‘I want to ride my bicycle – I want to ride it where I like…’ These lyrics, which were taken from rock band Queen’s anthem ‘Bicycle Race’, have never seemed more apt than they do today. As more and more people turn to cycling as a healthy, eco-friendly form of exercise and travel, the global bicycle market size has continued to boom. E-bikes (also known as EPACs [electrically power-assisted cycles] and EAPCs [electrically-assisted pedal cycles]) have also become increasingly popular, with the value of the e-bike market in Europe alone projected to grow up to 16 per cent year-on-year until 2027. Indeed, one in twenty people in the UK now own an e-bike.
Power-assisted pedalling has paved the way for many new people to take up cycling – but these sorts of bikes are not cheap. If you’re thinking of investing in an e-bike, or if you already have one, you’ll be keen to ensure that it’s protected from damage, theft and more. We’re here to help! In this blog, we’ll run down some of the essential elements of e-bike (and general bicycle) insurance, to make certain you know what you’re looking for.
Is my e-bike covered by home insurance?
Depending on your policy, you might be able to add your e-bike (or bicycle) to your household insurance. If you don’t have cover already in place (or can’t add your e-bike to your existing household insurance), we’d recommend considering a standalone policy as this has more scope of cover.
Do I need a standalone policy for my e-bike?
A standalone policy is a great option if you’re looking for robust protection – and it’s well worth it if you are the proud owner of an e-bike, as these are reasonably high-value items.
The standard standalone cover provided by Cherry Godfrey (which covers both standard bikes and electric bikes) accommodates the following:
· Accidental damage. If your bike is damaged as the result of an accident, cover is provided for costs to repair.
· Theft. If your bike is stolen, the policy will cover a replacement bike – as new (or, if parts have been stolen, the policy will cover replacement parts). If the original bicycle cannot be replaced with a new and identical bicycle, it will be replaced with one of comparable specification/equivalent value.
· Personal accident. If – during the period of cover - you are involved in an accident whilst using your bicycle, the policy will offer financial protection, with various different sums available depending on the situation.
· Public liability. Cover is provided up to a maximum of £1,000,000 for any amounts for which the policy-holder becomes legally liable (cover extends to accidental bodily injury; death; disease; accidental damage to any person; or accidental damage to a third-party property which arises from your use of or ownership of the bicycle).
Other notable points:
Cover applies to bikes bought and used within the geographical limits of Great Britain; Northern Ireland; The Channel Islands; the Isle of Man. Cover also extends to worldwide usage for up to 60 days in total within an annual period.
As a rule of thumb, only bikes up to the value of £3,000 can be covered on our standalone policies. For cycles over this value, we can devise a cost-effective solution that meets your needs (such as a contents policy): please contact us to discuss your requirements and we’d be delighted to help.
