Understanding Bike and E-bike Insurance Coverage

In an era where eco-friendly transportation options are preferred and essential, bicycles and electric bikes (e-bikes) have surged in popularity. However, with this rise in use comes the importance of understanding and obtaining proper insurance coverage for your two-wheeled transport.

What is Bike and E-bike Coverage?

Bike and e-bike coverage is designed to protect against physical damage to your bicycle or e-bike and, in some instances, damage you may cause to another person or their property. Traditional bicycles can often be covered under your home, condo, or tenant insurance policies, although the coverage limits and conditions vary among different insurance providers. Depending on the insurer, E-bikes might also be covered under these policies, but it’s not always guaranteed.

Discussing E-bike coverage options with your friendly Waypoint Broker is highly recommended. You may find the coverage sufficient under your home insurance policy or require a stand-alone policy. Stand-alone policies are tailored to meet the needs of cyclists and E-bike owners and often offer more comprehensive protection.

Coverage Details

When included in a habitational policy, bicycles and e-bikes are covered against loss, theft, and damage, subject to the policy’s deductible and the specified limits of insurance for bikes. This often includes liability coverage for the operation of the bicycle or e-bike, provided the e-bike does not exceed specific wattage and speed thresholds.

Specialized programs like Waypoint’s Prestige offer options to increase the bike-specific limit or schedule the bike for deductible-free coverage. Some specialized standalone policies  access coverage for physical damage, third-party liability, personal accident benefits, and unique additions such as competitive event endorsements for races and BMX-style competitions.

E-bike Specific Requirements

Most insurance companies stipulate that the e-bike’s motor must be 500 watts or less and have a maximum speed of 32 km/hr on level ground. Exceeding these specifications may limit your coverage options, although some insurers might still provide coverage on a case-by-case basis, depending on your risk profile.

Exclusions and Limitations

It’s crucial to note that standard policy exclusions apply and will vary between carriers. These details are usually outlined in the policy wording. A common exclusion is personal injury to the rider when the bike is insured under a habitational policy.

Coverage extends across Canada and the Continental USA, provided the insured can legally ride there. However, specific rules might apply when riding in a different province or country, so verifying with your insurer is wise.

To learn more about bike and e-bike coverage, fill out the form below or call 1-866-674-2816 ext. 805, and one of our trusted brokers will contact you.