Electric bikes (or E-bikes/pedal assist) are one of the newest and greatest inventions to take every family by storm. They are easy to ride and really easy on our bodies. I do not personally own one (yet), although I know many people who do.
There are some questions that have come up about how they are covered in regards to insurance.
Is it considered a motorcycle or a moped?
Would it be covered on my homeowners/condo/renters insurance?
What if it gets stolen?
What if I accidentally hurt someone while riding on one?
Hopefully, we can address all these questions and provide you with clear answers. Unfortunately, there is not a straight "yes" or "no" answer to all these questions. Every insurance company makes up their own rules and has different answers for each.
For example, Nationwide Insurance has informed us that if you own an E-bike, you would be covered by your homeowners/condo/renters policy for theft and liability. They do not consider it a motorcycle or moped. They are the only company we spoke with who said "yes," it's covered (as of writing this article and it could change at any time).
Safeco will cover you if your bike is a pedal-assist bike, has a max speed of 20 mph, equipped with less than 750 watts of power and if you personally weigh 175 lbs or less.
Since I weigh more than 175 lbs, there would be no coverage for me if I were riding it or if it were stolen off the back of my car while, in transit to go ride somewhere.
We also spoke with Travelers and Progressive Insurance. Neither company will offer coverage on their homeowners policies. They advised us that we would need to write a motorcycle policy in order to have coverage for any of the above.
As you are shopping for an E-bike this holiday season or already own one, please double check with your homeowners insurance company to see if you are properly covered.
We hope you and your family have a wonderful Thanksgiving!
