Having an e-bike can truly transform one’s life. From commuting to recreation, the e-bike can bring a new spark of excitement to the routine. It benefits the individual, the society and the environment, which is the reason why a lot of governments invest in bike infrastructure and subsidies for e-bike owners. And even though e-bike demand is growing, there are still a lot of barriers for their purchase. The main one is the possibility of theft as the e-bike is not a small investment. So, proper protection turns out to be a must for carefree rides and peace of mind especially in the urban areas.
Luckily there is a cure for everything and there are a lot of ways to give the e-bike extra security. Here at Econic one, we equip our bikes with smart protection to prevent theft in the first place. The next layer of security is, of course, the bike insurance.
Read further to learn more about e-bike insurance and what insurance we offer. As this is a wide topic and the terms and coverage of the insurance providers may vary greatly we are going to outline the main types and general information.
What insurance is for you?
If you are still not sure whether you need insurance and what type, here are 3 key questions to consider.
What area do you live in and what are the risks on the way?
Consider the routes you travel every day and where you can park outside. Also, keep in mind that you must have a safe place to keep the bike when you are at home. Urban areas generally hide more risks but staying on the safe side in every situation is important.
What was the investment you made in your e-bike and how often do you use it?
Electric bikes are not a very small investment even if you choose a model in the lower cost range. And the bigger the investment, the more you will prize your e-bike. If you have an expensive bike the cost of the insurance can sometimes be negligible compared to the initial investment and is totally worth it.
However, you should also consider how often you use the e-bike and how much you need it. If you don’t have better transportation and it is a necessity, you might consider an insurance as well.
Will the insurance give you a peace of mind and make you feel better?
If you find yourself peeking out of the window to check your bike every 20 minutes or stressing out when you have to leave it in front of the grocery store, the insurance is definitely a good decision. Regardless of everything else, having insurance can make your riding experience more enjoyable and save you some stress.
Types of bike insurance
The two main types of bike insurance according to the subject of insurance are first-party liability and third-party liability. First-party liability insurance covers you and your own bike, and the coverage itself may vary. Third-party insurance also covers you for any damages you inflict on others (public liability).
What are the risks that can be covered?
1. Theft
Everyone would love to have a high-end e-bike and thieves don’t make exceptions. The theft insurance covers the theft of the bike or other components that are part of it. Actually e-bike thefts are less common than battery and component thefts and vandalism. The reason - most e-bikes have GPS tracking, weight more and it's hard to steal the whole bike.
2. Vandalism and Accidental damage
As mentioned above, damage and vandalism are a wide-spread problem among bikers at large, so having such coverage is highly recommended. The accidental damage insurance covers any cost of repairing the bike if damage was inflicted due to an accident.
3. Personal accident
E-bikes are great fun and without noticing the speed could go quite high. If you are an adventure seeker - you might consider covering any personal risk that might arise from fun rides. This insurance may include medical costs or monetary compensation in case of an injury after an accident with the bicycle.
4. Public liability or third party liability
This can cover the cost of any claims as a result of an accident in which the rider has damaged the property of a third party.
Ride on the smart side. Be Econic!
