Insurance

[Nxkharra]

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

Thanks Thomas. I have to have something and this is the only one I have found.
I saw a note that they are a Markel company.
My question is then why Markel does not cover class 3 but they do.
They both have 750wh limit. Mine falls within this.

 

[Dewey]

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.

Hmm interesting, I thought Markel underwrote Velosurance, but that’s great if they will insure Class 3

 

[Nxkharra]

Agree. I asked the person and read the specimen contract of Velosurance. There is no issue with 28 miles. Only 750 w max.
I have my son who is an attorney to look at the contract also in case I am missing something.
If all checks out I will go with them.
Probably $35 a month.

 

[Over50]

There was just a thread going a week or so ago on Insurance. And in that thread were links to multiple other threads on the same. Perhaps a perusal will answer some questions. I'm with Velosurance/Markel. Homeowners wouldn't cover damage to the bike in an accident which for a commuter is a possibility as real as theft:

Insurance for E-Bikes

I am sure this topic has been discussed before, however, since I am new to the group, I need your assistance with finding insurance for my bike. My insurance agent has checked with my carrier, Travelers, and all of the insurance companies he carries and none of them would cover the bike. My...

electricbikereview.com

 

[Nxkharra]

There was just a thread going a week or so ago on Insurance. And in that thread were links to multiple other threads on the same. Perhaps a perusal will answer some questions. I'm with Velosurance/Markel. Homeowners wouldn't cover damage to the bike in an accident which for a commuter is a possibility as real as theft:

Insurance for E-Bikes

I am sure this topic has been discussed before, however, since I am new to the group, I need your assistance with finding insurance for my bike. My insurance agent has checked with my carrier, Travelers, and all of the insurance companies he carries and none of them would cover the bike. My...

electricbikereview.com

Thanks. I will be going with Veosurance. They said that they will cover class 3 (28 miles/hr) which mine is. Markel does not cover class 3. It is weird cause they are the underwriters for Veosurance.

 

[Bobsiii]

Bought thru Velosurance, got a policy with Merkel for my Class 3 Magnum. $24/mth, gives more than basic coverage. Have no exp with claims yet, thank God.

 

[Nxkharra]

This was on Markel site. Are you sure you are OK. Class 3 will be 28 miles

 

[Jamesa]

This rider is for ebike. Correct?

Yes correct. A VoltBike Yukon 750

 

[Normalization]

This was on Markel site. Are you sure you are OK. Class 3 will be 28 miles

I am not a lawyer, so this isn't legal advice and you should check with someone else to verify my opinion, but I think the "or" in that clause is important.

From what I know, mid-drive bikes tend to have lower wattage motors. I believe the Bosch Performance Line Speed motor in my bike is a 350w motor, and Court's review of the Turbo Vado 5 says that its motor can push up to 560w, which is still below the 750w limit.

Since you are below the wattage limit, the "or" there means that the speed should not be a concern.

 

[Nxkharra]

Bought thru Velosurance, got a policy with Merkel for my Class 3 Magnum. $24/mth, gives more than basic coverage. Have no exp with claims yet, thank God.

See my reply to your post above

I am not a lawyer, so this isn't legal advice and you should check with someone else to verify my opinion, but I think the "or" in that clause is important.

From what I know, mid-drive bikes tend to have lower wattage motors. I believe the Bosch Performance Line Speed motor in my bike is a 350w motor, and Court's review of the Turbo Vado 5 says that its motor can push up to 560w, which is still below the 750w limit.

Since you are below the wattage limit, the "or" there means that the speed should not be a concern.

Velosueance does not have limitation. They accept more risk I think.

 

[Normalization]

See my reply to your post above

Velosueance does not have limitation. They accept more risk I think.

Quite possible. I've had a policy for my Class III bike with them for about two months. I pay ~$35 a month for the coverage. No claims yet (and hoping for none), so I can't vouch for their claims process or willingness to pay.

 

[Nxkharra]

Quite possible. I've had a policy for my Class III bike with them for about two months. I pay ~$35 a month for the coverage. No claims yet (and hoping for none), so I can't vouch for their claims process or willingness to pay.

I will go with them. My Vado 5 should be ready today or tomorrow so I will sign up soon.

 

[Over50]

Velosurance doesn't have a class 3 restriction. They do have a restriction on the motor output. Its in the fine print. I haven't read it in awhile but the information was easy to find in their contract and website and this verbiage was previously posted in these forums in one or more of the many insurance threads. You will not have trouble getting coverage for your Vado through Velosurance.

 

[Nxkharra]

Velosurance doesn't have a class 3 restriction. They do have a restriction on the motor output. Its in the fine print. I haven't read it in awhile but the information was easy to find in their contract and website and this verbiage was previously posted in these forums in one or more of the many insurance threads. You will not have trouble getting coverage for your Vado through Velosurance.

Thank you

 

[HonoraryOrange]

I have State Farm and was able to add it to my policy for about $25/month. It is basically insured as a motorcycle, includes liability and the works. $500 deductible base, $100 deductible for vandalism and the like.

 

[Nxkharra]

Purchased the policy from Velosurance. Will pick up the bike today. Hope I never need the policy.
$29 per month.
Thank you all for help.

 

[Nxkharra]

I called with a question and one the companies founders answered the phone...we spoke and I told him we have been discussing them on the forum and no one knows how well you pay in case of claim.
He said they have paid few millions in claims and people should not worry about this.
He also said he wished people with successful claim speak out.
I feel good about them.

 

[Dewey]

Resurrecting the thread because Someone Tweeted asking whether bicycle insurance policies remain valid during the pandemic, so I emailed Markel (who underwrite velosurance) and they confirmed my Markel policy remains valid.

 

[steve marino]

Are you talking about theft insurance? I would look very carefully at all the teeny tiny fine print. Insurance companies are notorious for having exclusions that are hidden or vague. Having lived in hurricane areas, I know all about this subject. If your roof is damaged, the wind insurance people will say it was caused by water, then the water insurance people, and I use the word "people" loosely, will say that the damage was caused by wind. They will stall and fight you until they finally get you to either settle for peanuts or you run out of money and let them off the hook. I am 100% sure they have all sorts of tricks up their sleeves for theft too. Trust me, they will tell you anything on a phone, but that is not legally binding, it's all about the written contract, exclusions and riders.

 

[nf94]

I recently purchased Velosurance. Would be interested to hear about anyone's experience using it.