While having insurance for your electric bike is not legally required, it can be a wise investment to avoid substantial costs if your bike is lost or damaged. This guide will help you understand the options available for protecting your e-bike.
What constitutes an electric bike?
An electric bike, or e-bike, is a bicycle that combines pedal power with an electric motor to assist with propulsion. The motor provides help up to a maximum speed of 15.5 mph, which is the legal limit for electrical assistance. It’s important to differentiate between e-bikes and electric motorcycles, as the latter require different insurance policies.
When does an e-bike become a moped?
E-bikes are regulated on both federal and state level.
Federal regulations
The Consumer Product Safety Commission (CPSC) regulates e-bikes at the federal level, setting safety standards and defining e-bikes as bicycles with electric motors under 750 watts and fully operable pedals. The CPSC also limits the maximum speed of e-bikes to 20 miles per hour when operated by throttle only.
State regulations
Many states have their own regulations for e-bikes, including classification systems and definitions. As of July 2023, 38 states have adopted a three-tiered classification system for e-bikes based on their speed and power delivery system. Other states use non-tiered categorization.
According to the regulations for electrically assisted pedal cycles (EAPC), an e-bike must:
– Have pedals that the rider can use to propel the bike.
– Not exceed a continuous rated power of 750 watts.
– Ensure that electrical assistance cuts off at speeds above 20 mph for Class 1 and 2 e-bikes, and 28 mph for Class 3 e-bikes, though the bike can travel faster with manual pedaling.
If your e-bike surpasses these limits, it may be classified as a moped or motorcycle, which would necessitate a driving license and motorcycle insurance to operate on public roads.
Coverage under home insurance
If you have a home insurance policy, check with your insurer to determine if your electric bike is covered under your contents insurance. Many standard contents insurance policies offer limited coverage for bicycles, often falling short of covering the full value of high-end e-bikes or theft that occurs away from home.
You might be able to add optional coverage for theft away from home to your existing policy, which could be a more cost-effective solution compared to a specialized e-bike insurance policy. When comparing home insurance quotes, you’ll be asked if you want to insure high-value items like bicycles.
How to include your e-bike in your home insurance
If you decide to add your e-bike to your home insurance, you will need to provide:
– A brief description of the bike, such as ‘Cannondale electric mountain bike.’
– The bike’s value, rounded to the nearest pound.
– Whether you want to include coverage for theft away from home.
This information will help ensure that your e-bike is adequately covered under your home insurance policy.
Checking if home insurance covers your e-bike
If you have a home insurance policy, it’s important to verify with your insurer whether your electric bike is included in your coverage. Many standard contents insurance policies offer limited protection for bicycles, which may not be sufficient for high-value e-bikes.
Coverage limitations for bicycles
Typically, contents insurance policies have low coverage limits for bicycles. This means that they might not fully cover the value of your electric bike, and theft that occurs outside your home may not be included in the policy.
Adding coverage for theft away from home
You can inquire with your insurer about the possibility of adding coverage for theft that occurs away from your home as an optional add-on. This could potentially be more cost-effective than purchasing a separate e-bike insurance policy.
Including your e-bike in home insurance
When comparing home insurance options, you’ll be asked if you want to insure valuable items like bicycles or laptops worth over $150. If you choose to include your e-bike, you will need to provide:
– A brief description of the bike, such as ‘Black Carrera Vengeance electric mountain bike.’
– The bike’s value, rounded to the nearest pound.
– Whether you want to add coverage for theft that occurs away from home.