What is an e-bike?
An e-bike, or electric bike, is a traditional bicycle that has an attached electric motor. This motor assists riders by propelling the bicycle forward as they pedal. Unlike a regular bicycle, an electric bike is rechargeable and has a max speed of 32 kilometres per hour. Like traditional bicycles, there are many models of e-bikes on the market, which you can tailor to meet your unique riding needs.
What is electric bike insurance?
E-bike insurance is a special type of coverage specifically designed to meet the unique needs and riding experience these vehicles offer. While the type of comprehensive coverage you receive will vary depending on the provider you choose, here are some standard policies you may want to consider:
Theft damage and vandalism insurance
Similar to comprehensive coverage for vehicles, theft, damage and vandalism insurance will cover the cost of your repairs and replacements if your e-bike is stolen or vandalized unknowingly while parked. With your insured bike, you'll be able to file a claim with your provider and be compensated once your claim is approved. Note that you may need to pay a deductible before your policy kicks in to pay the rest.
Liability insurance coverage
Personal liability insurance offers the same coverage as third-party liability. If you cause damage to someone else's property or injuries to a third party while you are operating your e-bike, your policy will cover medical expenses, legal fees, repairs, and other associated costs if a lawsuit is filed against you up to your policy limits.
Personal accident insurance
Should you suffer injuries while operating your e-bicycle, this policy covers the cost of medical fees and may assist with income replacement during your recovery up to your policy limit.
Worldwide coverage
Should you decide to take your e-bike with you on your next worldwide adventure, worldwide coverage can cover you while you are overseas to ensure you are protected from various risks that may occur.
Accidental damage insurance
Accidental damage or crash damage will pay for repairs or replacements if you are involved in a collision that damages your e-bike.
Uninsured motorist coverage
Uninsured motorist coverage will protect you if you are involved in a collision with a vehicle with a driver who is uninsured or underinsured to guarantee that you are fairly compensated for repairs, injuries, and other costs. The uninsured motorist also covers hit-and-run collisions.
Accessories and custom parts
If your e-bike has custom parts or add-on accessories, you can purchase extra coverage to ensure the full value of these parts is protected.
Is e-bike insurance mandatory?
No, unlike insurance for a motorized scooter, motorcycle, or traditional vehicle, e-bike insurance is not mandatory in Canada. However, it is highly recommended that you purchase some sort of coverage, given the risks associated with operating an e-bike.
Benefits of having e-bike insurance policies
When it comes to owning and operating e-bikes, there really are numerous benefits to having insurance coverage in place. If you aren't sure whether the added cost is worth the investment, take a quick glance at some of the advantages of insurance coverage below:
- Peace of mind knowing your finances are protected in the event the unexpected occurs.
- Stress-free recovery following an accident that requires repairs, replacements, medical costs, legal fees, and more.
- The ability to customize your coverage to meet your unique needs as e-bikes.
- Relatively affordable compared to the potential costs associated with a future claim.
How much does e-bike insurance protection cost?
Electric bicycle insurance costs approximately $1000 per year. However, this number is merely a rough calculation and can differ substantially based on the model of e-bike you own, where you reside, how much power your e-bike has, what kind of protection you choose, your prior insurance claims history and other factors. As a result, before getting any coverage for your electric bike, we recommend looking around with different insurance companies and comparing coverage options to find coverage that suits your budget as well as your requirements. Your electric bicycle may be added to your current policy, such as on your home insurance policy, as a high-value item.
How can I save on my electric bike insurance?
We get it; an electric bike insurance policy is another added cost to your already long list of monthly bills. Luckily, just like how you can save on car insurance, you can also lower your monthly premium for your e-bike coverage with a few tips and tricks we've listed below:
Bundle your insurance policies
Insurance providers love it when you have more than one insurance policy with them. So, if you already have a home insurance policy with a provider, consider a bicycle and home insurance bundle. By doing so, not only can you save on your insurance policies, but you can also keep track of your coverage in one place, which will be more convenient if you have questions about your insurance or need to file a claim in the future.
Shop around for coverage
With so many insurance options out there, it also doesn't hurt to shop around and get a quote for your electric bikes from different insurance providers. Each insurance company has different parameters when it comes to pricing insurance policies. So, by getting a quote from each company for custom coverage, you can compare costs and insurance policies, which will help you secure a good deal.
Pay for your insurance upfront
If you're able to do so comfortably, e-bike owners should consider paying for their insurance policy upfront rather than on a monthly basis. An insurance provider will add an additional fee to those who pay monthly, as they need to process their payments each time they pay. So, by paying your insurance provider in one go, you can avoid these fees and save a bit on your electric bicycle insurance.
Take a look at your deductible amount
Some policies have a deductible, which means if you were to file a claim if you were involved in an accident, you'd need to pay a specific amount out of your own pocket before your insurance provider pays for the remaining amount. Typically, the higher your deductible amount is, the lower your premium will be.
Keep in mind, however, that this should only be used as a solution to save money if you can afford to pay a higher deductible at the time you file a claim.
Ask about insurance discounts
Another way to save on your coverage is to ask about discounts. There are several types of discounts available, and you'd be surprised to learn that you likely qualify for at least one. For example, storing your bike in a secure location and using safety features to prevent theft, damage, and liability are often steps you can take to save some money.
Consider your e-bike usage
Your riding experience will play a lot into the type of coverage you choose for your electric bike, including whether you choose additional coverage, your coverage limits, and other aspects of your coverage options. So, before insuring your e-bikes, consider what's important to you in terms of protection and make sure to tell your insurance provider about your needs.
Work with a broker
Lastly, consider working with a broker. Brokers work independently from insurance companies. Because of this, they have access to various providers and policies that they can help customize to your unique needs and budget. Working with a broker also allows you to shop around and uncover unknown deals and discounts that you may not be offered when working with an agent.
Get electric bike insurance with BrokerLink
At BrokerLink, we're pleased to be your one-stop shop when it comes to insurance. Whether you want to save on car insurance, want to brush up on safe driving tips, or have other insurance needs, our experienced brokers are here to help make it happen.
We have access to some of Canada's top insurance companies and can help you secure affordable rates tailored to your unique needs on all different types of auto insurance, including:
With locations across Canada, we may have an office nearby! Come on in and visit us in person to work with a broker one-on-one. If you aren't able to make it into one of our locations, you can always give us a shout over the phone.
Alternatively, if you're looking for a competitive insurance quote from the comfort of your own home or on the go, take advantage of our online quote tool that you can access on any device!
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FAQs about e-bike insurance
Is motorcycle insurance the same as e-bike insurance coverage?
No, motorcycle insurance coverage is not the same insurance you would use to insure e-bikes. A motorcycle insurance policy covers a motorized scooter or other motorized vehicle that has an engine size of 50 cubic centimetres. To ensure e-bikes, you will need to work with an insurance provider who offers coverage specifically designed for these types of bikes.
What isn't covered by bike coverage?
Because e-bicycle insurance is relatively new, what is and isn't covered by these types of policies will vary between providers. While optional coverage may be available, we recommend you work with a broker who can help you shop around for different policies. Shopping around will allow you to compare options, including what is and isn't included, so you can find insurance that meets the specific needs of your e-bike.
What should I do if I'm in a car accident while operating my e-bike?
Are you unsure what to do if you’re in a car accident while riding your e-bike? First things first, assess yourself for any injuries. Because e-bikes don't offer a significant amount of protection, injuries may be present. Now, you need to assess the damages to your e-bike and the other vehicle involved. If you or the other party is injured and there is damage to both vehicles, reporting a car accident is necessary. At the scene, make sure to exchange contact information and ask for a copy of the police report, as it will help with your claim. Keep in mind that in certain scenarios, not reporting an accident may be illegal. So, make sure you understand your provincial regulations. Now, if you have insurance, you can go ahead and give them a call and begin the claims process. If you are uninsured, you will have to pay for any medical expenses and damage to your bike and the other person's property out of pocket.
What is the age limit for riding an e-bike in Canada?
The age limit for riding an e-bike in Canada will vary between provinces and territories. For example, the minimum age in Ontario to operate e-bikes is 16 years old, while the minimum age in Alberta is 12 years old. Take a look at your provincial government website for more information about age limits.
Is my e-bike covered under my home insurance?
When it comes to electric bicycles and home insurance, it depends on the type of coverage you already have. While standard bikes may be covered, because e-bikes are motorized vehicles, you may need to purchase additional coverage than what you currently have for your personal belongings. The higher value for these bicycles may also make it a requirement to insure them specifically as a rider or scheduled item on your policy.
If you have any questions, contact one of our local branches.
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