Do you really need bicycle insurance for your e-bike?
If you have an e-bike and you like to cycle, the answer is yes, you do need bicycle insurance. Especially if you spent quite a lot of money on your e-bike. Which many of us do! It’s a common misconception that home or contents insurance will cover all bases when it comes to your beloved bike. But, in reality, most home and contents insurance policies are limited in this area, and providers will often have a strict list of criteria you need to meet before they even consider giving you a payout.
So, while taking out bicycle insurance might not be top of mind when you buy your shiny new e-bike, it could potentially save you a lot of money and hassle in the long run. Especially if you use your e-bike for your daily commute to work, it’s time to consider taking out bike insurance.
Reason 1: Protect yourself against theft or damage
With about 1.7 million bikes stolen every year in the USA, and 77,000 bikes stolen in England and Wales during 2020/2021, getting bicycle insurance has never been so important. With the right policy in place, you’ll be covered for the cost to replace your bike, up to a certain limit. Of course, if you have an e-bike, you are going to want to insure it for the substantial amount of money it would cost to replace it.
Likewise, if your bike is damaged either accidentally or maliciously, having a good bike insurance policy in place means any repair costs incurred will be covered.
Reason 2: Don’t lose your main mode of transport
Many of us depend on our bikes to get around – commuting to work, visiting friends, running errands. This is especially true with e-bikes, which sometimes replace cars. In such cases, bicycle insurance can save you a lot of stress should anything go wrong.
Most policies will include a replacement bike service. So, if your bike has been stolen or is in the workshop for repairs, you don’t have to put any of your plans on hold. Keep on cycling!
Reason 3: Bike insurance is cheaper than buying a new bike
With bike theft cover as cheap as £76.48 per year, you can make sure you always have a bike to travel with. When you compare that to the cost of a new bike, you start to see just how much you’re saving.
Reason 4: Get a payout if you’re injured
Serious cycling accidents are, thankfully, rare. But when the unexpected does happen, having bike insurance in place means that you get compensation when you need it most. Having that financial safety net means you can focus on getting better and back into the saddle again.
Reason 5: No nasty legal fees
If you have been involved in an accident that wasn’t your fault, you may want to take the person responsible to court. Certain bike insurance policies will cover you for any legal fees incurred, so you get the confidence you need to resolve the issue fast.
It may be that you were at fault for the accident (this can happen in congested city centres). In case of this, it can be critical to also get coverage for third party liability with your bike insurance.
Reason 6: Cycle with confidence
Knowing you have a robust bicycle insurance policy in place gives you peace of mind whether you’re out on the road, trying out a new trail, or leaving your bike locked up while making a pitstop for a well-deserved coffee.
So, if you don’t want to be left out of pocket and without transport, it might be time to consider getting bicycle insurance. With so many options out there, be sure to check what’s included with each policy and what type of criteria you would need to meet to make a successful claim. It will be worth it in the long run.