Insurance for electric bikes
Electric bikes are a great way to get to get around town, particularly in British cities, as they can be an environmentally-friendly, convenient and flexible way to get to work compared to taking public transport or driving a car. However, they can be expensive, with high-quality models costing thousands of pounds, while maintenance can also be costly.
With around 400,000 bicycles being stolen a year in London alone, it is certainly worth insuring your bike. A number of specialist providers offer policies to give you peace of mind that your electric bike is covered in case of theft or damage.
In This Guide:
- Is my bicycle eligible for electric bike insurance?
- What is included in electric bike insurance?
- Is my electric bike covered in my home contents insurance?
- What is the best way to get cheap eBike insurance?
Is my bicycle eligible for electric bike insurance?
To work out the insurance on your electric bicycle, you need to make sure first of all that it is classed as one, as there are clear boundaries which separate them from being classed as mopeds:
- They need to have pedals which can be used to cycle, and not just a motor.
- They must have a top speed limit of 15.5 miles per hour when the motor is being used.
- They must have no more than 250W of power.
If your eBike does not meet the criteria and is classed as a moped then you will not be able to get electric bike insurance, and will have to get moped insurance, which becomes a legal requirement.
It is also worth noting that in Northern Ireland, most eBikes are considered to be similar to mopeds, which means that it will be a legal requirement to take out insurance for your electric bicycle.
What is included in electric bike insurance?
What is actually included in your electric bike insurance policy will depend on your provider and the insurance deal which you actually choose. However, most of the policies will include:
- Cover for theft – This will cover the value of your bike if it is stolen.
- Damage cover – You will be covered if your bike is vandalised or accidentally damaged.
- Personal injury cover – If you are seriously injured in an accident on your bike, many insurers also offer cover for you.
- Third party liability – if you cause someone to be injured, you would be covered for the cost of claims against you.
You can also add extras including cover for your cycling accessories, such as clothing and lights, as well as cover abroad or for your family members.
Is my electric bike covered in my home contents insurance?
This will depend on what your policy includes. Some home insurance deals will cover your electric bike if it is stolen, even if it is outside of your home. Others will only protect the cost of your bike if it is stolen while it is inside your property.
It is also worth checking the single item limit of your home insurance policy. This is the maximum cost of a single item that the insurer will cover, and if your eBike is expensive, this may not be fully covered under some typical home insurance policies.
What is the best way to get cheap eBike insurance?
It is worth noting at this point that cheaper insurance does not necessarily mean it is better for you. You may find that paying less in premiums will usually mean you are covered for less, so you should make sure that you are covered fully for your needs in case you do end up having to make a claim.
However, there are some ways in which you can help reduce the costs of your premiums:
- Use a Gold ‘Sold Secure’ Rated Lock: Most eBike insurers will insist that you use a ‘Sold Secure’ approved lock for your bike to insure you in the first place. However, using one that is rated the highest can give you cheaper insurance premiums, as it lowers the risk of your bike being stolen.
- Keeping your eBike in a Secure Location: When you are not riding your bike, keeping it somewhere secure such as a locked garage or inside your home will also reduce the risk of it being stolen, which will help bring down the cost of your premiums.
- Taking on Higher Excesses: Taking on a higher excess is a good way to reduce your monthly premiums, although this could come back to bite you if you do end up needing to make a claim.