Insuring an electric bicycle is easier said than done. All the more important to be well informed.
Taking out insurance for your electric bike is not mandatory, but it is very wise. By insuring your e-bike, you protect yourself against costs due to damage or theft. And that’s nice, since an e-bike does have a hefty purchase price.
We understand that it can be difficult to find the right insurer that meets your needs. While we can’t offer a definitive solution, we can get you started. Here are some important points to know before insuring your e-bike.
Here’s what you want to look for when insuring an electric bike
First, it’s important to determine for yourself what term you prefer. This is the length of time an insurance policy is active.
With short or expiring insurance, for example, you choose a specific period, say three or five years, for which you pay the premium in one lump sum. Continuous e-bike insurance has no set end date. You decide how long you want to insure your electric bike, and you pay the premium monthly or annually.
Keep the thief! (Image: ModBikes)
Another good point when choosing insurance is what exactly is covered. Usually you can choose between insurance for damage and one for theft. Sometimes you can also combine both in one insurance policy. With such insurance, you are not only protected against theft, but also against damage caused, for example, by a collision, fall or fire.
Often you can extend damage or theft insurance with additional options such as roadside assistance. These cover the cost of quick repairs on the spot, such as fixing a flat tire. So it depends on how extensive you want to make it yourself.
This is what an e-bike usually has to meet
An insurance company may have specific requirements before you can insure your electric bike. Each insurer has its own rules, so it is always wise to check the fine print of your policy or call your insurer for details.
Almost all bike insurance policies have lock requirements. Usually, you must have an ART-certified lock. ART stands for ANWB, RAI and TBBS. They categorize locks from ART-1 to ART-5, with ART-1 locks being the easiest to open and ART-5 locks being the most difficult. Electric bikes often require an ART-3 lock or better.
Locked safely (Image: ANWB)
If your e-bike is stolen, you must also be able to produce two keys. This will allow the insurer to verify that your e-bike was properly secured. One of those keys must show clear signs of use. If you do not comply with this, there is a chance that damage or theft will not be compensated.
Insurance prices.
If you have a suitable insurance policy in mind, it is of course important to know how your premium is calculated. The total value of your electric bike plays a big role in this. The higher the value of your bike, the higher your premium will be. For a new bike, the insurer will look at the catalog value, while for a used e-bike, the purchase price will be used.
In addition, the cost of your e-bike insurance also depends on where you live. Insurers use a region classification for this purpose. Some regions have a higher risk of theft or damage than others. Therefore, you often pay a higher premium in big cities. Again, not all insurers use the same region classification, so always be well informed.
