So you've just purchased or you're thinking of purchasing an electric bike and you're starting to wonder whether you should get it insured... We've put together this e-bike insurance guide to help you make that decision!
Do cyclists need insurance?
Do you need to be insured to ride an electric bike? The short answer is no because there is no UK legal requirement, however it may be worth considering…
It’s certainly well worth considering bicycle insurance if you want to cover yourself from theft of accidental damage. These are unfortunately far too common. Also, if you intend to travel or race, it may be a good idea to get yourself covered for every eventuality.
We aim to give you a thorough guide about what cycling insurance does and why you may want to consider it. We can’t advise on or sell any insurance product, ultimately it’s up to you to decide on your own, with the information available, whether a product is fit for your needs.
Why get cycling insurance?
If you’ve invested a significant sum of money in a new bike, you’ll want to look after it. Potholes, crashes or opportunist thieves can’t always be avoided, but with cycle insurance, you can enjoy riding with total peace of mind.
Riders worry most about their bike being stolen, but Bikmo Insurance shows that you’re more likely to make a claim for accidental damage than theft (data from their Project Open - https://bikmo.com/uk/blog/open-project-claims-2020/?ref=pedalandchain). In fact, a whopping 83 per cent of Bikmo claims were for accidental damage. The cost of damage can be anything from a minor repair to a new bike.
What are the different methods to insure your new electric bicycle?
The most popular way to cover your bike is to include it in your home insurance. The appeal there is for it all to be tied up in one package, giving you one less policy to consider when it comes to renewal.
If you want a simple insurance with minimum fuss, this may be the best way for you to go. This will present the best value for money when insuring a cheaper bike. If you are a more dedicated cyclist you may benefit more from a specialist cycling cover.
Specialist cycling insurance
You can also cover yourself with a specialist cover, these are tailored towards more serious cyclists and people with expensive bikes (perhaps e-bikes).
Through specialist cycling insurance, it’s possible to get covered for every possibility. Below are the most important aspects of specialist insurance which are not covered by home insurance.
- Families and multi-bike households
- Kit damage during racing
- Lost race fees if unable to complete
- Additional bike accessories
- Cycle clothing
- Minor to major personal accident cover
- Public liability if you cause an injury to someone else
- Roadside assistance
Bikmo Insurance. What does it cover?
Bicycle Theft Insurance
Perhaps the primary reason for people seeking e-bike insurance is to cover themselves from theft. And this is not without good reason. 276,000 bikes were stolen in the UK in 2017 (according to the Office for National Statistics), so it’s clear that they’re a prime target for thieves.
Insurance can cover the cost of your stolen bike and many insurers will replace your old bike for new.
Insurers will want to ensure that you carried out your due diligence in looking after your bike, however in a competitive market, market leaders are paying out for 95% of claims.
Unless stated otherwise, insurers will expect your bike to be stored indoors (including a shed or garage).
Important consideration – e-bikes can be worth several thousand pounds, sometimes more than a small car. Some home insurance providers may find this difficult to understand whereas specialist cycling insurers will be familiar with this concept.
Top Tip: You can register your e-bike with the Bike Register (https://www.bikeregister.com/advice/how-it-works) to increase your chances of being reunited with your bike if stolen.
Accidental damage insurance
As mentioned before, the most common claim according to Bikmo data is accidental damage so it may be the insurance type you’ll be most thankful for!
Accidental damage insurance will typically cover everything from replacing a whole bike down to individual components and accessories depending on the level of coverage you choose.
Home insurance may work out well for more expensive items such as GPS devices and helmets, but specialist cover is normally a better option if you want comprehensive cover for all of your kit.
Other types of insurance you might want to consider are:
Cycling Event Insurance – covers cost of entry, accidents and damage occurring at a race
Cycling abroad insurance - covers you if you use your ebike outside of the UK
Personal accident insurance – can help cover your medical costs if you’re involved in an accident, and may even help to cover lost earnings if you’re hospitalised
Third-party cycle insurance – designed to help cover legal fees and compensation claims if your ebike injures someone or damages their property and the courts hold you liable
Accessories cover – pays for replacement helmets, clothing and ebike extras such as a GPS
What information do I need to insure my bike?
It’s quite a simple process to get a bicycle insurance quote. To do so, you will be asked for your:
- The value of your bike
- Bike make
- Bike type
- Serial number
- Whether it has custom parts of specifications
If you are signing up to a 14-day free rideaway insurance after purchasing from Pedal & Chain, activation only takes about 2 minutes.
Pedal & Chain Offers
We want you to be able to start riding your new bike straight away, and worry-free.
All new bikes purchased from Pedal & Chain qualify for 14 days free insurance* covering your bike for accidental damage and theft. If something happens, Bikmo will replace or repair your bike.
It’s super easy to set-up - your policy will not renew automatically and no payment details are required.
*Activation required within 7 days of purchase.
Over 25% Off Full Policy
You have no commitment to stay insured at the end of your 14 days free however customers of Pedal & Chain are able to benefit from a large discount off the full policy. Bikmo will apply a 25% discount for electric bike owners and if you use code: pedalandchain at checkout you will receive a further 5% off.
We hope to have equipped you with some useful knowledge in the hunt for cycling insurance. You now have an idea of whether cycling insurance is right for you, where to get insured and what it will cover.If you have any further questions about the insurance provided by Bikmo which Pedal & Chain are partnered with, feel free to get in touch. Email us at firstname.lastname@example.org .