The popularity of e-bikes is steadily increasing. And why not? A motorized bicycle? I don't see the down side. Oh... wait. Not having them covered on your policy. There's the down side. You don't necessarily have automatic coverage for these, especially at the value you paid.
Let's start with an explanation of e-bikes. The simple definition is a bicycle that can be run on electric as well as by pedaling. They fall into two main types: those that have pedal-assist and those that add throttle, implementing more of a moped-style functionality. There is a wide range of price starting anywhere from $1500 and up to $8000 depending on what you are looking for. For values like that, you will want to make sure it's covered.
Let's chat a little bit about how you can insure them and why they are being classified as they are. An e-bike is considered a "motorized vehicle" by some insurance carriers and that makes them ineligible for standard coverage under your homeowners, for both physical damage and liability. So in order to make sure it's properly covered, we will need to schedule it or write a stand-alone policy for it, depending on the carrier. This is to insure there is both liability and physical damage coverage for it.
What are the benefits of scheduling it or having it's own policy you ask? Well, let me explain. There are numerous benefits. The biggest benefit of course is that you'd have coverage on it for theft, damage, etc., depending on the loss. But it will also offer you some liability coverage in the event that you do cause injury to someone or damage other property such as running into someone's car door because you weren't ready for the power/speed these e-bikes are capable of.
Let's discuss your coverage options so when you are out riding or pedaling your new e-bike, you can do so knowing you're protected. And when you park that fancy new bike in your garage, you can rest easy that it is also protected. Give your agent a call!