Securing insurance for your electric bike can initially seem like a complex task. Many ebike owners automatically consider standard options like homeowner’s or car insurance, only to find they often fall short. This was certainly the initial experience when exploring coverage for a new Class 2 electric bike, with initial quotes from specialized insurers like Velosurance and Spokes Insurance ranging from $130 to $150 annually for a $1500 bike, excluding liability but including roadside assistance at around $15.
Initial investigations into conventional insurance routes, such as homeowner’s or car insurance policies, suggested limited coverage. However, a deeper dive revealed a more promising avenue. It turns out that existing insurance policies might offer unexpected solutions. For instance, a pre-existing ‘sports equipment’ policy, initially designed for high-value items like billiards equipment, can be surprisingly adaptable. Upon contacting State Farm, it was confirmed that their ‘Personal Articles Policy’ (FP-7940.2), often referred to by agents with this common name, could indeed cover electric bikes. This policy, offering up to $10,000 in coverage with a mere $75 annual premium and a $100 deductible, covers theft and damage. Crucially, electric bikes can be specifically included by agents as “electric assist bicycles” through underwriter approval.
While this specific policy (PERSONAL ARTICLES POLICY FP-7940.2) doesn’t extend liability coverage, homeowner’s insurance often provides a comfortable safety net for liability concerns. Therefore, for those insured with State Farm, or even those with similar providers, exploring a ‘Personal Articles Policy’ or equivalent for your electric bike is a worthwhile endeavor. It presents a potentially more cost-effective and comprehensive solution compared to standalone bicycle insurance policies. Checking with your current insurance provider could uncover similar, less obvious, yet highly suitable insurance options for your electric bike.
