Bicycle Insurance for Ebike?

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madmpb
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Bicycle Insurance for Ebike?

Post by madmpb »

I recently purchased an electric bicycle valued at over $1000. I have renter's insurance but I don't see anything in there listed specifically for bikes or electric bicycles. Should I be looking at getting bike insurance for my e-bike to cover theft? Is it worth it? If so, what are your recommendations on companies to go with and things I should make sure to have in my policy? Thanks in advance for your help!
michaeljc70
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Re: Bicycle Insurance for Ebike?

Post by michaeljc70 »

We have 3 e-bikes and don't insure them separately. They should be covered under your homeowner's insurance (at least mine are). However, you have to pay the deductible and your insurance might go up (or be cancelled if you had other claims) so I don't see it being worth filing a claim. What I am curious about is if I am going 20 mph and hit a pedestrian, car or other biker will my homeowner's liability cover me? Or would that fall under an umbrella? At that speed you could do some serious damage in some (rare) situations.
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quantAndHold
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Re: Bicycle Insurance for Ebike?

Post by quantAndHold »

You’re probably covered with your renter’s insurance, but depending on the policy, the value of the bike, and what you use it for, you might need to add a rider to cover it. Call your agent and check.
WhyNotUs
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Re: Bicycle Insurance for Ebike?

Post by WhyNotUs »

Much of the value and the attraction for a thief would be the battery. Practice good battery security and your bike will not be attractive.
Worth checking your renter policy too.
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CyclingDuo
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Re: Bicycle Insurance for Ebike?

Post by CyclingDuo »

madmpb wrote: Sat Mar 27, 2021 6:36 pm I recently purchased an electric bicycle valued at over $1000. I have renter's insurance but I don't see anything in there listed specifically for bikes or electric bicycles. Should I be looking at getting bike insurance for my e-bike to cover theft? Is it worth it? If so, what are your recommendations on companies to go with and things I should make sure to have in my policy? Thanks in advance for your help!
We just rely on our homeowner's insurance as they are personal property when it comes to theft. You should be covered under your insurance regarding theft. Check your deductible to make sure.

:sharebeer

CyclingDuo
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retired early&luv it
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Re: Bicycle Insurance for Ebike?

Post by retired early&luv it »

Ask your insurance agent. Might need to document the serial number with them.

I am clueless on e-bikes, but many communities license or register regular bicycles. I always license my new bikes, but I do not bother to renew licenses later. By initially licensing them, that can aid in recovery if stolen.

Someone I know was commenting that his daughter's bike was stolen and showed up on craigs list the next day. She had no proof of ownership, the police could not do anything because of that.

I paid over $100 for a lock for my titanium bike, I paid more for the frame on my bike than you paid for your entire bike. No lock is fool proof, but your better locks will deter most potential thieves. Some places I do not leave a bike at all, but some places I am willing to use a cheap lock, situation awareness.

A friend of mine needed a battery for his wife's e-bike, the store wanted almost as much as a new bike. But he did an internet search and found the battery he needed on Amazon for a bit over $100.
Soon2BXProgrammer
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Re: Bicycle Insurance for Ebike?

Post by Soon2BXProgrammer »

madmpb wrote: Sat Mar 27, 2021 6:36 pm I recently purchased an electric bicycle valued at over $1000. I have renter's insurance but I don't see anything in there listed specifically for bikes or electric bicycles. Should I be looking at getting bike insurance for my e-bike to cover theft? Is it worth it? If so, what are your recommendations on companies to go with and things I should make sure to have in my policy? Thanks in advance for your help!
https://www.markelinsurance.com/resourc ... tric-bikes

I'd be more concerned with liability coverage then replacement/theft insurance.

If you have an umbrella, it would be worth talking with them, however, they might state that you need "underlying coverage"
Earned 43 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
Soon2BXProgrammer
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Re: Bicycle Insurance for Ebike?

Post by Soon2BXProgrammer »

michaeljc70 wrote: Sat Mar 27, 2021 7:07 pm What I am curious about is if I am going 20 mph and hit a pedestrian, car or other biker will my homeowner's liability cover me? Or would that fall under an umbrella? At that speed you could do some serious damage in some (rare) situations.
See my other post, you would need to talk to your homeowners/umbrella... but your umbrella might say you need "underlying coverage"

Markel sells insurance with liability as an option.
Earned 43 (and counting) credit hours of financial planning related education from a regionally accredited university, but I am not your advisor.
PartIrish
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Re: Bicycle Insurance for Ebike?

Post by PartIrish »

Your bike should be covered but check your deductible for theft--$500 is not uncommon, so you would be out that much and whatever the increase in your policy rates if you make a claim. I recommend you register your e-bike on https://bikeindex.org/. The recovery rate for stolen bikes is much higher when the police can check a serial number in the index.

Otherwise, practice deterrence: I keep my e-bike (and my regular bike) in either a closed garage or inside the house, and the battery is stored separately. If I'm not riding my bikes or am out of town, they are inside; I do not lock and leave them anywhere outside my home.
onourway
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Re: Bicycle Insurance for Ebike?

Post by onourway »

As a general rule you should only insure against potential outcomes that could be otherwise financially crippling. For the vast majority of people the loss of a $1000 bicycle would be unfortunate, but not catastrophic.
mgensler
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Re: Bicycle Insurance for Ebike?

Post by mgensler »

It's really location dependant. Ask your local bike shop what they recommend. In my hometown, we use a chain and rim lock. Where our condo is located everyone uses flimsy cable locks.

Here's what a rim lock looks like. These are on all bikes in the netherlands. https://images.app.goo.gl/1RcoS7cZE4w22oME9

Make sure you chain up to something not easily cut and don't leave the bike out overnight.
TT_Dirtfinder
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Re: Bicycle Insurance for Ebike?

Post by TT_Dirtfinder »

This answer doesn't have to do with insurance but I have an ebike and a motorcycle. I just looked into adding AAA's motorcycle coverage to my current AAA Plus account and I noticed it also covers ebikes. I though that is pretty cool considering a typical ebike trip might take you 20 miles from home.
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Shackleton
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Re: Bicycle Insurance for Ebike?

Post by Shackleton »

We own approximately $75,000 in bikes, including one that was $8,500 (discounted from $10k!) When I asked our insurance company if we needed a rider for them, we were told they are all covered.
“Superhuman effort isn't worth a damn unless it achieves results.” ~Ernest Shackleton
WhyNotUs
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Re: Bicycle Insurance for Ebike?

Post by WhyNotUs »

Shackleton wrote: Sun Mar 28, 2021 2:08 pm We own approximately $75,000 in bikes, including one that was $8,500 (discounted from $10k!) When I asked our insurance company if we needed a rider for them, we were told they are all covered.
Making me feel better about myself, thanks
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Shackleton
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Re: Bicycle Insurance for Ebike?

Post by Shackleton »

WhyNotUs wrote: Sun Mar 28, 2021 4:13 pm
Shackleton wrote: Sun Mar 28, 2021 2:08 pm We own approximately $75,000 in bikes, including one that was $8,500 (discounted from $10k!) When I asked our insurance company if we needed a rider for them, we were told they are all covered.
Making me feel better about myself, thanks
We have a bike problem.... :D
“Superhuman effort isn't worth a damn unless it achieves results.” ~Ernest Shackleton
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