How to insure electric bikes and motorized scooters

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Both are convenient modes of transportation, but each is insured differently

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Two of the cheapest ways to get around a city or town are to buy an electric bike or a motorized scooter. While these two modes of transportation may be similar in terms of convenience and cost-effectiveness, they are in a class of their own when it comes to insurance.

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An electric bicycle is a two- or three-wheeled bicycle with a seat, a pedal, and an electric motor. For legally riding an electric bike in Canada you must be 16 years of age or older and wear a helmet. That’s it. No license is required. Why? This is because of the limited power, speed limit, safety features and ease of use that e-bikes offer.

A motorized scooter is not considered an electric bicycle because it has a gasoline engine and no pedals. Much like a motorcyclist, if you plan to ride a motorized scooter, you will need a license and insurance.

Do i need insurance for my electric bike?

If you’ve had a regular bicycle stolen, your home insurance would cover replacement costs or repair it. But an electric bicycle is not a normal bicycle. The cost of an entry-level electric bike starts at over $ 1,000, and the average cyclist spends around $ 3,000 on their electric bike. If you want to go to the high end, you plan to pay up to $ 12,000 for an electric bike. A typical home insurance policy will not be enough to cover the cost of replacement or repair if your e-bike is torn off or damaged.

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Although you are not legally required to insure your electric bicycle, keep in mind that you could be involved in a collision while driving.

E-bikes are heavier than a regular bicycle and because they are powered, you can travel the road or trail faster than if you were riding a regular bicycle. These factors increase your chances of being involved in a collision, which could lead to you causing damage to someone else’s property or bodily injury to someone. Without liability insurance in place, you could be considered personally liable and take on significant financial responsibilities.

How do I take out insurance for my electric bicycle?

Having the right insurance in place for an electric bike is a bit of a conundrum. Some traditional home insurance companies consider an electric bicycle to be a motor vehicle and therefore only offer limited coverage in the event of theft, damage, or third party liability. Some auto insurance companies may not insure your electric bicycle because you are not required to register the vehicle or have a valid driver’s license to operate it.

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So what can you do?

One option is to speak to your home insurance agent about adding personalized coverage to your current policy. Remember that insurance policies are generally “out of the box” and contain standard wording. If your e-bike is not properly covered against theft, damage, and liability under your current standard policy, your agent may add a rider that replaces the standard policy wording to provide you with the coverage you have. need. Of course, this will increase your monthly premium.

In the United States, there are companies that offer insurance policies for electric bicycles. In Canada, there is currently only one: Pedal Power, which specializes in electric bike insurance and offers three coverage options. The cost of coverage depends on the value of the bike to be insured.

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According to Pedal Power, for a person over the age of 21 without a claim or theft, the cost of fire, theft and collision coverage on an electric bike for $ 2,500 would be around $ 163 / year. If the person had a $ 13,000 electric bicycle, the cost of fire, theft and collision coverage would be $ 796 / year.

To get a quick estimate of the cost of your e-bike cover, use the online price calculator on the Pedal Power website.

What about insurance for a motorized scooter?

Insuring a motorized scooter is certainly easier than having to insure an electric bicycle. Since you need a license to operate a motorized scooter and insurance companies consider it to be a “motorcycle”, you just need to buy motorcycle insurance.

As car insurance, motorcycle insurance should cover you for a minimum of $ 200,000 in liability. However, full coverage is not required by law. In many cases, if the rider has purchased a used motorcycle, the cost of full coverage ends up being more than the value of the motorcycle, which is why many people choose not to get it.

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If you have a good record as a driver of a car, it doesn’t matter when you go to purchase a motorcycle insurance policy. When obtaining your motorcycle license, you will be considered a new rider, which means your rates will be higher than a more experienced rider.

If you have a badregistering as a driver of a car (i.e. speeding, accidents, etc.), this will be taken into consideration and could mean higher rates for your motorcycle insurance.

Here’s a money-saving tip: If you take driver training, many insurers will consider you to have an extra year of driving experience and offer you a reduced rate on your motor scooter insurance policy.

Lowest Rates.ca is a free, independent rate comparison website that allows Canadians to compare rates from over 75 providers for a variety of financial products, such as home and auto insurance, mortgages, and credit cards.

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