Why Insure your Electric bike

John Clark 09.07.21

Now that you have obtained your electric bicycle, you may want to consider taking some form of insurance policy to protect it against accidental damage or theft. We have spoken to Assetsure, who is a well-established insurer of Pedal Cycles. They have shared how to choose e-bike insurance and why you may need it.

At Assetsure, we believe that you should take out insurance for your cycle to cover at least both accidental damage and theft, which are the two main perils needing protection against. Bicycle theft is well documented, and there are over 100,000 thefts per annum, possibly more as not all thefts are reported to the police.

Cycle Theft Crime

Most cycle thefts are carried out by opportunist thieves, thus having a good quality lock (Sold Secure Rated) can help protect your cycle. Sold Secure are not a lock manufacturer themselves but have a comprehensive list of test standards, and within each standard, there are various grades that can be achieved. Lock manufacturers can submit their locks for testing after review. They are then awarded a rating as follows:

Insurers normally insist on a certain type of sold secure lock to be fitted, dependent on the value of the cycle you wish to insure. The higher the cycle value, the better-quality lock you will normally be required to fit in. Velospeed will be able to help you choose a suitable lock.
However, no lock will stop a very determined thief, and from our own experience of paying cycle claims, we have evidence of criminals going with transport and the correct equipment to steal and remove a cycle quickly.

Cycle Theft Statistics 

The Office for National Statistics produces some interesting statistics relating to cycle crime, including the following.

• Students are more likely to be victims of cycle theft than persons in other occupations.
• If you are under 34 years of age, you are more likely to be a victim of cycle theft.
• If you live in a flat or maisonette, you are more at risk (We believe this is due to cycles being kept in communal areas or sharing storage facilities)
• If you live in an urban area, you are more likely to suffer a loss than if you live in a rural one.
• In around 40% of bicycle thefts, the bicycle was locked by a chain, cable, shackle, D lock or similar.
• Bicycle thefts were most likely to occur in a semi-private location nearby the victim’s home; this includes the outside areas of the house, such as sheds and garages or other buildings not connected to the home.
• Around 70% of bicycle thefts took place during the week. – This was probably due to homes being targeting when the owners were out at work.  

During the recent pandemic, there has been a boom in cycle sales which has led to a countrywide stock shortage. This situation created an increased demand for second-hand cycles, many of which may have been supplied as a result of a criminal act. Some insurers, ourselves included, have seen increases in cycle thefts during the last 12 months. Unfortunately, all cycle owners are at risk of having a cycle stolen, regardless of where they live.

How to Obtain Electric Bicycle Insurance

The first port of call for many people wishing to obtain cycle insurance is the home insurance provider. However, cyclists cannot just assume their e-bikes are automatically covered by their home contents insurance. Policies vary hugely in the type and amount of cover they provide, and if you do want cover away from home as well, you will need to make sure you have the extended ‘All-risks cover’ in place. Also, you will need to mention if your bicycle is electric as opposed to the standard pedal power only version. This may make a difference to some insurers.

A few points to be aware of: many insurers are not keen to cover cycles once they have reached a certain value. Further, in research carried out by Go compare, who analysed over 400 home policies, they found that 10% exclude any cover for cycles and only 8% automatically cover cycles away from home.

Assetsure offers a stand-alone cycle insurance policy which will cover the cycle against accidental damage and theft. Separate cycle insurance can also protect your home with no claims bonus if you do need to make a claim.

A stand-alone policy may offer extra covers which may not be included under a home insurance policy, such as:

• Automatic Cover for Electric Bikes.
• Battery Theft included.
• Cycle hire.
• Helmets, clothing & accessories.
• Competition use.
• Cyclist legal expenses.
• Get you home costs.

If you would like an electric bike insurance quotation, please contact Assetsure on the following link.