Should I insure my electric bike?September 4th 2020
If you spend more than a thousand pounds on an electric bike, the chances are that you’ll consider some insurance to look after your precious new investment. Whether you're riding your commute, are an avid mountain biker or just like a leisurely ride, insurance can provide you with real peace of mind.
Bikmo, our specialist bike insurance partner, has shared some of its research findings and claims statistics to help you decide if insurance is right for you, and what to look out for when you’re thinking of taking out a policy.
E-bike owners are 38% lower risk than a non-electric bike owner
The good news is, although your e-bike may be of higher value to insure, e-bike owners are generally regarded as lower risk bike owners. So Bikmo has managed to build a product with a rate 25% lower for e-bikes than regular bikes.
You’re over 5x more likely to claim for accidental damage than theft
It’s not surprising that most riders are most worried about their bike(s) getting stolen. After all, you can’t ride if you don’t have a bike. However, when 3,000 e-bike riders were asked what types of incidents they’d already had with their e-bike, it was found that they were over 5x more likely to make a claim for accidental damage than theft – as the cost of damage can extend to almost the full price of a new bike. Over 20% of respondents who’d had an incident also reported an injury.
35% of e-bike owners are not insured
Surprisingly, given the high value of e-bikes, 35% of owners do not insure their e-bikes. And the only question here is: how would you feel if you had to stump up the cash immediately to replace your e-bike were it irreparably damaged or stolen?
45% cover their bikes on their home insurance policy. However, given the type of claims that people appear to make, it would seem prudent to check whether your home policy actually covers accidental damage first, as many often don’t.
45% of claims include clothing and accessories
Regardless of the type of cyclist you are, it's likely you’ll be riding with some pricey accessories or clothing. Hi-vis jackets, lights, paniers, saddles… it all mounts up.
Covering you and your bike is important, but you might also consider covering your expensive accessories and kit too. In 2019, 45% of Bikmo’s claims included clothing and accessories, so it’s definitely worth considering cover that insures you for both bike and kit.
What can Bikmo specialist e-bike insurance offer?
We’ve partnered with Bikmo to help our customers ride worry-free. To give you peace of mind in those early days when you just want to get out riding, we’ve negotiated 14 days free insurance for anyone buying a new e-bike from Pure Electric. This provides cover for theft, vandalism and accidental damage.
Here are a few reasons to consider insuring your e-bike with Bikmo:
- 25% saving on your e-bike insurance premium compared to non-electric bikes.
- Cover for all the bikes in your household under one policy (including non-electric bikes) and a multi-bike discount.
- Cover for your bike(s), kit and accessories against both theft and accidental damage.
- Choose to insure yourself with liability and accident insurance if you wish.
- Should you need to make a claim, Bikmo’s team of bike experts will get you back in the saddle quickly.
- Option of an excess-free e-bike replacement.