Insurance

[Nxkharra]

Hi all. This is my first post. Happy to be here.
I have purchased a Specialized Vado 5. Will be ready this week.
Since for me this is a costly item ($5k) I am looking to insure it. To my surprise my renter insurance does not cover it as it is considered motorized.
I have found an insurance company that is familiar with these types of coverage. The cost is $280.
Is this reasonable?
Any other options?

 

[Dewey]

I think I’m paying 220 this year with Markel

 

[Nxkharra]

Thanks. That is the company I found also. What is your experience with them?

 

[Jamesa]

Hi all. This is my first post. Happy to be here.
I have purchased a Specialized Vado 5. Will be ready this week.
Since for me this is a costly item ($5k) I am looking to insure it. To my surprise my renter insurance does not cover it as it is considered motorized.
I have found an insurance company that is familiar with these types of coverage. The cost is $280.
Is this reasonable?
Any other options?

 

[Jamesa]

I would look at a different insurer or broker. I rent as well and my company already had a rider in the policy that covers bikes for no extra charge other than I paid a higher price for the policy in the first place. I pay $22 monthly for all my coverage and I have 100% coverage on my $2000 bike

 

[Dewey]

Thanks. That is the company I found also. What is your experience with them?

Last year I used Markel for theft and liability and Balance for injury, I made a claim with Balance and they paid out, but this year they have withdrawn from the market so I upped the medical section of my Markel policy.

 

[Nxkharra]

I would look at a different insurer or broker. I rent as well and my company already had a rider in the policy that covers bikes for no extra charge other than I paid a higher price for the policy in the first place. I pay $22 monthly for all my coverage and I have 100% coverage on my $2000 bike

This rider is for ebike. Correct?

 

[Nxkharra]

Last year I used Markel for theft and liability and Balance for injury, I made a claim with Balance and they paid out, but this year they have withdrawn from the market so I upped the medical section of my Markel policy.

Thank again Dewey. So you recommend them? What is Balance? I need theft protection majorly.

 

[Dewey]

Thank again Dewey. So you recommend them? What is Balance? I need theft protection majorly.

I haven't had to use Markel so I can't comment on their reliability paying out but I'm not paying more than I was last year with two insurers so I'm content. "Balance for Cyclists" was a bicycle accident/personal injury insurer but they have withdrawn from the market for 2019.

 

[Nxkharra]

I haven't had to use Markel so I can't comment on their reliability paying out but I'm not paying more than I was last year with two insurers so I'm content. "Balance for Cyclists" was a bicycle accident/personal injury insurer but they have withdrawn from the market for 2019.

Dewey. Thanks great help and info. I was impressed by their level of knowledge about ebikes and responsiveness on answering questions. Hopefully we don’t need them. But I think I will try them for first year and see...
Having a $5k bike parked at grocery store makes me nervous but will get used to it.
I have enough medical and liability insurance with my other insurances.

 

[Dewey]

I have enough medical and liability insurance with my other insurances.

Are you a homeowner with an umbrella policy? As a renter I was told by USAA renters insurance would not cover liability when riding an ebike, that's why I got Markel in the first place just to get liability, I have since come to appreciate the need for accident/personal injury insurance as last year that paid for my Physical Therapy co-pays after I broke my leg, otherwise with my medical insurance I was >$5k out of pocket so every cent helped.

 

[Nxkharra]

Are you a homeowner with an umbrella policy? As a renter I was told by USAA renters insurance would not cover liability when riding an ebike, that's why I got Markel in the first place just to get liability, I have since come to appreciate the need for accident/personal injury insurance as last year that paid for my Physical Therapy co-pays after I broke my leg, otherwise with my medical insurance I was >$5k out of pocket so every cent helped.

I am a renter, and have renters policy. I have not checked with them about the liability. I have medicare and my company insurance for health.
If Merkel covers the liability that would be nice.
I am confused about all the coverages I need.

 

[Nxkharra]

I am a renter, and have renters policy. I have not checked with them about the liability. I have medicare and my company insurance for health.
If Merkel covers the liability that would be nice.
I am confused about all the coverages I need.

You are helping a lot. Thank you.

 

[Dewey]

I am a renter, and have renters policy. I have not checked with them about the liability. I have medicare and my company insurance for health.
If Merkel covers the liability that would be nice.
I am confused about all the coverages I need.

It is worth checking because it's only when you need it you find yourself wishing you had it. Markel will cover what you need and you can adjust the coverage to keep the quote within reasonable limits: theft, liability, and medical which covers accident/personal injury. I think they only cover ebikes and conversion DIY kits up to 750w but you ought to ask if they specifically will cover Class 3 28mph ebikes like your Specialized Vado 5.

 

[Nxkharra]

Dewey, see what I found on Their site. My bike is 28 miles speed limit (vs 20) so it might not be covered. I am checking with them. Wattage is OK as mine is 600 I think.

 

[Dewey]

Dewey, see what I found on Their site. My bike is 28 miles speed limit (vs 20) so it might not be covered. I am checking with them. Wattage is OK as mine is 600 I think.

Yeah just noticed that, looks like they only cover Class 1 & 2 ebikes and DIY kits, sorry.

 

[Nxkharra]

Yeah just noticed that, looks like they only cover Class 1 & 2 ebikes and DIY kits, sorry.

Do you know of any other company. They just confirmed this on the phone also

 

[Dewey]

Do you know of any other company. They just confirmed this on the phone also

No, I am sorry, can you change your order to the Turbo Vado 3.0 Class 1? I am assuming it's still a Class 1 but check with Specialized. I called an independent insurance agent in my state of Virginia a couple of years ago and they confirmed no insurer would provide a motorcycle policy on an ebike which does not have a VIN number. No Class 1-3 ebikes, only true electric motorcycles from the likes of Zero have a VIN #

 

[Nxkharra]

No, I am sorry, can you change your order to the Turbo Vado 3.0 Class 1? I am assuming it's still a Class 1 but check with Specialized. I called an independent insurance agent in my state of Virginia a couple of years ago and they confirmed no insurer would provide a motorcycle policy on an ebike which does not have a VIN number. No Class 1-3 ebikes, only true electric motorcycles from the likes of Zero have a VIN #

Dewey, I found another company Velosurance who will insure class 3 with liability for about $30 a month.
What do you think?
I have to have insurance at least for first year and changing to class 1 is not an option.
I just sold my class 1 to upgrade.

 

[tomjasz]

Velo worked with me, but I have no claims to judge them by.