What is the best eBike insurance? And do I even need Electric Bicycle protection?

What is the best eBike insurance? And do I even need Electric Bicycle protection?

Today's eBikes need a standalone electric bicycle insurance policy. 

‍The BikeInsure plan covers eBikes at no additional cost. In addition, it provides reimbursement for repairs to your eBike and listed accessories due to accidents when riding. Coverage continues during transit of the eBike and extends to a stolen eBike when optional theft protection is selected.

Underwritten by Great American Insurance Company and rated "A+" (Superior) by AM Best, BikeInsure's innovative insurance solutions and specialization serve the niche eBike marketplace. Cyclists in the United States can get eBicycle coverage at BikeInsure.com.

BikeInsure eBike Pros

• For a nominal monthly recurring credit card charge, the eBicycle is protected.
• Multiple eBicycles may be enrolled.
• New and used eBikes are eligible.
• eBikes qualify at no additional fee.
• Coverage is application only at BikeInsure.com.
• Enrollment for an eBike takes about two minutes via computer or smartphone.
• There is no additional underwriting required.

How much does eBike Insurance Cost?

BikeInsure offers comprehensive yet inexpensive eBike insurance, so we recommend it to any eBicycle rider looking for an affordable policy that won't break the bank.

Comprehensive eBike Coverage has a generous $10,000 limit that is standard.

·      An eBike policy is just $16.99 per month for eBicycle coverage.

·      An eBike policy comes with a $10,000 annual aggregate limit standard.

·      An eBike policy comes with a low $100 per occurrence accident deductible.

·      An eBike policy covers the eBike and listed accessories due to accidents when riding.

·     An eBike policy continues coverage during transit of the eBike.

Optional Theft Protection has a standardized $10,000 limit.

·      Theft Protection is only +$8 monthly for any listed eBike with Bike Coverage.

·      Optional Theft Protection has a $10,000 annual aggregate limitstandard.

·      The Theft Protection option comes with a low $250 per occurrence theft deductible.

·      An eBike policy extends to a stolen eBike when optional theft protection is selected.

 Should eBikes be insured?

Yes! eBikes cost a lot of money, and you want to protect your investment. BikeInsure is a cost-effective, standalone, primary insurance solution for your eBicycle. In addition, the BikeInsure smart alternative provides the protection you need without compromising your homeowner's insurance.

Many insurance experts advise us to consider today's homeowner's insurance as "catastrophic loss protection." This insight is because homeowner's policies often have high deductibles, multiple claims can lead to cancellation or non-renewal, lower limits on certain individual items, and a claim can cause your premium to jump significantly. Furthermore, eBikes may have limited or no coverage by an eBicycle owner's renter or homeowner's insurance.

How high are homeowner's deductibles?

According to Federal Reserve Economic Data, themedian price of houses sold in the United States as of the first quarter of 2022 is $428,700. The average sales price in the same period is higher, at $507,800. The Zillow Home Value Index, which measures only the middle price tiers of homes, sets the cost of a typical home in the United States at $354,649. Fool.com outlines average price by state in 2022.

State Farm began transitioning homeowners' customers to have a minimum 1 percent deductible for all claims about ten years ago.

The Dallas Morning News | State Farm raising deductible for homeonwers insurance

Reuters | Get Ready for high-deductible homeowners' insurance

My San Antonio | State Farm changing deductible method, boosting rates | Advocates warn of smaller claimpayouts for policies on homes.

Fool.com | "As the name suggests, a percentage deductible is based on a percentage of a home's insured value. Let's say a home is insured for $200,000 and the deductible is 2%. That means the policyholder is responsible for the first $4,000 of a claim ($200,000 x .02 = $4,000)."

Research has shown that some homeowners' deductible percentage is often between 1% (one percent) and 2% (two percent) or more of the home value.

RocketMortgage.com, in an August 23, 2022 article Homeowners Insurance Deductible Explained— Percentage Deductible — "It's a percentage of your home's insured value. These deductibles are typically between 1 – 10% of that value."

Homeowners' deductible sample | 2022 Zillow HomeValue Index based on typical to average sale price.

1% could imply $3,500 - $5,000 + homeowner's deductible 

2% would imply $7,000 - $10,000 + homeowner's deductible

In contrast to high homeowner's deductibles, BikeInsure BikeCoverage has a simple $100 deductible per loss occurrence. Additionally, if optional TheftProtect is selected, there is a low $250 deductible in the event of a theft loss.

Once again, BikeInsure is a cost-effective, standalone, primary insurance solution for your eBike. The BikeInsure smart alternative provides the protection you need without compromising your homeowner's insurance. Therefore, even though you paid thousands of dollars for an eBike, with BikeInsure you may own an eBicycle with ''peace of mind'' BikeInsure coverage for just $16.99 /mo.