E-Bike Insurance

[High Desert]

We recently purchased two E-bikes (Trek Verve +3) and when checking with our auto / home and RV insurance carriers, found that none of them covered E-Bikes. One did cover motorized "vehicle" but clipped coverage at top speed of 15 mph. So, who seems to be the best carrier, with best rates and are responsive when something goes south on a claim? I see that Markel and Velosurance are basically one and then same as Markel seems to underwrite Velosurance. Hoping for some inout from those who do use insurance and what the level of satisfaction is. Thx.

 

[Taylor57]

Probably best to self insure unless you live in a bad area or leave your bikes unattended quite a bit. Buy a good Ulock and Cable and install an annoying loud alarm on both bikes. Save the 50 bucks a month premium...

 

[High Desert]

That Kind of makes sense Taylor57. I live in Central Oregon, outside of the Bend / Redmond area, so crime is not that bad, I think. I will be buying a heavy chain lock (Krypptonite 15 mm links) to use in conjunction with U locks and lock on my Thule bike rack, when traveling. Generally, if we're not using them, they will be locked up on trips or at campgrounds, so maybe you're spot on here.

 

[Tars Tarkas]

Maybe also depending on the value of your bike, self-insurance is fine if all you care about is theft. If you want liability, medical, etc., etc., take a look at Velosuance or Markel might be worth looking at. Markel I know lets you build your own policy on line so you can see what it will cost.

The cost of a stolen bike would be trivial compared to accidentally hitting a pedestrian and breaking their back.

TT

 

[High Desert]

Interesting viewpoint I had not considered Tars. Liability and medical is not something you generally think about when it comes to riding a bike.

 

[rbeckert]

We recently purchased two E-bikes (Trek Verve +3) and when checking with our auto / home and RV insurance carriers, found that none of them covered E-Bikes. One did cover motorized "vehicle" but clipped coverage at top speed of 15 mph. So, who seems to be the best carrier, with best rates and are responsive when something goes south on a claim? I see that Markel and Velosurance are basically one and then same as Markel seems to underwrite Velosurance. Hoping for some inout from those who do use insurance and what the level of satisfaction is. Thx.

I have my Riese and Muller 2021 ROADSTER VARIO insured with NATIONWIDE INS. I have my home and a MAZDA CX5 insured with them, also. They wrote up my ebike on a RECREATIONAL VEHICLE POLICY for $267.04 a year. The policy covers LIABILITY (Bodily injury; Property damage; Personal Injury Protection; Medical Payments; Uninsured/Underinsured). PHYSICAL DAMAGE (Replacement Cost(!); Comprehensive (fire and theft; $500 deductible); Collision ($500 deductible); Custom Equipment (up to $3,000)). It also has a "Vanishing Deductible" of $100 a year so after the 5th year there would be no deductible for a claim. Basically, just like automobile insurance even if I cause an accident with my ebike and say, 2 other vehicles sustain damage with injured passengers, I'm covered. Plus, the "Replacement Cost" replaces my ebike, even if it's 3 years old, with a new ebike!

 

[Tars Tarkas]

Markel does all that for about the same price. Just FYI. From what I've heard iit's unusual for a homeowners insurance company to provide that kind of coverage for an e-bike. Farm Bureau doesn't.

TT

 

[High Desert]

I have my Riese and Muller 2021 ROADSTER VARIO insured with NATIONWIDE INS. I have my home and a MAZDA CX5 insured with them, also. They wrote up my ebike on a RECREATIONAL VEHICLE POLICY for $267.04 a year. The policy covers LIABILITY (Bodily injury; Property damage; Personal Injury Protection; Medical Payments; Uninsured/Underinsured). PHYSICAL DAMAGE (Replacement Cost(!); Comprehensive (fire and theft; $500 deductible); Collision ($500 deductible); Custom Equipment (up to $3,000)). It also has a "Vanishing Deductible" of $100 a year so after the 5th year there would be no deductible for a claim. Basically, just like automobile insurance even if I cause an accident with my ebike and say, 2 other vehicles sustain damage with injured passengers, I'm covered. Plus, the "Replacement Cost" replaces my ebike, even if it's 3 years old, with a new ebike!

Guess I am going to have to look into this deeper than I thought, and really consider the liability and medical coverages. Who would have ever thought you’d have to go through all this to ride a bike?

 

[Tars Tarkas]

Guess I am going to have to look into this deeper than I thought, and really consider the liability and medical coverages. Who would have ever thought you’d have to go through all this to ride a bike?

A whole lot of people don't. It's not required so it's all about what you feel you need and what provides you with the comfort level you want. What I find particularly scary is just how litigious people are now. It doesn't help that half the commercials on TV are lawyers begging for your business. And there's what it costs to repair a small scratch and dent on someone's car, for example.

TT

 

[rbeckert]

Guess I am going to have to look into this deeper than I thought, and really consider the liability and medical coverages. Who would have ever thought you’d have to go through all this to ride a bike?

My concern when I got my ebike 1.5 years ago was not so much theft or loss in a fire but what if I cause someone to swerve out of a lane because of my negligence or carelessness and it causes a vehicular collision. I may be over-thinking this but I was a Safety Resource Officer for OSHA compliance for my employer in a previous life and now I see hazards EVERYWHERE! LOL BTW, 75 years old here.

 

[HCooke]

An umbrella policy should cover liability.

 

[scrambler]

An umbrella policy should cover liability.

Not necessarily, as an umbrella policy usually specifies that you must have the necessary base insurance and with the max liability the base insurance offers.
Like if you have a car, you must have car insurance with max liability coverage, then the Umbrella covers above that.
So I would not assume anything and ask my insurer very specific and detailed questions to be 100% sure. Insurance is an area were being fuzzy does not pay back

For Hi power eBikes that can be hard to cover because they are above the class 1/2/3 I found a company named Safeco that can cover them as Moped

 

[High Desert]

After researching through my homeowners and auto policies (USAA), neither of them cover E-bikes. Checked with my motorhome insurer and neither do they. Seems the issue is that E-bikes are a motorized vehicle and fall under a unique category. So, spent yesterday afternoon looking through options and ended up going with Velosuarance, which is underwritten by Markel. Seems Markel underwrites most of the top Bike insurers. Seems Velosuarnce and Spoke are the two top rated insurers.

 

[ToniFry]

It's a little late but congrats on the new E-bikes! Insurance for those can definitely be tricky. I don't have personal experience with E-bike insurance, but I've heard good things about Markel/Velosurance. It's good to see that you've already done your research and found that they are basically the same company. I've also heard good things about Spoke Insurance and Lemonade. It's important to compare rates and coverage options to find the best fit for you. By the way, have you considered getting a 10 million life insurance cost policy? It's always good to have some extra coverage just in case.

 

[Chibbie]

I went with Velosurance for my bikes, based on reviews I read on various sites.

 

[Oyster Insurance]

We recently purchased two E-bikes (Trek Verve +3) and when checking with our auto / home and RV insurance carriers, found that none of them covered E-Bikes. One did cover motorized "vehicle" but clipped coverage at top speed of 15 mph. So, who seems to be the best carrier, with best rates and are responsive when something goes south on a claim? I see that Markel and Velosurance are basically one and then same as Markel seems to underwrite Velosurance. Hoping for some inout from those who do use insurance and what the level of satisfaction is. Thx.

Out of curiosity, what did you decide in the end?

 

[High Desert]

Sorry for late reply. In the end, went with Velosurance. Pretty much all e-bike insurance is underwritten by Markel. Ended up around $200 a year premium.

 

[m@Robertson]

Just a quick note on the Velosurance/Markel relationship.

Markel is an insurance company. Its the one that actually covers the risk and writes the policy (and its language).

Velosurance is an insurance agent. In this case, they are an insurance agent for Markel. Thats why you see so many sellers who have Markel paper behind the product they offer: They are simply insurance agents who brand the product with their company name. They do all the usual things an insurance agent does, like customer service, policy changes and whatnot.

What that means is, the product you are buying is the same across the board. It is very likely also priced exactly the same although different agents may have access to different coverage options, which may yield slightly different pricing from one to the other.

The real difference then, is the service you get from the agent. In my case I decided on Velosurance.

Also, I have read the specimen policies (or what passes for them) for Lemonade and Sundays Insurance. I can tell you - as a licensed insurance agent myself who knows what he's reading - that I would not consider Sundays insurance, ever. Also Markel/Velosurance is offering a policy that is a Stated Value (which you specify), but they are handling claims as if it is an Agreed Value - so in a nutshell that means no depreciation over the amount you stated in your approved application, which was used to determine your premium.

 

[Zekeer]

We recently purchased two E-bikes (Trek Verve +3) and when checking with our auto / home and RV insurance carriers, found that none of them covered E-Bikes. One did cover motorized "vehicle" but clipped coverage at top speed of 15 mph. So, who seems to be the best carrier, with best rates and are responsive when something goes south on a claim? I see that Markel and Velosurance are basically one and then same as Markel seems to underwrite Velosurance. Hoping for some inout from those who do use insurance and what the level of satisfaction is. Thx.

Your ebikes like you guns , guitars , lawn tractors , boats etc . Are covered under your home policy . There are exception like diamonds where you can add additional cover . That's why there's no E-Bike specific . It's a pedal bike . Do you have your riding mower insured ? Or your Chain saw, or pole saw.? How about your Drill press? Or Table saw etc . Hope you get the point . I know this for a fact because I own a business and this is part of it . Car and Homeowners Insurance. Why your agent didn't tell you this would concern me . What other things is he/she un-aware of you should know ? Hopefully you have asset full value replacement coverage on your Home . You should re-evaluate your home as well as assets every 3 years . Unless your purchase something really big, The Norm in my area is assets are insured for 1/3 the homes value . Do you take a picture of all non perishable purchases you make ? Most people don't . You should have an inventory of all your possessions. When you replace them such as a TV or fridge -You make notes of it . A Freezer packed with food. The big thing is make sure you have REPLACEMENT COST COVERAGE

 

[High Desert]

Actually, when researching this, and talking with my insurance carrier they do not insure E-bikes for the simple reason that it has a motor. I would suggest, that if you check with your carrier, on home insurance, they do not cover E-bikes either for the same reason. My carrier is USAA for homeowners. In short - no motor, they cover. Has a motor, look elsewhere.