Poll Would you insure your e-bike?

[NEPMTBA]

Assuming it's not mandatory yet to have insurance. But I can see it following the same path as ATVs and Watercraft.

Would you insure your e-bike for liability?

Would you go further and insure for theft or damage?

 

[WoodlandHills]

No problem with liability, I also have an umbrella policy that covers liability issues..... I'm not so sure I would insure my ebikes for theft and damage, it would depend on the price and the actual exclusions in the fine print. Although if I had just dropped $5000 on a factory bike I can see the point!!

 

[Snoop]

Called my broker today and was informed that ebike liability is usually not covered under an umbrella plan. Best to call your carrier to confirm.

I ended up buying a policy today for $297/year thru Markel.

Covers (on my $2000 2022 Aventon)

• Theft and physical damage ($500 deductible)
• Competitive event fee reimbursement
• Rental reimbursement up to $250
• Spare parts (up to $1000 per term)
• Cycle apparel (up to $1000 per term)
• Bicycle liability (up to $100,000 per occurrence, then umbrella kicks in if you have it)
• Medical payments ($10,000 per person)
• Vehicle contact protection ($25,000 per accident)

The main thing I wanted was the liability protection (colliding with another biker/walker on a path, etc).

 

[Artenen]

(colliding with another biker/walker on a path, etc) I think that's likely the most common reason to get the coverage @Snoop

I also carry legal insurance through legal shield for things like accidents. I'll give Markel a call in the morning.

 

[CloneWerks]

In my specific case, at this time, I would not but that is because I currently ride in an area with very isolated bike lanes and almost zero pedestrians so it wouldn't make any sense for me. My use-case would be far better served by purchasing a front/rear camera system than purchasing insurance. I can certainly see the use for it for daily-commuters and people in "higher volume" situations.

 

[Hoggdoc]

Called my broker today and was informed that ebike liability is usually not covered under an umbrella plan. Best to call your carrier to confirm.

I ended up buying a policy today for $297/year thru Markel.

Covers (on my $2000 2022 Aventon)

• Theft and physical damage ($500 deductible)
• Competitive event fee reimbursement
• Rental reimbursement up to $250
• Spare parts (up to $1000 per term)
• Cycle apparel (up to $1000 per term)
• Bicycle liability (up to $100,000 per occurrence, then umbrella kicks in if you have it)
• Medical payments ($10,000 per person)
• Vehicle contact protection ($25,000 per accident)

The main thing I wanted was the liability protection (colliding with another biker/walker on a path, etc).

Wow that's more than I pay for my 1000cc motorcycle.

 

[Snoop]

Wow that's more than I pay for my 1000cc motorcycle.

It is a lot. I was surprised when quoted.
I got my policy thru my broker who manages my other policies, so I’m sure there was a third party markup. Might be cheaper approaching Markel directly.

 

[ronniebellie]

Assuming it's not mandatory yet to have insurance. But I can see it following the same path as ATVs and Watercraft.

Would you insure your e-bike for liability?

Would you go further and insure for theft or damage?

As a former licensed insurance agent in the state of Washington who still understands the general principles of the payout of losses (the law of large numbers), I always self insure if I can afford to replace the item myself. For example, would you make insurance payments (with hundreds of other) on an item that costs $500 to replace? Likely not. How about an item that costs $3,000 to replace? Maybe. You just have to decide yourself how much you can afford if you have to replace due to theft or damage. If you can afford it, statistically on average, you will save money by self-insuring because you don't have to pay admin overhead costs to the insurance company (agent and staff salaries, buildings, equipment, etc.) in addition to the cost of the insurance itself.

On another note, I also generally don't buy warranties on computers, appliances, cars, etc. which is a kind of insurance.

 

[Hoggdoc]

As a former licensed insurance agent in the state of Washington who still understands the general principles of the payout of losses (the law of large numbers), I always self insure if I can afford to replace the item myself. For example, would you make insurance payments (with hundreds of other) on an item that costs $500 to replace? Likely not. How about an item that costs $3,000 to replace? Maybe. You just have to decide yourself how much you can afford if you have to replace due to theft or damage. If you can afford it, statistically on average, you will save money by self-insuring because you don't have to pay admin overhead costs to the insurance company (agent and staff salaries, buildings, equipment, etc.) in addition to the cost of the insurance itself.

On another note, I also generally don't buy warranties on computers, appliances, cars, etc. which is a kind of insurance.

I think I understand why you are a former insurance agent. My brother has been in that business for 60 years we have had some interesting talks about the value of insurance over the years.

 

[ronniebellie]

I think I understand why you are a former insurance agent. My brother has been in that business for 60 years we have had some interesting talks about the value of insurance over the years.

Does your brother have some of the same ideas that I have?

 

[Hoggdoc]

Does your brother have some of the same ideas that I have?

Not at all but I do. He is all about anything insurance, But it's the money with him I'm sure.

 

[flyingjack]

Two new Aventon Levels, umbrella won't cover because class 3; so, $282/yr for BOTH.

 

[Snoop]

As a former licensed insurance agent in the state of Washington who still understands the general principles of the payout of losses (the law of large numbers), I always self insure if I can afford to replace the item myself. For example, would you make insurance payments (with hundreds of other) on an item that costs $500 to replace? Likely not. How about an item that costs $3,000 to replace? Maybe. You just have to decide yourself how much you can afford if you have to replace due to theft or damage. If you can afford it, statistically on average, you will save money by self-insuring because you don't have to pay admin overhead costs to the insurance company (agent and staff salaries, buildings, equipment, etc.) in addition to the cost of the insurance itself.

On another note, I also generally don't buy warranties on computers, appliances, cars, etc. which is a kind of insurance.

My biggest concern though would be liability coverage. It’s one thing to set aside a little money to self insure the cost of replacing a bike, but another thing entirely to cover medical costs, pain and suffering, property damage, etc which could be financially devastating.

But I admit, I tend to be relatively risk adverse.

 

[Snoop]

Two new Aventon Levels, umbrella won't cover because class 3; so, $282/yr for BOTH.

That’s a pretty good deal!

 

[flyingjack]

That’s a pretty good deal!

Insurance company covers cars and house= long time customer.

 

[Artenen]

Generally speaking yeah the only thing I'm really concerned about is the liability. If myself or my child or my wife hit somebody walking and they are seriously injured, I can almost guarantee a large lawsuit is about to ensue. I have been an insurance agent for 22 years (finally got out this year due to woke carrier crap), and in my experience, the risk is really about liability versus property. Legal protection is key IMHO.

 

[Catseye]

My insurance co does not cover e-bikes. I ended up with Velosurance covering 2 bikes (ariel x52 and COOP 1.1) comfortably at $357/yr for both bikes. That's less than my 1000cc motorcycle... lol