magicycle assembly May 26,2023

Ebike Insurance: Not Mandatory But Everything You Need To Know

Electric bike insurance? It might be unfamiliar for many of you. If you own a vehicle or motorcycle, auto insurance such as liability, uninsured motorist and personal injury protection is required. But when it comes to electric bikes, things get different. As "Something You May Not Know About E-Bike", which is our previous article, talked, the United States defines electric bikes clearly into 3 classes and differs them from motorcycles. As a result, you don't usually need to buy insurance for your ebike and there is not any legal requirement of doing so mandatorily. 

However, have you ever considered if your ebike needs to be insured? Seriously, whether your ebike is worth $500 or $5,000, it could be worthwhile getting it covered against theft if you don't want to be left out of pocket. Of course, the popular ebike insurance in the market will not only cover theft but also many other aspects. So, get ready, the following content will tell you everything you want to acknowledge about ebike insurance. 

Why should I purchase insurance for my electric bike?
1). An electric bike is expensive
Bikes in general aren't cheap, but add in a motor and battery and that cost can go much, much higher. Batteries are often regarded as the single most expensive part of an ebike followed by motors. Technical components get involved and make one single electric bike's price more expensive than regular bikes. Losing an electric bike may cause you to pay a high cost without any insurance.

2). High speed may cause unexpected damage
Even though ebike manufacturers have already tried their best to make their product become safe, accidents happen from time to time and some of them are not avoided. Besides helmets and other necessary safety equipment, insurance might be your last defense. 

3). Fireproof in case of battery drawback
Batteries are also the most risky part of an ebike. Unsafe situations like overheating may destroy your ebike and other personal property. Take ebike insurance into consideration because unexpected things happen from nowhere.

What electric bike insurance covers?
1). Personal Accident Insurance
2). Theft Insurance
3). Third-Party Liability
4). Malicious or Accidental Damage

What electric bike insurance does not cover?
1). Drunk or Drug Riding.
2). Carry Passengers to Make Money
3). Can't Prove That You Are The Bike Owner
4). Damaged Accessories
5). Personal Belongings Lost

Will the insurance price be expensive?
Taking Magicycle Cruiser Step-over Pearl White as an example, and based on the standard price $1649, the monthly insurance fee is around $10 on Velosurance (one of the biggest ebike insurance companies in the US). Affordable, right?

Final words about electric bike insurance
Once again, electric bike insurance is not mandatory. If you live in a safe district, riding with your ebike not frequently or always doing safe things with your ebike, you could just ignore it. Otherwise, just like wearing a helmet is not mandatory while riding, electric bike insurance is an open option for you to think about.

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