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Electric Bike Insurance: How to Ensure You Are Safe and Covered

May 9, 2022

Imagine the perfect spring day: It’s 70 degrees, the sun is shining, birds are chirping, and the wind is whipping through your hair as you test drive your new electric bike! The last thought on your mind is that this perfect day could turn into a tragic event. But what if you crash into someone’s fancy car or accidentally run into a pedestrian who sustains serious injuries? Additionally, lower quality lithium batteries like those in e-bikes have been known to cause life-threatening fires.

Do you know how or if your insurance would respond in the event of a loss?

According to Facts & Statistics of Electric Bicycles, worldwide e-bike sales are expected to surpass 130 million between 2020 and 2023. As environmentally friendly modes of transportation that reduce wear and tear on vehicles and provide both fun and exercise, it’s easy to see why they’re becoming a popular new method of transportation. However, with this newer trend comes an increase in liability exposure.

Because the cost of a new e-bike can be substantial, ranging from $2,000-$9,000, it’s easy to understand why most new e-bike owners are looking to insure their financial investment. However, they should be equally or even more concerned with protecting their liability.

A homeowners policy provides coverage for damages and liability while riding a regular bicycle. Since e-bikes can run on electric power as well as your own pedal power, they are classified as motorized vehicles and may be subject to certain exclusions under a homeowners policy. Furthermore, since most e-bikes are not registered for road use, some insurance carriers are unable to schedule these on a motor vehicle policy. This catch-22 may force you to purchase a specific e-bike insurance policy if your current carrier does not offer a solution.

Don’t make assumptions about your coverage.

You will need to provide your electric bike’s year, make, model, maximum speed, class, and other details in order to determine proper coverage.

It’s important to work with your insurance advisor to ensure that you are properly protected.

For more information visit our Personal Risk page or contact:

Lisa Buehner
Senior Private Client Advisor, CPRIA, CISR Elite



Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.