Insurance for eBikes
Over the past few years, eBikes have become quite popular. What’s an eBike you ask?
An eBike is a bicycle which has an integrated electric motor to enhance your peddling efforts. The assistance of the electric motor makes it easier to travel at a higher rate of speed than you typically would by peddling alone which makes it quicker to use as a mode of transportation.
Many eBikes cost $1,000-$3,000 which makes them significantly more expensive than a typical bicycle. When I receive a call from a customer asking if their eBike is covered by their Homeowners Insurance policy, they’re typically calling because the cost of the eBike prompted them to make sure they’re covered if they crash and damage the eBike.
The bigger issue that they’re almost never thinking about is the liability risks associated with riding an eBike. For example, if you don’t have the right-of-way and pull out in front of a car which hits you and also a building or another car in the process, you could be held responsible for the damages or injuries to the other people and/or property involved. Another example could be if you’re riding on a sidewalk and you inadvertently hit a pedestrian who is knocked to the ground and sustains injuries, you could be held responsible. If these incidents occurred while riding a traditional bicycle, your Homeowners Insurance would typically provide liability insurance protection for you. Most people don’t realize that eBikes are different. Most Homeowners Insurance policies exclude liability coverage for “motorized land vehicles” unless they’re used exclusively for the maintenance of the insured property. A typical example of a motorized land vehicle used exclusively for the maintenance of the insured property would be your lawn tractor. An eBike is motorized and you’re not using it to maintain your property, so your Homeowners Insurance probably isn’t covering you for liability risks while riding your eBike.
If you have an eBike, I strongly recommend that you purchase a separate policy to properly protect you. They’re relatively inexpensive and the provide a lot of peace of mind so that you know your assets are protected if something bad happens. Just like you’d never drive your car without auto insurance, you shouldn’t operate an eBike without insurance either.
For more information on insurance for your eBike or any other insurance topic, please reach out to me at www.lofrumentoagency.com/contact-us.
John Lofrumento, CFP®, FSCP®, RICP®
President, The Lofrumento Agency
Clifton Park, NY / Ballston Lake, NY