What is the best eBike insurance? And do I even need Electric Bike insurance?

Do I even need Electric Bicycle Insurance?

Today's eBikes need a standalone electric bicycle insurance policy. 

‍The BikeInsure plan covers eBikes at no additional cost. In addition, it provides reimbursement for repairs to your eBike and listed accessories due to accidents when riding. Coverage continues during transit of the eBike and extends to a stolen eBike when optional theft protection is selected.

Underwritten by Great American Insurance Company and rated "A+" (Superior) by AM Best, BikeInsure's innovative insurance solutions and specialization serve the niche eBike marketplace. Cyclists in the United States can get eBicycle coverage at BikeInsure.com.

BikeInsure eBike Pros

• For a nominal monthly recurring credit card charge, the eBicycle is protected.
• Multiple eBicycles may be enrolled.
• New and used eBikes are eligible.
• Coverage is application only at BikeInsure.com.
• Enrollment for an eBike takes about two minutes via computer or smartphone.
• There is no additional underwriting required.

How much does eBike Insurance Cost?

BikeInsure annual policies for electric bikes start at approximately $16 per month for accidental damage coverage and $20 per month with optional theft coverage, each with a $150 deductible.

The cost of e-bike insurance depends on three primary factors:
- Usage type — Electric Bike Insure (E-Bike) for eligible Class 1–3 electric bicycles with a maximum 28 mph pedal-assist limit
- Amount of insurance — the insured value of the electric bicycle and listed accessories
- Optional theft coverage — whether Bike Theft Insurance is selected

BikeInsure policies feature a $150 deductible per occurrence, among the lowest standard deductibles available in the bicycle insurance industry.

Electric Bike Insure coverage applies within the United States and Canada.

Should eBikes be insured?

Yes! eBikes cost a lot of money, and you want to protect your investment. BikeInsure is a cost-effective, standalone, primary insurance solution for your eBicycle. In addition, the BikeInsure smart alternative provides the protection you need without compromising your homeowner's insurance.

Many insurance experts advise us to consider today's homeowner's insurance as "catastrophic loss protection." This insight is because homeowner's policies often have high deductibles, multiple claims can lead to cancellation or non-renewal, lower limits on certain individual items, and a claim can cause your premium to jump significantly. Furthermore, eBikes may have limited or no coverage by an eBicycle owner's renter or homeowner's insurance.

How high are homeowner's deductibles?

According to Federal Reserve Economic Data, themedian price of houses sold in the United States as of the first quarter of 2022 is $428,700. The average sales price in the same period is higher, at $507,800. The Zillow Home Value Index, which measures only the middle price tiers of homes, sets the cost of a typical home in the United States at $354,649. Fool.com outlines average price by state in 2022.

State Farm began transitioning homeowners' customers to have a minimum 1 percent deductible for all claims about ten years ago.

The Dallas Morning News | State Farm raising deductible for homeonwers insurance

Reuters | Get Ready for high-deductible homeowners' insurance

My San Antonio | State Farm changing deductible method, boosting rates | Advocates warn of smaller claimpayouts for policies on homes.

Fool.com | "As the name suggests, a percentage deductible is based on a percentage of a home's insured value. Let's say a home is insured for $200,000 and the deductible is 2%. That means the policyholder is responsible for the first $4,000 of a claim ($200,000 x .02 = $4,000)."

Research has shown that some homeowners' deductible percentage is often between 1% (one percent) and 2% (two percent) or more of the home value.

RocketMortgage.com, in an August 23, 2022 article Homeowners Insurance Deductible Explained— Percentage Deductible — "It's a percentage of your home's insured value. These deductibles are typically between 1 – 10% of that value."

Homeowners' deductible sample | 2022 Zillow HomeValue Index based on typical to average sale price.

1% could imply $3,500 - $5,000 + homeowner's deductible 

2% would imply $7,000 - $10,000 + homeowner's deductible

In contrast to high homeowner's deductibles, BikeInsure BikeCoverage has a simple deductible per loss occurrence.

Once again, BikeInsure is a cost-effective, standalone, primary insurance solution for your eBike. The BikeInsure smart alternative provides the protection you need without compromising your homeowner's insurance. Therefore, even though you paid thousands of dollars for an eBike, with BikeInsure you may own an eBicycle with ''peace of mind'' BikeInsure coverage.