Geico E-Bike Insurance

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Central New York
I just got my Velotric Go 1 Saturday (Review to come soon) and I got a Policy with Velosurance, BUT . . . my Car Insurance is with Geico so I decide to see "IF" they sell E-Bike insurance and How Much. They do, and it covers just about every circumstance, EXCEPT Collision. So with Collision they Quoted me $203 a Year. Same coverage with Velosurance would be $189. Then I asked if my bike was STOLEN, would Geico pay me What I paid for the bike, answer is NO, Geico would pay the "Actual Value" of the bike at the time, in other words the DEPRECIATED value of the bike! No thank you, I'll stick with Velosurance who pays you the Actual Price you Paid for your bike.
 
Thanks for the heads up. It's always good to shop around when looking at insurance to compare different plans.
 
I just got my Velotric Go 1 Saturday (Review to come soon) and I got a Policy with Velosurance, BUT . . . my Car Insurance is with Geico so I decide to see "IF" they sell E-Bike insurance and How Much. They do, and it covers just about every circumstance, EXCEPT Collision. So with Collision they Quoted me $203 a Year. Same coverage with Velosurance would be $189. Then I asked if my bike was STOLEN, would Geico pay me What I paid for the bike, answer is NO, Geico would pay the "Actual Value" of the bike at the time, in other words the DEPRECIATED value of the bike! No thank you, I'll stick with Velosurance who pays you the Actual Price you Paid for your bike.
So typical of insurance companies.
 
I had a similar dilemma when I got my e-bike last summer. Checked out options for cycling insurance and stumbled upon Sundays Insurance. Their coverage blew me away, especially after hearing horror stories about depreciated value payouts from other providers.
 
The Velosurance policy actually pays Stated Value if you read the contract, which defined for the layman is "We pay the Stated Value, or the Actual Cash Value, whichever is less." Stated value is used to allow the insured to state a lower value than actual market so their insurance bill is reduced to something they can afford. Agreed Value (that is a specific type of policy valuation) is what people think they are getting, but Stated Value ain't it.

With that said, I have spoken to the Velosurance people in detail on this. What they are doing is exceeding the terms of the contract and paying the value stated on the policy. Its too difficult to re-value a bicycle (and pay an adjuster to do that post-loss). Especially one that has custom equipment on it. Its more economical just to underwrite the bicycle in advance of policy issuance to be sure the rider is not trying to pull a fast one and overvalue the thing. It also avoids bad will which is a thing in the specialty insurance field where in the modern era word gets around about companies selling to niche communities.

Speaking of which...
I had a similar dilemma when I got my e-bike last summer. Checked out options for cycling insurance and stumbled upon Sundays Insurance. In short, I was satisfied with everything
Sundays insurance is an absolute DISASTER of a policy from the consumer's perspective. If you read the thing through and through, and you know what you are reading, you'll be appalled by all the restrictions and escape hatches found in the language of their policy. As you might guess I'm an industry professional who has experience not just reading policies but crafting them and their language for use all over the USA (insurance is regulated state by state so there are many differences depending on local regulation).

Extensive discussion on exactly what is so bad about the Sundays policy here:


Especially read Post #14 where it was found that Sundays is secondary coverage only (and it explains what that means)
 
I may end up going in a very different direction with the faster bike which is arriving in about a month (Motor Goat v3). Arizona has a classification called "motor powered bicycle", which is separate from Moped (and eBike). The upper limit for power is either 4 or 5 HP (depending on which statute you read), but the goat is under the 4 HP limit. This will mean getting a tag for it as well, but it will be cheap to tag in this state. This way, if I am on the street, zipping along at 35+ (but under the speed limit), it won't upset even the fussiest police rookie on his bad day. Motor Powered bicycles are not required to have a title, only proof of purchase.

For just liability insurance, it is a paltry 76 dollars a year (Progressive quote), my old Harley was $100 a year about ten years back.

The bike itself is overbuilt to meet the minimum requirements. It has front and rear turn signals, emergency flashers, headlight, tail light, brake light. Which should keep some of the "safety check officer friendlies" satisfied.

I am on the bubble about doing this, as I don't want to trigger a local "regulation surge" on eBikes.
 
You can get *anything* registered for the street in Arizona. Great place for gearheads. A beefy ebike is never going to be paid the slightest bit of extra attention when you can put a license plate on a supercharged sand rail.
 
This thread got me curious. I went out and got some quotes and so far everyplace I checked a comprehensive policy with liability and underinsured costs more than a similar policy I have on my 1200cc 160mph motorcycle. This include Velosurance and progressive.
 
This thread got me curious. I went out and got some quotes and so far everyplace I checked a comprehensive policy with liability and underinsured costs more than a similar policy I have on my 1200cc 160mph motorcycle. This include Velosurance and progressive.
Yep, the odds of a bike/eBike getting stolen is much higher, as they are easier to toss into the bed of a pickup truck. (or pop the lock and ride it away). They are more fragile, and more likely to be totaled in an impact. For actuaries who calculate risk versus reward for insurance companies, I bet they see an eBike as a higher risk than a motorcycle.
 
This thread got me curious. I went out and got some quotes and so far everyplace I checked a comprehensive policy with liability and underinsured costs more than a similar policy I have on my 1200cc 160mph motorcycle. This include Velosurance and progressive.
I have Velosurance on my two custom Bullitts, which are quite pricey as frame-up builds, but I only put physical damage/theft coverage on them. I don't consider bodily injury liability to be a realistic risk. It exists, yes. But at a level so miniscule I do not consider it worth insuring against.

Same goes for Un/Underinsured Motorists. The last car that hit me paid out about $20,000 total for my bike and medical issues. Minimum Bodily Injury Liability in California where I live is $50,000, with a separate additional Property Damage limit.

If I had no health insurance I'd have a different attitude about UM/UIM.
 
Think on insurance... You are betting good money that you will have a problem. They are betting you will not and they also refuse to pay you if if you do..... Win-Win. At least you can get 50/50 odds on black or red on the Roulette wheel.
 
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