BIKE/BOARD

Top 4 E-Bike Insurance Policies in 2023

June 13, 2023

E-bike insurance policies begin as low as $100 annually.
Many electric bike insurance policies include global protection against airline shipping damage.
Most e-bike insurance policies are underwritten by Markel, an A-rated insurance company.
E-bike policies can be customized with unique features like spare parts coverage and roadside assistance.

You’ve got insurance for your home and your cars, but have you considered insuring your e-bike? Before you say no, check your homeowner’s policy. It might not cover your e-bike from theft, collision, or liability. With the high price of e-bikes and the potential injuries, adding e-bike insurance could be a wise financial decision.

Electric bikes are new modes of transportation, so the options for e-bike insurance are limited. But, the top companies provide quality customer service with necessary coverage. Some also offer special protection with attractive features and affordable price points.

Why Insure Your Electric Bike

Before purchasing stand-alone e-bike insurance, the first step is to check your homeowner’s policy. You might already have coverage for single items in your home, and you might need to change your policy to cover the full replacement price of your electric bicycle. Your insurance agent might have electric bicycle protection or umbrella coverage as an option.

However, if your current insurance company does not cover your e-bike, then you might want to consider other options – like stand-alone electric bike insurance protection. These companies offer quality e-bike insurance protection:

Velosurance

Velosurance specializes in e-bike and bicycle insurance. The company is headquartered in Florida and offers its products around the country. Its products are affordable, and they provide customizable coverage with unique features.

Pros:

Specialized policies with a range of coverage options.
Discounts available.
Network of repair shops.
E-Bikes insured at full value.
Several levels of liability coverage ranging from $25,000 to $100,000.
Protection extends globally.

Cons:

Must call to get a quote.
Prices aren’t listed on the website.
Insurance isn’t available in every state.
No opportunities to bundle with other insurance products.

Velosurance offers some unique features that other companies don’t. For example, you can use the Velosurance network of bike shops for quick repairs after an accident. If you travel frequently, you can add bike airline shipping coverage. The company also offers replacement bike rental coverage – which is useful for people who use their e-bikes to commute to work.

The company underwrites its policies with Markel, a highly-rated insurance company with an A rating. You have to call an agent or complete an online form to request information about e-bike insurance.

SPOKE Insurance

Another insurance company that only protects bicycles and e-bikes is SPOKE Insurance. The company’s affordable policies begin at $100 per year, which is a price most cyclists can afford. SPOKE Insurance only insures e-bikes with top speeds of 28 MPH and 750 watts or less of power.

Pros:

Affordable policies start at $100 annually.
Several deductible options.
Online options to request quotes.
Bundles available.

Cons:

No discounts.
Must already have Markel home or renter insurance.
Additional policy coverage needed for international travel.
Isn’t available in every state.

Customers who purchase SPOKE Insurance protection can choose deductibles between $200 and $500, and policyholders with the higher deductible generally have lower policy prices. The company offers policies that cover collision, theft, spare parts up to $1000, bike replacement coverage, medical payments, liability, bike rental reimbursements, and transit protection.

SPOKE Insurance also covers unique items like emergency roadside assistance with up to 35 miles of towing. The company does not limit your repair shop choices like others do. Like Velosurance, SPOKE Insurance uses Markel to underwrite its policies. Unlike Velosurance, you must be a Markel customer to add coverage from SPOKE Insurance, but this opens the opportunity to bundle your insurance protection.

Simple Bike Insurance

Simple Bike Insurance lives by its name, as it provides e-bike insurance with customizable policies and multi-bike discounts. The company also offers special protection for competitive cyclists.

Pros:

Nationwide coverage.
Money-saving policy discounts available.
Entry-level policies cost about $100 annually.

Cons:

Minimal customer service.
Insured operator must be 18 years old or older.
Medical payment coverage tops out at $1,000.

Simple Bike Insurance covers e-bikes under 750 watts and 28 MPH or less. The company has the unique feature of providing discounts to customers who insure several bikes, including e-bikes, mountain bikes, and competition cycles.

The insurance protection covers collisions, spare parts, roadside assistance, competition fees, and rental bike reimbursements. It also provides worldwide physical damage, liability protection, and medical payments. The policies are available in the United States and Canada.

The company offers discounts for customers who belong to cycling organizations like USA Triathlon or USA Cycling. You can get a quote online, and the company offers customer service support to answer questions. The easiest way to file a claim is by emailing an agent. Because the insurance policy is underwritten by Markel, bundling is not available.

Sundays Insurance

If you need international e-bike coverage, Sundays Insurance is a good choice. The company offers low-price extensions with airline shipping protection. Sundays Insurance also covers your e-bike if it’s lost, damaged, or stolen while you’re overseas. Customers have the option to add worldwide coverage to their policies. This worldwide coverage allows for 365 days of coverage outside the country, with each trip being covered for up to 90 consecutive days. Customers can turn this worldwide coverage on and off as needed.

Pros:

Domestic travel coverage: Sundays Insurance provides standard coverage for bicycles during domestic travel, ensuring that any damage or loss is covered.
Worldwide coverage option: Customers can choose to add worldwide coverage to their policies, allowing for 365 days of coverage outside their country for up to 90 consecutive days per trip.
Flexible coverage activation: The worldwide coverage can be easily switched on and off based on the customer’s needs.
Special perks for Strava paid subscribers: Strava subscribers can enjoy additional benefits such as device coverage, reimbursement for running race entry fees, and taxi fare reimbursement.
“Lifetime new for old” policy: Customers who insure their new bikes within 60 days of purchase receive replacement coverage with no depreciation applied, ensuring they receive a brand new item or a nearest equivalent.
Convenient online platform: Sundays Insurance offers a user-friendly website where customers can obtain quotes, file claims, and purchase policies with ease.
Multiple bike discounts: Customers insuring more than one bike with Sundays Insurance can take advantage of discounts.

Cons:

Limited availability: While coverage is available in 23 states, Sundays Insurance may not be accessible to customers residing outside these states.
Limited Strava benefits: Although Strava paid subscribers receive special perks from Sundays Insurance, they do not receive any discounts on their insurance premiums.
Potential limitations on worldwide coverage: The details of the worldwide coverage, such as specific limitations or exclusions, are not mentioned in the summary and may vary based on the policy.
No information on premiums and deductibles: The summary does not provide details on the cost of premiums or deductibles associated with Sundays Insurance policies.
Lack of information on claim process: While the online platform allows customers to file claims, the summary does not mention the specific process, potential timelines, or customer support options for claim handling.
Expansion uncertainty: While the company mentions plans to add more states daily, there is no guarantee of how quickly or extensively their coverage will expand.
Additional limitations and conditions: The summary does not provide comprehensive information on policy terms, conditions, and limitations, which may influence the overall coverage and customer experience.

If you are a paid subscriber of Strava, a fitness tracking app, you can enjoy special perks from Sundays Insurance. These perks include coverage for your devices, reimbursement for entry fees in running races, and reimbursement for taxi fares. While Strava paid subscribers do not receive discounts on Sundays Insurance, they receive these additional benefits for free.

For customers who have purchased new bicycles, Sundays Insurance offers a “lifetime new for old” policy. This means that if you insure your new bike within 60 days of purchase, the insurance will replace your bicycle, item, or part with a brand new one of the same make and model (or the nearest equivalent) without applying any depreciation.

Sundays Insurance provides an online platform where customers can easily obtain quotes based on their specific needs, file claims, and even purchase policies with a simple click of a button. They also offer discounts for customers who insure more than one bike with them.