Insurance for Electric Bikes

[Over50]

I just called Markel ten mins ago and spoke to a lady, i believe Rebecca, she said e-bike coverage only for top speed of 20mph. I would encourage others folks to call to make sure i heard right. I am very dissappointed because my class 3 e-bike is now ineligible.

Yeah, I'll have to give them a call. I just logged on and my bike description says "class 3". They've taken two premiums from me to date.

 

[ebikefan83]

Yeah, I'll have to give them a call. I just logged on and my bike description says "class 3". They've taken two premiums from me to date.

I hope to God that you will prove me wrong "Over50". I was very excited to sign up for insurance because i'm very afraid of theft of my Trek SC +8. Please oh please, prove me wrong. After hearing that from Markel, my heart dropped and my wife was visually ticked off as well.

 

[Over50]

I hope to God that you will prove me wrong "Over50". I was very excited to sign up for insurance because i'm very afraid of theft of my Trek SC +8. Please oh please, prove me wrong. After hearing that from Markel, my heart dropped and my wife was visually ticked off as well.

So your phone call was to Markel rather than Velosurance? Velosurance says on their website:
https://velosurance.com/information-center/velosurance-for-electric-bicycles/
"The Velosurance e-cycle insurance policy is available in the U.S. to insure all electric assist bicycles with a functioning set of pedals and electric assist motors up to 750 watts. The policy also covers bicycles that are retrofitted with electric motors up to 750 watts. The policy insures the cyclist while riding anywhere in the USA & Canada, and worldwide coverage is an available option. "

But nevertheless I will send them a communication to clarify. I was just about to add another bike to my policy (but a Class 1).

 

[ebikefan83]

So your phone call was to Markel rather than Velosurance? Velosurance says on their website:
https://velosurance.com/information-center/velosurance-for-electric-bicycles/
"The Velosurance e-cycle insurance policy is available in the U.S. to insure all electric assist bicycles with a functioning set of pedals and electric assist motors up to 750 watts. The policy also covers bicycles that are retrofitted with electric motors up to 750 watts. The policy insures the cyclist while riding anywhere in the USA & Canada, and worldwide coverage is an available option. "

But nevertheless I will send them a communication to clarify. I was just about to add another bike to my policy (but a Class 1).

Yes correct i called Markel, since they underwrite Velosurance policies. I'll call tomorrow (if open) as well just to make sure again myself.

 

[Over50]

I received a response from Velosurance. I interpret this to mean throttle power alone. I believe my mid drive pedal assist Class 3 (no throttle) is insurable under these guidelines.

Our underwriting guidelines for electric assist bicycles are that the Power cannot exceed 750 watts and the bicycle speed UNDER POWER ALONE cannot exceed twenty miles per hour. The speed of the bicycle when you combine pedal and electric motor power has no upper limit that affects the insurability of an electric bicycle. We hope this answers your question. Please tell us when we can help you again and have a great weekend.

 

[ebikefan83]

I received a response from Markel. I interpret this to mean throttle power alone. I believe my mid drive pedal assist Class 3 (no throttle) is insurable under these guidelines.

Our underwriting guidelines for electric assist bicycles are that the Power cannot exceed 750 watts and the bicycle speed UNDER POWER ALONE cannot exceed twenty miles per hour. The speed of the bicycle when you combine pedal and electric motor power has no upper limit that affects the insurability of an electric bicycle. We hope this answers your question. Please tell us when we can help you again and have a great weekend.

Ah...so i did hear it correctly last night, except she did not mention the throttle part, just said nothing over 20mph is covered. If this is all correct, then i myself am eligible again to buy a policy thru Markel (once i get written documentation about this). Question for you Over50, have you confirmed that if bike theft occurs, they pay full purchase price of e-bike before any depreciation? Their sample specimen policy does say Actual Cash Value is less depreciation.

 

[ebikefan83]

So this is the legal disclaimer Markel has on their quote page...below

Auxiliary Power Warning: Pedal Cycles with an auxiliary electric power assist source are only eligible for coverage under this program when the rated wattage of the electric power assist motor does not exceed 750 watts or the bicycle manufacturer's published design speed does not exceed 20 miles per hour while under power assist only. Cycles with an auxiliary power source other than electric assist are not eligible for coverage under this program. By continuing, you confirm that your bicycle(s) conform to these requirements.

 

[Toomanycats]

So this is the legal disclaimer Markel has on their quote page...below

Auxiliary Power Warning: Pedal Cycles with an auxiliary electric power assist source are only eligible for coverage under this program when the rated wattage of the electric power assist motor does not exceed 750 watts or the bicycle manufacturer's published design speed does not exceed 20 miles per hour while under power assist only. Cycles with an auxiliary power source other than electric assist are not eligible for coverage under this program. By continuing, you confirm that your bicycle(s) conform to these requirements.

Thank you, that’s how I took it to read. A bike with a throttle can’t exceed 20mph under throttle power.

 

[Over50]

...Question for you Over50, have you confirmed that if bike theft occurs, they pay full purchase price of e-bike before any depreciation? Their sample specimen policy does say Actual Cash Value is less depreciation...

My policy says Actual Cash Value (which they define to be less depreciation). I also edited my post above. The response to my question with the verbiage I posted was from Velosurance (not Markel as I originally wrote). I of course insured for theft but moreso because they would cover damage from a collision/crash. Homeowner's was not going to cover that and there was even doubt if it would cover theft because of the electric motors. I figure since I use the bikes for commuting that a crash/collision is about as likely or moreso as theft.

 

[ebikefan83]

My policy says Actual Cash Value (which they define to be less depreciation). I also edited my post above. The response to my question with the verbiage I posted was from Velosurance (not Markel as I originally wrote). I of course insured for theft but moreso because they would cover damage from a collision/crash. Homeowner's was not going to cover that and there was even doubt if it would cover theft because of the electric motors. I figure since I use the bikes for commuting that a crash/collision is about as likely or moreso as theft.

Even though Velosurance keeps repeating on their site that they don't depreciate bikes, I'm 99% certain they will once a claim is opened. There is a Reddit post that documents a Velosurance/Markel policy holder who got 1/3 actual cash value for his bike frame. So best to not expect 100% cost of bike reimbursed after a claim is opened. We'll be lucky if we get 50% of bike purchase cost reimbursed.

 

[MikeDD]

My agent said my e-bike is covered under my homeowners insurance. There were two conditions: the state does not license it as a motor vehicle and it applies to the State of Washington as my residence. They said each state may be different.

We pay for replacement at today's cost on all our personal property.

 

[bob armani]

Even though Velosurance keeps repeating on their site that they don't depreciate bikes, I'm 99% certain they will once a claim is opened. There is a Reddit post that documents a Velosurance/Markel policy holder who got 1/3 actual cash value for his bike frame. So best to not expect 100% cost of bike reimbursed after a claim is opened. We'll be lucky if we get 50% of bike purchase cost reimbursed.

Interesting. Most of the Reddit posts I read were Q&As with the Velsurance founder. Many of the policyholders stated they received a very fair and timely claims process and replacement value to get them back up and riding with a week to 10 days. Sounded very encouraging.

 

[John from Connecticut]

My agent said my e-bike is covered under my homeowners insurance. There were two conditions: the state does not license it as a motor vehicle and it applies to the State of Washington as my residence. They said each state may be different.

We pay for replacement at today's cost on all our personal property.

Ditto for me. My eBikes (2) are covered 100% at current value including any upgrades ( I'd need receipts for same ) on my Homeowners Policy.

 

[Dewey]

Someone on the Reddit ebikes forum mentioned this policy for ebike riders in Canada https://pedalpowerinsurance.ca/ca/faqs.html

 

[Dewey]

Unfortunately I got an email today from Balance for Cyclists informing me they are unable to renew my coverage after May 31, 2019, because they are making changes to the policy that require regulatory approval. They say they will reintroduce a new plan in due course, but I am now looking for an alternative cyclist personal injury insurance that will cover ebikes.