The Best E-Bike Insurance Providers: Keep Your Bike Protected

An electric bike can help you get around without hopping in your car. Instead of relying strictly on pedal power, you can arrive at your destination without breaking a sweat. Whether you want to arrive at work without needing to take a shower or explore further afield, an eBike can make your life easier. 

As eBikes become more popular, insurance companies are starting to offer policies to protect this valuable asset. If you own an eBike, purchasing an insurance policy is definitely worth considering. The right insurance policy can protect your wallet against eBike theft, damage, and accidents. I’ve put together a list of the top eBike insurance options. Plus, I’ve included more information about eBike insurance to help you better understand this niche insurance product.

This article may include references to products or services where The Drive has an affiliate relationship with the providing company. The Drive and its partners may earn a commission if you purchase a product through one of our links. Read more.

Velosurance

Markel

Spoke Insurance

Simple Bike Insurance

Sundays Insurance

No insurance companies are exactly alike. Although you’ll find similar policy options, it’s important to find a company that offers reasonable premiums and has customer service options available when you need them. 

Velosurance offers insurance for electric bikes with nominal power of 750 Watts or less. You’ll find coverage to crash damage, damage in transit, and liability protection against damage you cause while riding the bike. Even if you leave the USA, you’ll still find coverage worldwide. 

The company works with a national network of bike repair shops to return your bike to working order after a crash. Another important feature is that the policy insures your bike at its full value instead of depreciating the bike over time. With that in place, you’ll likely be able to replace your bike with a similar option in the event of a covered loss. 

Although Velosurance doesn’t underwrite its own policies, it works with Markel to handle that end of the business. The Markel Insurance Company boasts an A financial rating from A.M. Best, so you know the policy is solid. Plus, the 3.7 out of 5-star rating on Trustpilot makes the company seem relatively easy to work with. 

As mentioned above, Markel underwrites the policies offered through Velosurance. But the insurance company also has plenty to offer in its own right. A policy with Markel can include coverage for crash damage, theft, personal liability, replacement costs, medical payments, and more. 

With policies starting at $100 per year, Markel offers a way to get the most bang for your buck. And you can even get an instant quote online to see what you might pay through the company. 

The downside is that the company has received some mixed feedback from customers. On the one hand, Markel has earned 4 out of 5 stars with Trustpilot. But on the other hand, it scored 1.21 out of 5 stars with the Better Business Bureau. 

You can protect your bike through the extensive coverage options available through Spoke Insurance. The policies offered include coverage options for theft, transit mistakes, liabilities, medical payments, and roadside assistance. 

As a competitive cyclist, you’ll find the extra perks of rental reimbursement or competitive event fee reimbursement helpful. All of this comes with your premiums, which start at $100 per year. 

Spoke Insurance doesn’t underwrite its own policies. Instead, it works with Markel. If you need to file a claim, you’ll work directly with Markel. 

Simple Bike Insurance offers policies to protect both your bike and your wallet. It’s an especially good option for electric bike owners with more than one bike to insure because there’s a multi-bike discount on the table. 

A policy with Simple Bike Insurance can include theft protection, vehicle contact protection, medical payments, accidental damage, spare parts, event fee reimbursement, and more. If you belong to a biking association, you can lock in this coverage with a 10 percent discount. 

With Sundays Insurance, you can access robust insurance coverage. A few of the things included with a Sundays Insurance policy include coverage against accidental damage, theft, transporting your bike, taxi fare reimbursement, and more. 

Although there are plenty of coverage options, Sundays Insurance is less clear on the price point you can expect. The company advertises “affordable” insurance. But you’ll need to get a quote to find out what your insurance premiums might be. 

Like all insurance policies, the exact amount you pay for eBike coverage varies based on your unique situation. You’ll find coverage options starting at around $100 per year. But as you add extra coverage, your premiums will rise. 

When shopping for eBike insurance, determining your insurance needs ahead of time can help you avoid overspending. Take some time to determine what coverage levels you need before jumping into your search. If you are comfortable with lower coverage levels, it’s possible to find better rates. 

After you know what you are looking for, it’s possible to score a discount on your electric bike insurance policy. Here’s how to look out for discounts and which ones we’d recommend. 

Finally, don’t forget to shop around. It’s useful to get quotes from multiple insurance companies to see the range of quotes. With all of the information in your hands, you can make the right decision for your finances. 

As with everything, there are a host of variables that will affect the cost of your insurance, as no two people are exactly alike. With that in mind, here are the variables that’ll change the cost of your insurance. 

The type of eBike you own has a big impact on your insurance costs. As you shop for an eBike, you’ll quickly find a wide range of prices. While you could pay less than $500 for an electric bike, it’s not uncommon to spend well over $1,000. In fact, you could even spend $10,000 or more on an electric super bicycle. 

The underlying value of your eBike is a major factor in determining premium rates. For example, a $500 bike will be more affordable to insure than a $10,000. That’s because pricey bikes are often more expensive to repair or replace. 

The coverage limits you select for a policy will affect the premiums you pay. A policy with higher coverage limits will mean higher premiums. After all, the insurance company will be on the hook for a bigger claim if something goes wrong. But if you stick to lower coverage limits, then you will likely find lower insurance premiums. 

The deductible associated with an insurance policy is a key factor in the premium prices. In case you aren’t sure, the deductible indicates how much you’ll be expected to pay in the event of a claim.

For example, let’s say you have an insurance policy with a $500 deductible. If you file a claim, you’ll have to pay $500 towards resolving the issue before the insurance company will kick in their share. 

You can often tap into lower insurance premiums by agreeing to pay a higher deductible. However, it’s crucial to keep the deductible amount tucked away in an emergency fund. Otherwise, you could be stuck in a real pickle if you need to file a claim. Before raising your deductible, make sure it’s the right move for your finances. 

Location impacts your insurance costs because your zip code is tied to several unique factors, including crime rates. In an area with higher crime, you’ll likely find higher eBike insurance premiums due to the higher risk that your eBike will be stolen. 

With that in mind, eBike owners in a bigger city might pay more than someone living in a more rural setting.

You’ve got questions. The Drive has answers. 

A. A renters or homeowners insurance policy could cover the cost to replace your eBike after a covered loss. However, the details of these policies vary. Some renters and homeowners insurance policies will not cover eBikes because they are considered motorized vehicles. Ultimately, you’ll need to check with your specific policy to determine if your eBike is already covered. 

A. eBike insurance requirements vary based on how the state you live in classifies the vehicle. In some states, eBikes are classified as low-speed bikes and don’t require insurance. But in other states, eBikes are considered motorized vehicles that need insurance. If possible, keep an eye on the eBike rules in your state because it’s possible insurance requirements will change as this mode of transportation becomes more popular. 

To choose the best companies and products for this list, the team at The Drive looked at a large number of financial products from various providers. We focused on cost, product features and options, ease of use, customer service, and past customer ratings as the most important factors in our ratings.