Dec 08, 2022Current Insurance Conditions Client Update
We are facing an unpredicted time of difficulty in the insurance industry. Consumers across the board are facing challenges, particularly with their home and auto policies.
E-Bikes, or electric bicycles, are rising in popularity as both leisurely and economic ways of personal transportation. If you are riding an e-bike or other mode of personal, electric transportation such as a scooter, you might want to consider proper insurance coverage to protect yourself in the event of an accident.
E-bikes are considered “Electric Personal Transporters” along with all electric scooters, electric skateboards, and electric unicycles.
This classification includes transporters that have been factory-built and certified rather than built or assembled from a custom kit by the consumer.
While homeowners’ insurance provides coverage for your personal belongings and potential accidents or losses on your property, it will likely not provide liability coverage for ANY of these Electric Personal Transporters.
Some homeowners’ policies may include coverage for some physical damage (subject to your deductible) if the e-bike or other transporter meets very specific criteria, including its battery wattage, maximum speed, weight of operator, etc. But even if the personal transporter meets all of the criteria as outlined, the homeowner’s policy still will only respond to damage done to the e-bike based on the perils insured for by the home policy, and not in a collision scenario leaving you vulnerable.
If you want great protection for your e-bike or Electric Personal Transporter, you should not rely on your homeowner’s policy. Chances are, there isn’t proper coverage there.
For full protection and coverage in the event of an accident, you will need a proper policy on the e-bike or transporter. The best way to insure the e-bike or Electric Personal Transporter is by having a separate policy, specifically for your e-bike or transporter. This coverage will allow for the best liability and physical damage protection in the event of an accident.
It’s important to note that umbrella coverage is only applicable if you maintain a separate policy for the e-bike or other electric transporter. With a separate policy, umbrella protection options are then available for additional liability coverage.
At Morris & Garritano, our experts are here to help! If you own an e-bike or other Electric Personal Transporter, you can speak with one of our advisors today to find a plan that’s customized to meet your needs.
You can contact your account manager or reach us anytime at firstname.lastname@example.org or by phone at (805) 543-6887.