Electric bikes don’t come cheap. You’ll usually have to pay more than £1,000 for a decent one, while some of the more high-end models can cost upwards of £10,000.
If you’ve made the decision to protect your wheels with an electric bike insurance policy then you’ve come to the right place.
Do I need electric bike insurance?
Prior to 2020, readers in Northern Ireland had a legal obligation to insure their electric bikes, but for ebike riders in the rest of the UK, this type of insurance has always been optional.
Northern Ireland changed its electric bike legislation in the summer of 2020 to align its rules with those in England, Scotland and Wales. This means that electric bike insurance is no longer a legal requirement in Northern Ireland.
Of course, just because it isn’t mandatory doesn’t mean it isn’t a good idea – whether your ebike is worth £1,000, £5,000 or £10,000, if it is stolen by a bicycle thief or damaged in a road accident, you’re going to find yourself severely out of pocket unless you have electric bike insurance in place at the time of the incident.
It’s also worth bearing in mind that some electric bike insurance policies include cycling liability cover, which could help cover the cost of legal fees and compensation claims if you damage someone’s property or injure a pedestrian.
Does my home insurance cover my ebike?
Some home contents policies will insure your bicycle as standard, while others will allow you to add bicycle cover to your policy for a relatively small fee.
However, it’s important to bear in mind that these add-ons often have a relatively low ‘single item limit’, which is the maximum amount you would be able to claim for any single item. This might not pose a problem for a policyholder who owns a relatively cheap mountain bike, but since ebikes are often relatively high-value items there’s a risk that you wouldn’t be fully covered.
For example, if your home insurance policy has a single item limit of £1,000, but your ebike is worth £2,500, you’d find yourself with a £1,500 shortfall if your ebike was stolen, and would be expected to make up that difference yourself.
A standalone ebike insurance policy, on the other hand, should cover your electric bike for its full market value.
Does my home insurance cover my ebike while it’s away from my home?
This is another important caveat to bear in mind if you’re hoping that your home insurance policy will offer enough coverage for your electric bike.
Some home insurance providers include clauses in the bicycle cover add-ons that mean your bike will only be insured while it is in your home or securely locked in your garden.
If your own home insurance policy contains this clause then you probably won’t be covered if your electric bike is stolen from a bicycle stand, company car-park or office.
What does electric bike insurance include?
The policy features on electric bike insurance policies can vary from one provider to the next, as can the range of clauses and exclusions, but most policies will insure you against:
- Theft and malicious damage – compensates you if your ebike is stolen or vandalised
- Accidental damage – can help cover the cost of repairing or replacing your ebike if you are involved in an accident
There are also some policy features that some providers might include as standard, while others might allow you to add to your policy as an optional extra. These include:
- Third-party liability cover – designed to help cover legal fees and compensation claims if your ebike injures someone or damages their property and the courts hold you liable
- Personal injury cover – can help cover your medical costs if you’re involved in an accident, and may even help to cover lost earnings if you’re hospitalised
- Accessories cover – pays for replacement helmets, clothing and ebike extras such as a GPS
- Hire bike cover – covers the cost of a temporary replacement if your electric bike is being repaired
- Riding abroad cover – covers you if you use your ebike outside of the UK
Of course, you may not need all of these different add-ons and extras, but it’s worth giving each one some thought in order to ensure your policy meets your requirements.
How much does it cost to insure an ebike?
It’s difficult to say how much you’ll have to pay for ebike insurance because the insurance premium calculation will be based on a wide range of different risk variables, including:
- Your postcode
- The crime rate in your local area
- The type of electric bike you own
- Your ebike’s current market value
- Whether or not you use your ebike to compete in competitive cycling races
You’re under no obligation to take out a policy, and it could end up costing less than you think.
You could pay less than £47.11 for bicycles valued up to £1,500 to insure your bike for one year*
*(51% of customers with a bicycle valued up to £1500 who obtained a quote for bicycle insurance through this service provided by Quotezone between January and March 2020 were quoted less than £47.11).