Are E-Bikes Covered Under Your Insurance Policy? 

May 16, 2023

Here’s How to Make Sure Your E-Bike Has Coverage

The number of commuters who cycle has doubled in the Edmonton area alone in recent years. There are several reasons why commuters choose cycling over driving, including wanting to save money on fuel and insurance, having concerns over environmental factors, and wanting to experience fresh air and exercise. 

Cities are also encouraging residents to commute by bicycle. Edmonton, for example, has created several bike lanes as well as the Downtown Bike Network, all maintained year-round. While cycling is a great solution to many concerns, especially getting around downtown, bicycles also have limitations. E-bikes, or electric bicycles, help with some of these limits. 

How E-Bikes Work

E-bikes have an electric motor that provides pedal assistance. This means that the work you do when pedalling is amplified, making it easier to climb hills, travel longer distances, and even carry cargo. E-bikes can also run up to 90km on a single charge, giving you the freedom to pedal further and faster than ever before. 

Why Insure Your E-Bike?

Bicycle insurance is usually something only avid cyclists obtain and is a relatively new idea for the average cyclist. E-bikes, however, are not your average bike and may require a special type of coverage. An e-bike costs considerably higher than a regular pedal bike, making it more valuable to repair or replace. 

Electric bike insurance is a relatively new concept. While most homeowners insurance would cover a regular bicycle as part of your personal belongings, this may not be the case for your e-bike. To find out whether or not your insurance policy covers your e-bike, you can contact your insurance provider or talk to your insurance broker about your coverage options. 

What Type of Insurance Covers E-Bikes?

It seems to be a common belief that home insurance covers anything on your personal property, automobiles exempted. This is not always the case. It is important to talk to your insurance provider about e-bikes specifically. You may need to add optional coverage or even insure your e-bike separately. The value of a high-end e-bike can run as much as $12,000, and the amount of coverage you need is based on replacement cost. 

What Is and Isn’t Covered by Residential Insurance?

Before you talk to your insurance provider, it can be helpful to know what’s included in home insurance. Residential policies do more than just protect your home. They are made to cover the structure of your home itself, along with personal belongings stored on your property. This includes outbuildings such as garages and storage sheds, as well as the belongings stored within. Home insurance also covers the extra living expenses that may be incurred while your home is repaired. Liability insurance can also fall under home insurance and will cover the cost of damage or injury to another person, as well as cover medical expenses.

What Is the Limit of Residential Insurance?

Residential insurance may seem to cover everything, but there are limits. Higher-value items may need their own policies. Car insurance, for example, is needed specifically for your vehicle, even if it is kept on your property. E-bikes may be another exception because of their high cost of replacement. Because there are limits and exceptions, it is important to know what your policy will cover. Home insurance policies also have a limit – this is the highest amount you can claim on your policy. If you are unsure of your limit, you can check your policy for details or ask your broker to walk you through it. 

The Best Way to Get E-Bike Insurance

Your insurance provider is going to be the expert on what they provide. If you are unsure of your coverage, they can tell you exactly what your coverage includes and what your limits are. Your broker can also explain your policy and make recommendations for more comprehensive coverage. Knowing what coverage you already have is the first step to knowing what additional coverage you need. 

What Is and Isn’t Covered?

E-bikes are not only heavier than traditional bikes but can travel faster and farther. These factors put you at a higher risk of collision or other mishaps than a regular bicycle. When other people or their property is involved, liability becomes an issue. Theft, damage, and liability are the key components of coverage that need to be accounted for. We highly recommend you talk directly to your insurance company or insurance broker to know if these are covered and to what extent.

How Can I Get the Best Coverage?

Whether or not your insurance provider specializes in e-bike insurance or not, you will likely be able to obtain the coverage you need from your current provider. Custom coverage is an option to add to your policy. This may include a specific endorsement that would override a standard policy, or it might be a policy specifically for your e-bike. Fire, theft, and collision are all recommended to be included in your coverage. The cost per month will depend on the value of your e-bike and your insurance provider.

Why It Pays to Work With an Insurance Broker

Your broker can answer all your questions about available coverage and liability policies to keep you and your bike protected while on the path or road. We do the work to shop around insurance providers to find you the best coverage for the right price, so you can have confidence that your e-bike will be covered. And, in the event that your e-bike is stolen or damaged, your insurance broker can help you navigate the process of filing a claim. 

E-Bike and Home Insurance in Edmonton 

Legally, the only requirements to ride an e-bike in Alberta are that you have to be at least 12 years old and you need to wear a helmet. There are no legal requirements for registration or insurance. At Cornerstone Insurance, we understand that your e-bike is an investment worth protecting. Our brokers are here to walk you through all the ins and outs of finding the right coverage for your specific needs.

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