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E-Bikes and Bicycles—Insurance Options

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Electric bikes, better known as e-bikes, and bicycles of any kind can be a significant investment and deserve to be financially protected with appropriate insurance. Most e-bikes are powered by an electric motor of 500 watts or less, and are therefore classified as bicycles, for insurance purposes. While insurance coverage for your e-bike or bicycle is not legally required, we highly recommend that you protect your investment. Two ways to do that are either to purchase a stand-alone bicycle insurance policy or schedule your e-bike or bike in your existing home insurance policy.

Benefits of E-bikes

  1. Enhanced Efficiency: With e-bikes, you cover more ground in less time; in some cases, as efficiently as driving. The electric motor working in tandem with the rider increases speed so you can explore more or get more done.
  2. Fitness: e-bikes don’t replace your legs, yet in fact, it encourages more cycling because it’s fun and stress-free. You make more physical exercise and feel good about yourself.
  3. Sense of Freedom: E-bikes make cycling accessible to people of all ages and physical abilities. With increased confidence, you “flatten” the hills and “unlock” the boundaries. You no longer have any hesitation going anywhere at anytime on any day.
  4. Eco-Friendly: The electric motor is powered by rechargeable batteries that require no gasoline. This means no air pollution or added strain on natural resources.
  5. Cost Savings: An e-bike requires very little maintenance and no fuel. This saves riders the cost of gas and repairs. A good quality e-bike keeps its resale value.

Stand-alone Bicycle Insurance

The major benefits of a separate, stand-alone bicycle insurance policy are that you can protect your claims-free status of your homeowner or condominium insurance policy, and you can choose lower deductible options than are available in homeowner policies. In addition, certain accident benefits coverages available for bike insurance go well beyond coverage available through homeowner insurance.

Most bike insurance policies include personal accident coverage so that you, as well as your e-bike or bicycle, are insured while you are riding. Coverage ranges from ambulance and medical expenses, weekly indemnity, permanent total or partial disablement, to death benefits.

Personal liability insurance, which might not be included in a standard bicycle insurance policy, provides peace of mind and protection against financial loss. This type of coverage includes medical expenses for injured third parties as well as damage to their property and legal expenses in the event of a lawsuit. Talk to your Murrick Group insurance agent about the features available in a stand-alone bicycle insurance policy to ensure you have the coverage that is appropriate for your needs.

E-bike Coverage in Homeowner’s Insurance

If you choose to insure your e-bike or bicycle through your homeowner’s or condominium policy, we recommend you schedule the bike as you do your art pieces and jewellery to ensure adequate coverage. Again, talk to your Murrick Group insurance agent to make sure you understand the coverage that is included for you and your e-bike in your existing policy.

Insurance Coverage that’s Right for You

E-bikes are becoming increasingly popular because they offer cyclists the ability to travel farther and faster with ease and efficiency. The electric motor, working in tandem with the rider, increases speed and distance. The power-assisted pedaling gives the cyclist more control and stability on steep hills and slippery surfaces. The electric motor of an e-bike has made cycling accessible to people of all ages and abilities who previously struggled to pedal a traditional bike. In addition, the electric motor is powered by rechargeable batteries the require no gasoline and e-bikes in general require little maintenance. They are a cost-efficient way to travel, but as with all modes of travel, there are risks and you need appropriate insurance coverage for both you and your e-bike.

If you own an e-bike or any other type of bicycle, we urge you to call your Murrick Group insurance agent to ensure that you and your bike are adequately insured.


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