Ebike Insurance

[SteakPie]

Holy sh*t. Why is it so expensive to insure Ebikes? Just went on one of those comparisons sites. The prices they are quoting are more than what it costs for car insurance.

Beginning to think is it worth it having an Ebike?

 

[Tim1023]

I leased mine through the company via a German government scheme. I gather that there is something similar in the UK. Insurance was included, also for damage and attached gear (should someone want to steal my bell!). It hid the cost specifically for insurance, but the overall package worked out to be well worth it.

 

[S13]

What is expensive? I pay €5.81 per month for full insurance. Totally worth it.
Perhaps some countries are more expensive than others?

 

[apac]

Holy sh*t. Why is it so expensive to insure Ebikes? Just went on one of those comparisons sites. The prices they are quoting are more than what it costs for car insurance.

Beginning to think is it worth it having an Ebike?

It's so expensive because they are getting pinched all the time. They are probably at the top of a Want list by the common young thief that will break into your shed or garage Knowing it won't be traceable.

 

[Marley]

I have an insurance policy but it goes POW.

 

[Kernow]

Use pedalcover specialist home insurance for cyclists , almost any amount of cycles allowed , very comprehensive

 

[mark.ai]

I've just switched to Frontier Insurance - The Home Insurance Provider when renewing and the price doesn't seem to increase at all for adding bikes on top of home contents insurance.

 

[apac]

Itemising my bike on home and contents insurance has been fair to me.

 

[fenwick458]

I just phoned and added mine to my home insurance policy with halifax when I got it, and I didn't actually specify it was an e bike, is that going to be a problem?
Have yet to read the fine print it's on it's way in the post. they did run through a few basic things like I can't use it for time trials or racing it has to be kept locked etc

EDIT. I have answered my own question, it's OK

It was £21 extra to add it on BTW

 

[Planckus]

If BikeFinder covers your Country, it is the best in my opinion

 

[Kernow]

As that shows Adding to home insurance leaves so many clauses ,
I had my bike stolen in France while touring , thinking it was covered , I couldn’t get a penny out if iether my nat west travel insurance or my home insurance .
Pedal cover home insurance just covers you everywhere and adds about £100 over a normal home insurance without itemising all your bikes . It doesn’t take many bikes in the shed these days to add up to around 20 grand , try itemising them on a home insurance , or worse still specific bike insurance .

Have a read get a quote for heavens sake there’s nothing like this at any cost .

Combined Home & Bike Insurance or Dedicated Cycle Insurance

Combined Home & Bike Insurance or Dedicated Cycle Insurance. Pedal Cover uniquely offers two ways to cover your bikes. Find out more.

pedalcover.co.uk

 

[Bobj183]

We have two eBikes, a Boardman Pro Carbon and a Whyte E120 MTB covered on our home insurance with Aviva. It was £28 extra for the year. You give them the cost of the dearest bike and they work out the premium from that.

 

[Tribey]

I just phoned and added mine to my home insurance policy with halifax when I got it, and I didn't actually specify it was an e bike, is that going to be a problem?
Have yet to read the fine print it's on it's way in the post. they did run through a few basic things like I can't use it for time trials or racing it has to be kept locked etc

EDIT. I have answered my own question, it's OK
View attachment 54681
It was £21 extra to add it on BTW

What is the value of cover? My House Insurance cheap add-on cycle cover is only £1000 per cycle.

 

[fenwick458]

What is the value of cover? My House Insurance cheap add-on cycle cover is only £1000 per cycle.

£5000

 

[Tribey]

£5000

Thanks for replying.
That's a great deal. I've searched before and it's always worked out more expensive than fully comp on my new Africa Twin!
I'll try Halifax when my renewal comes up.

 

[fenwick458]

Thanks for replying.
That's a great deal. I've searched before and it's always worked out more expensive than fully comp on my new Africa Twin!
I'll try Halifax when my renewal comes up.

also bear in mind I already have the "pedal cycle cover " package for my other bikes, I just added a my new e bike to that and that cost £21 last week. In the past few years I have added/subtracted some enduro bikes worth £1-2000 and there was no change n the premium, I think it's just the £5000 cover value that prompts the extra £21 charge.
I forget exactly what the increase was when I added my bikes a few years ago but it's something like £15-20 on the yearly premium I reckon, so we are still waaay lower than the cost of insuring a car as the OP was making out

 

[BadgerHun7er]

I'm with BIKMO but the premium s £300 per year. I went through contents ins and they refused to cover an ebike. Tried lots of others but the small print was very restrictive, be very careful, lots want the bike locked up in a garage or in the house with a high standard of specific locks on the doors PLUS bike locked up with a gold sold secure lock to a floor mounted gold secure fixing point. Even then they are not new for old or only new for old for the first 3 years. BIKMO was excellent and the policy covers new for old and has no age restriction. Bike just has to be in a locked facilty and if stolen signs of forced entry. Compared to most quotes and the wording of the actual policy to cover £7k of brand new bike it seemed reasonable. Lets face it, if you have just splashed out £5-10k on a brand new ebike a few quid every month to ensure is small change and well worth it.

 

[EebStrider]

I’ve added £10k of ebikes onto our house insurance with Lloyds, and the cost was about £25. They’re covered for theft away from the house, as long as they’re locked up. They’re not covered if I crash them, but if I do, that’s my own silly fault.

 

[sunstoner]

I'm with BIKMO but the premium s £300 per year. I went through contents ins and they refused to cover an ebike. Tried lots of others but the small print was very restrictive, be very careful, lots want the bike locked up in a garage or in the house with a high standard of specific locks on the doors PLUS bike locked up with a gold sold secure lock to a floor mounted gold secure fixing point. Even then they are not new for old or only new for old for the first 3 years. BIKMO was excellent and the policy covers new for old and has no age restriction. Bike just has to be in a locked facilty and if stolen signs of forced entry. Compared to most quotes and the wording of the actual policy to cover £7k of brand new bike it seemed reasonable. Lets face it, if you have just splashed out £5-10k on a brand new ebike a few quid every month to ensure is small change and well worth it.

I've just got a quote this morning from BIKMO of around £300 for mine too which Im very tempted with. Seems a decent policy without the restrictions found elsewhere. Like the new for old thing too. Something I was very keen to make a point on. It'll be more than likely who I'll go with.

 

[Kernow]

Well to update my post about pedal cover , mines coming up for renewal , I’ve just had an email from them asking me to list my bikes and valuables over £2500 plus state where they are kept .
Not had my new quote yet but I fear it may go up this year.
At around £340 last year including my full home insurance with 1million cover for unlimited bikes it was very good , considering my normal home policy was around £250. , basically less than £100 for a fully comp cover for unlimited bikes . Fingers crossed but I fear too many may have exploited this amazing cover

 

[MrSimmo]

Just jumping in as I sorted mine out this morning - AA home contents insurance, added ebike on at full cost worldwide including legal and accident damage. £15 extra per annum. Had existing contents policy so just added it on.

 

[BadgerHun7er]

Just jumping in as I sorted mine out this morning - AA home contents insurance, added ebike on at full cost worldwide including legal and accident damage. £15 extra per annum. Had existing contents policy so just added it on.

Is that a new for old replacement? Many insurers have it in the small print that once the bike is 1 year, 2 year or 3 years old they only pay a fraction of the original bikes cost. BIKMO guarantee new bike replacement irrespective of age.

 

[MrSimmo]

Is that a new for old replacement? Many insurers have it in the small print that once the bike is 1 year, 2 year or 3 years old they only pay a fraction of the original bikes cost. BIKMO guarantee new bike replacement irrespective of age.

From the policy:

replace the item as new; or
• pay the cost of replacing the item as new.

• - where we can offer repair or replacement through a preferred supplier but we agree to pay a cash
  settlement, then payment will not exceed the discounted replacement price we would normally pay
• - where we cannot repair or replace the item as new through our preferred suppliers we will pay the full
  replacement cost of the item with no discount applies

There's no text in the policy/summary/other documentation around reduction in payments related to age. I also checked on the phone and they pay the full insured amount for the duration of the policy regardless of age.

 

[chrismechmaster]

I went with eversure however I am cancelling

as they have asked hardy any questions no policy documents can’t even phone them everything is done Email only

makes me wonder if Ihad to claim how differcult it would be

I would rather be asked load of questions and a company wanting proof or photo so I know it’s cover

 

[steve_sordy]

Following my first reading of this thread I came across an article in the financial problem pages in my daily newspaper. A guy had his garage burgled and lost his wife's analogue bike and his e-bike. The insurance company paid out for his wife's bike and refused point blank to pay for the e-bike. It was their policy not to insure them and despite pressure from the financial journalist they would not concede the point. They did however make an ex-gratia payment because the man and his wife were both care workers. Anyone else would be out of luck.

The insurance company was RSA (Royal & Sun Alliance) and a spokesperson said that they acknowledged the popularity of e-bikes and would be reviewing their policy later this year. So all those with buildings and/or contents insurance by RSA, check your cover now.

My buildings & contents cover is by RSA! Oh err! So I contacted the broker and he had some good news for me. Not only is my emtb covered, but is covered under a new for old policy. (I had thought current value at best). It also includes any upgrades I may have made subject to receipts etc. The current nearest Focus bike to mine is about £2k more than I paid for the one I have (no longer sold in that format) which is over two years old, plus the cost of the changes I have made. He confirmed that RSA would pay all that. Errr, wow that's good!

 

[BadgerHun7er]

Following my first reading of this thread I came across an article in the financial problem pages in my daily newspaper. A guy had his garage burgled and lost his wife's analogue bike and his e-bike. The insurance company paid out for his wife's bike and refused point blank to pay for the e-bike. It was their policy not to insure them and despite pressure from the financial journalist they would not concede the point. They did however make an ex-gratia payment because the man and his wife were both care workers. Anyone else would be out of luck.

The insurance company was RSA (Royal & Sun Alliance) and a spokesperson said that they acknowledged the popularity of e-bikes and would be reviewing their policy later this year. So all those with buildings and/or contents insurance by RSA, check your cover now.

My buildings & contents cover is by RSA! Oh err! So I contacted the broker and he had some good news for me. Not only is my emtb covered, but is covered under a new for old policy. (I had thought current value at best). It also includes any upgrades I may have made subject to receipts etc. The current nearest Focus bike to mine is about £2k more than I paid for the one I have (no longer sold in that format) which is over two years old, plus the cost of the changes I have made. He confirmed that RSA would pay all that. Errr, wow that's good!

That's great news, I tried to add my ebike to my MoreThan home and contents and was told, after 2 weeks of checking with their underwriters that they would not include an ebike point blank.

 

[sunstoner]

Pulled the trigger on insurance with BIKMO yesterday. Made sense to me.

 

[ragnor]

As that shows Adding to home insurance leaves so many clauses ,
I had my bike stolen in France while touring , thinking it was covered , I couldn’t get a penny out if iether my nat west travel insurance or my home insurance .
Pedal cover home insurance just covers you everywhere and adds about £100 over a normal home insurance without itemising all your bikes . It doesn’t take many bikes in the shed these days to add up to around 20 grand , try itemising them on a home insurance , or worse still specific bike insurance .

Have a read get a quote for heavens sake there’s nothing like this at any cost .

Combined Home & Bike Insurance or Dedicated Cycle Insurance

Combined Home & Bike Insurance or Dedicated Cycle Insurance. Pedal Cover uniquely offers two ways to cover your bikes. Find out more.

pedalcover.co.uk

Passed these details to my mate who was wittering about insurance. He completed a quote for bike insurance only (Two expensive E Bikes) The quote he got back was for three times the cost of his car insurance & the car is worth about four times the cost of his bikes. Got my ear bent for passing on what I thought was a good idea.☹

 

[fenwick458]

Passed these details to my mate who was wittering about insurance. He completed a quote for bike insurance only (Two expensive E Bikes) The quote he got back was for three times the cost of his car insurance & the car is worth about four times the cost of his bikes. Got my ear bent for passing on what I thought was a good idea.☹

your mate probably got himself carried away at the quoting stage. all the questions the insurance sellers ask are add ons, every one where you reply yes to increases the price.
or, he lives in a shithole, and has claimed on insurances a lot previously

 

[GL1]

My buddy and I just looked into this here in the US with two major insurers. The rep acknowledged it's a new area and as such it's odd. They are categorizing them as "vehicles" since they can be used for commuting etc. They are NOT covered under homeowners or lumped in with other policies. There has to be a specific policy for them. My buddy went ahead (considering the price and theft of these things lately.) Cost was $200 a year for two ebikes (a 2019 Kenevo valued at $4500 and a 2020 Levo valued at $5500.) The policy covers theft and other damage from crashing etc. although we could not figure out what would happen if the issue was purely mechanical (likely not covered.) I'm going to fly without it for now and make sure I keep mine secure (inside the house) and / or well locked when not in use.