mountain ebikes, road ebikes, cruiser ebikes, and others. The only limitation is that the motors must be rated under 750 watts. The top speed should not exceed 28mph (with power assist).
Their policies cover the following:
- Physical damage protection
- Roadside assistance coverage
- Spare parts coverage of up to $1,000
- Competition fee reimbursement
- Rental ebike replacement
- Worldwide physical damage protection
- Liability insurance of up to $25,000
- Collision coverage of up to $10,000
- Medical coverage of up to 1,000
Members of UCA Cycling, IMBA, and USA Triathlon can qualify for a 10% discount.
Getting a quote from Simple Bike is easy. Simply call their agent or submit an application via their website. Simply Bike Insurance policies are applicable throughout the USA in all states. It is worth noting that Markel Insurance underwrites their policies.
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Progressive
Progressive does not provide standalone ebike policies. However, you can buy ebike insurance as an add-on to homeowner’s policies.
Standard homeowners policies with Progressive cover ebikes under “Personal Property” if they get stolen. Do note that this does not apply if the ebike was damaged outside your home.
We recommend Progressive if you already have an existing policy with them. This is because it will help you save in the long run.
Standard ebike policies under Progressive include:
- Collision insurance
- Theft and vandalism coverage
- Liability coverage
- damage coverage
However, Progressive does not provide miscellaneous perks such as spare parts coverage and roadside assistance.
Read Can You Ride an Electric Bike After Drinking?
Wrapping Up – Our Verdict
You will notice that most ebike insurance policies mentioned here are underwritten by Markel Insurance. Prices start at $100 per year with higher deductibles for more features. Most ebike insurance carriers provide similar features, but there are a few differences. Before buying an insurance policy, learn about policy options and coverage limits.
We recommend Velosurance to ebike owners who are looking for affordable policies. Velosurance takes the cake because of high coverage limits, unique perks, and membership discounts. However, if your current insurance provider offers ebike insurance as an add-on, buy that instead.
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My name is Matthew, staying in Seattle, Washington. Electric Vehicles (Electric Cars & Electric bikes) caught my attention for the last few years and my love for electric cars and bikes is everlasting. I spend many of my weekends traveling to various places all over various cities with my electric vehicle (e-bike and electric car). Here I am sharing my expertise, experience, and invaluable information about electric cars and electric bikes. Check out more.