Insurance?

[ebikemom]

Thats great that the theft coverage is part of physical damage. Physical damage is not covered by my Pedego insurance included with the Foldylock, only theft if the bike isn't recovered in 30 days. But, there also are plenty of cases of partial theft or vandalism associated with attempted theft.

The rental replacement coverage is a great thing, too. It seems to me that this is a really well designed policy, made for people who rely on their bicycles for everyday transportation.

State Farm was willing to cover it in a personal property policy for $300/year, but that did not include the other features of your new policy.

I hope you never need the insurance, but it sounds like it is good to have it!

 

[ebikemom]

I found out I can add my bike to my homeowners for $13/yr, no deductible. However I still need to get details on what all it covers and if it replaces full cost or depreciated value.

@Fourknees , any update?

 

[tomjasz]

After a long discussion with my homeowners insurance company, I have decided to insure my bike through Velosurance. Farmers was really on the fence about whether to classify an Ebike as a motorcycle or a bicycle. Like Ebikemom, if classified as a bike, they only cover up to 500 or they would create a separate policy classified under motorcycle for 1300 a year.

Velosurance quoted 335.64 a year. Because Portland has a high bicycle theft and accident rate, the rate is higher than what others might pay. With the cost of the bike plus all the added upgrades, I would not be able to easily replace this bike.

2018 EProdigy Magic ($27.97/month)

Bicycle Physical Damage (Including Theft)
$3,000.00 ($300.00 deductible)
Competitive Event Fee Reimbursement (Free)
$500.00 per occurrence/$1000.00 per term
Rental Reimbursement
If you are more than 50 miles from home and your bicycle is sidelined we will pay you rent a replacement bicycle.$250.00 per occurrence
Spare Parts
These are parts kept in reserve to replace parts that fail on the bicycle, i.e.
No

They were the best for me. AND with reliable reviews. I dislike insurance and always will, but the cost, given the risk is a pretty good bet with these fellas. Most would shlump away more on a gambling vocative, a decent single malt, or any number

 

[ymarty]

No one likes to pay premiums but the money to buy this bike and accessories came from a savings that was going towards a new car. Opted to keep the old car, move to liability only. In the end, I will save money, get exercise and my bike is protected.

 

[larry-new]

Oh, AAA will rescue a bike, too. Insurance beats the alternative. Since my bike is fully covered anywhere by my homeowner's policy, ($500 deductable), it's not a big problem...the cost of my spare battery, say.

 

[gyroron]

My homeowners policy would cover my bikes, but I would be subjected to the deductible, which in my case is a 2000$ deductible. I added a special Ryder to my homeowners policy that is specific to my bikes and covers all of my bikes for theft, no deductible, and it cost me under 50$ for the year.

 

[ebikemom]

gyroron, that is awesome! My policy (State Farm) has an "allowable amount" per bike of $500 unless I purchase additional personal property insurance which is super expensive ($300/year per bike).

 

[ebikemom]

@larry-new , does your policy have an "allowable amount" for bikes? I had to dig around to get that information. My agent first said, "bikes are covered." Then I asked more questions and found out that bikes are covered, yes, but only up to $500 per bike. (grrrr!)

 

[gyroron]

gyroron, that is awesome! My policy (State Farm) has an "allowable amount" per bike of $500 unless I purchase additional personal property insurance which is super expensive ($300/year per bike).

First problem you have is state farm. I switched from state farm to safeco insurance a year ago and my costs were nearly cut in half. Safeco had no problem covering the bikes and like I said, I was able to buy a ryder to my policy ( similar to what you would do to cover furs or jewelry ) so I am covered without having a deductable and for minimal cost.

 

[Over50]

My homeowners policy would cover my bikes, but I would be subjected to the deductible, which in my case is a 2000$ deductible. I added a special Ryder to my homeowners policy that is specific to my bikes and covers all of my bikes for theft, no deductible, and it cost me under 50$ for the year.

Lots of insurance threads on the forum but something we discussed previously: the homeowner's policy typically covers theft, combined with auto you are probably covered if the bike is damaged in a car accident whilst it is being transported on your vehicle, but how about if you crash the bike while riding (say a car/bike collision)? I've been through a few iterations of discussions with USAA who eventually came to the conclusion that my homeowners would not cover one of my bikes if I totaled it in a crash. I figured that is the second most likely loss scenario for me given I use my bikes as commuters (theft #1, accident #2). Therefore I've continued to pay for a separate Velosurance policy. I am currently switching from USAA and the new company is currently researching this but I'm not optimistic they will conclude that crash is covered.

 

[larry-new]

@larry-new , does your policy have an "allowable amount" for bikes? I had to dig around to get that information. My agent first said, "bikes are covered." Then I asked more questions and found out that bikes are covered, yes, but only up to $500 per bike. (grrrr!)

My insurance covers the bike...(and I told them how much it cost), less the $500 deductible.

 

[ebikemom]

So Awesome! Thanks for the tip!

 

[currypotter]

I'm in Washington State. My house and car insurance is through State Farm. My house insurance does not cover the bike because it has a motor. When I called several insurance companies, that was a common thing, so be sure to ask the right question. If you ask about bike coverage without telling them it is an e-bike, you will find no additional insurance is needed.

To cover the bike, I was quoted $272 a year. Then I found out this also covered "under insured motorist" which is a requirement in Washington State for insurers to provide. Without this, the quote dropped to $78.89 per year. I had to sign a waiver acknowledging this reduced cover. I asked my agent the consequences of not having under insured motorist. Bottom line, if I am hit and the driver does not stop, I am on my own. Still mixed feelings about this but my main concern was theft. My GoPro is always on when cycling.

State Farm considers my e-bike a motor cycle. I know, Washington State now has Class 1, 2 and 3 bikes so it is not a motor bike. Next year when it is due, I will of course do my due diligence and call around to see if anything has changed.

Coverage: (Same as my car)

Bike value: $4000

Liability - Bodily Injury / Property Damage
$250,000 each person / $500,000 each accident / $100,000 each accident

Comprehensive Deductible: $100

Collision Deductible: $1,000

As mentioned, the GoPro is always on. Some highlights below.

https://youtu.be/z4xn2_yoKDI

https://youtu.be/dpF6xtualHU

https://youtu.be/A3zj3Aex318

 

[ymarty]

Thank you so much for the videos....I will never ride.

 

[ebikemom]

The situation of coming up on cars from the rear is a tough one, because cars don't expect the bike to be there. A solution is TONS MORE BIKE TRAFFIC, so that bike-in-bike-lane becomes a very common and not an occasional experience for drivers. Oh, and separation of cars-from-bikes would be a good thing, too. Once upon a time there wasn't separation of pedestrians from cars. Things changed. This can change, too, methinks.

 

[AlanDB]

I just checked with my insurance company (West Bend Mutual) and was informed that they define ebikes as motorized vehicles and therefore they are excluded under standard home owners insurance coverage. They wanted to add a rider on my policy, $10 annually for each $100 of coverage. If I wanted to cover the full replacement value of my 2 ebikes, that would be at least $550 per year. I declined and decided it is time to shop for a different insurance company. In the meantime, I will take my chances and put the $550 in a savings account for eventual replacement of my ebikes.

 

[paraganek]

The situation of coming up on cars from the rear is a tough one, because cars don't expect the bike to be there. A solution is TONS MORE BIKE TRAFFIC, so that bike-in-bike-lane becomes a very common and not an occasional experience for drivers. Oh, and separation of cars-from-bikes would be a good thing, too. Once upon a time there wasn't separation of pedestrians from cars. Things changed. This can change, too, methinks.

It has already changed. Just have to wait until it comes to my town too

 

[MiniRad]

I self insure my bikes. I don’t let them out of my sight. If I stop in a store, I take the bike in. Not a single person has asked me to take it outside.

 

[Over50]

I just checked with my insurance company (West Bend Mutual) and was informed that they define ebikes as motorized vehicles and therefore they are excluded under standard home owners insurance coverage. They wanted to add a rider on my policy, $10 annually for each $100 of coverage. If I wanted to cover the full replacement value of my 2 ebikes, that would be at least $550 per year. I declined and decided it is time to shop for a different insurance company. In the meantime, I will take my chances and put the $550 in a savings account for eventual replacement of my ebikes.

This is consistent with what I was told by USAA (twice). I later switched to Farm Bureau (for other reasons) and FB would include in homeowners but only mostly covering theft. Not a bike accident for example where I had a damaged frame and would need a replacement. Farm Bureau looked at my Velosurance policy and advised me to stick with Velosurance.

 

[Ken M]

Given that insurance is typically going to cost at least 10% of the bike cost per year, why not consider some of the advance anti-theft systems with GPS and motion detection. It's sad that there are a lot of bike thieves but I think the newer systems are going to start getting more and more of them arrested. My guess is that with the right anti-theft system you will not have a bike stolen more than once every 10 years and hopefully more than cover the cost via the insurance savings.

I want a motion sensing lock that says something harsh like "step back from my bike you POS" followed by a load alarm if it senses the bike is being moved around for more than a couple seconds.