5799376). Additional optional coverages include: Liability coverage to cover the costs for a third party in case of injuries or property damage caused by the insured cyclist; medical payments to cover medical costs of the insured cyclist associated with a cycling accident; and vehicle contact protection for medical costs of the insured cyclist associated with accidents caused by an automobile. Learn how you can start doing business with Markel Specialty. All rights reserved. Electric bicycle insurance isn’t compulsory, but could you afford to repair or replace your bike? If you cycle, you don't always need bike insurance – but lack of cover could put a nasty spoke in your wheel if the worst happened. Let’s take a closer look at why e-bike insurance is a good move. Remember: For insurance purposes, electric bicycles are considered “motorized vehicles” and thus excluded from homeowners and renters insurance policies. Gocompare.com Limited is authorised and regulated by the Financial Conduct Authority (FCA) for insurance mediation activity under firm reference number 465053. E-bikes have a greater need for liability coverage. Your coverage may fall short in all areas of coverage — damage, theft, liability and injury. You might be able to add cover for bicycles away from home for less than a specialist bicycle insurance policy, so check with your insurer. The DNA+ kit will prove a bicycle is stolen, increasing the risk to a would-be thief considerably, and act as a strong deterrent. The British government’s Cycle to Work scheme was launched in 1999 to encourage commuters to take up cycling as a greener, healthier alternative to driving to work, which in turn could help the government meet its environmental targets and reduce road traffic congestion. The big advantage of riding an ebike is that you eliminate fuel and road tax costs. Markel is a holding company for insurance, reinsurance, and investment operations around the world. We know how important it is to get the right cover to suit your cycle insurance cover requirements. Mopeds are required to have insurance by law, so you’d have to pay for that too. Compare cheap electric bicycle insurance. Or call +1.800.236.2453 to speak with a bicycle insurance specialist. Mountain bikes, pushbikes, road bikes, folding bikes, hybrids and electric bikes are all usually covered. Why buy an electric bicycle is a key question. Additionally, there are insurance carriers that are offering stand-alone policies for E-Bikes. Purchasing an electric vehicle is as exciting as purchasing a regular vehicle, if not more so. Our Bike Shop Insurance and Bicycle Manufacturers Liability Insurance is highly recommended within the industry because it has been our passion to provide this particular coverage for over 30 years. If you use a de-restrictor kit, or your e-bike motor has more power as standard, then your insurance will be invalid and the bike comes under the … But even locked bicycles are at huge risk of theft - according to the Office of National Statistics, there were 271,000 incidents of bicycle theft between April 2019 and March 2020. Most of bicycle insurance won’t cover electric bikes as electric bikes cost more than bicycles and they have different accidents and incidents. Your home owners' insurance may not provide adequate coverage for your electric bicycle. © 2020 Markel Corporation. Electric bicycles are a great way for people of all ages to be able to exercise for longer. In addition, auto insurance companies may not offer e-bike insurance because e-bikes do not need to be registered and e-bike riders are not required to have a valid driver’s license. If your bike is classed as a moped, then you’ll have to tax it and take a Compulsory Basic Training (CBT) course. The cost to insure an e-cycle is no different than insuring a pedal-power bike and the Velosurance cyclist policy offers the same coverage to both bicycle types. When you’re comparing specialist electric bicycle insurance, check you’re covered for: If your electric bike can reach 15.5mph, it could be classed as a moped. Same goes for renters or condo insurance. With the recent spike in bicycle sales during the coronavirus crisis, we've updated this guide to help you decide if you should get insured, or ride without a financial safety helmet. Thank you for your continued patience and apologies for any inconvenience this may cause. As well as shopping around to find the right deal for you, make sure you store your bicycle securely, with a sturdy lock and preferably in a locked garage or shed as well. Without e-bike insurance, if you are liable for an accident you will have to pay for the damages and injuries you caused, including any attorney fees and defense costs incurred. Bicycles fitted with an internal combustion engine or other sources of power assistance are generally not covered (these may be considered mopeds and will require different cover). Tools to help you grow your business with Markel Specialty. Before you take out a specialist electric bike insurance policy, check your home insurance to see what cover you have for pedal cycles. Take action today and protect yourself and your e-bike. quickly and easily. Fortunately, our bicycle insurance is designed specifically for e-bikes to give you the peace of mind you deserve. Additionally, electric bikes are usually complex with mechanical, electrical and computer driven systems that tend to travel fast, for great distances at a time, making them more susceptible to damage or loss. Gocompare.coms relationship with i-Wonder is limited to that of a business partnership, no common ownership or control rights exist between us.†. Don’t leave it parked in public for too long either - some insurers won’t pay out on claims for bikes left unattended for longer than 12 hours. Get an instant quote and cover today. We can only cover pedal assist electric bikes that assist up to 15.5mph and are limited to 250 watts. Here are some more reasons to choose Cycleplan for your specialist electric bike insurance: Theft and accidental damage up to £30,000 – Covers your Ebike if the incident happens when the bike is being used by you or an immediate family member who permanently lives with you. Specialist low cost insurance rates for electric cycles. Bicycle insurance companies personally responsible and face devastating Financial liabilities, so you d... Mediation activity under firm reference number 465053 will invalidate your insurance why insurance! Reference number 465053, we can not cover vehicles ” and thus excluded from homeowners and renters insurance,... 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