July 13, 2023
Bicycle and E-bike Theft Prevention: How Insurance Can Provide Peace of Mind
Plenty of homeowners have an old beater of a bike stored away in a corner of the basement or garage that they dust off once or twice a season for a cruise through the park. If this scenario describes you, you’ve probably never given much thought to purchasing specialized bicycle insurance.
If, on the other hand, you’re a serious cyclist who has invested in top-end equipment and uses your bike or e-bike as a regular method of transportation and recreation, then proper coverage is paramount.
In this post we’ll provide some tips on how to protect your bike from theft and other risks as well as an overview of the insurance options that can protect you and provide peace of mind in the event that your bike is stolen or damaged.
What Is an E-Bike?
If you’re wondering what an e-bike is, you’re not alone. Though they’ve seen a dramatic rise in popularity in recent years, electric bicycles (a.k.a. e-bikes) are still a relatively rare form of transportation.
E-bikes are bicycles that are equipped with an electric motor that assists riders while they are pedalling. They typically reach maximum speeds between 20-28 km/h and are powered by 750 watts or less.
What are some benefits of e-bikes? They’re efficient, eco-friendly, promote fitness, make bike riding accessible to all, and can be a great alternative means of transportation for short or long commutes. Plus, e-bicycles are a lot of fun!
Bicycle and E-Bike Insurance Coverage
Home Insurance Coverage
Bikes and e-bikes are often (but not always) covered under home insurance policies. That being said, coverage may be limited due to a variety of factors:
- Many home insurance policies will not cover the full value of high-cost items
- Some home insurance providers categorize e-bikes as motorized vehicles (excluded from coverage)
- Your bike or e-bike may only be covered under your home insurance policy when it’s securely locked away (not when you’re out riding it)
Many cyclists pay an additional fee to add enhanced coverage for a bike or e-bike to their home insurance policy, just as they would with other valuables like jewellery or artwork.
Stand-alone bicycle and e-bicycle insurance coverage may be much more affordable than you think—and certainly much less expensive than the potential cost of not having insurance at all. Such insurance is tailored to the unique needs of cyclists and is more comprehensive than the coverage offered through most home insurance policies. It may include full-value coverage, liability coverage, crash and collision coverage, coverage for theft and vandalism, roadside assistance, spare parts coverage, replacement rentals, and more.
Theft and battery theft are common problems for bicycle and e-bike owners. Reduce your risks by:
- Using a high-quality lock (U-Lock)
- Storing your bike securely
- Removing valuables
- Parking it in visible, well-lit locations
Winnipeg Bicycle and E-Bike Insurance
Though bicycle and e-bike insurance isn’t required by law in Manitoba, it can offer substantial savings in the long run and provide security and peace of mind. Conveniently located just down the road from Olympia Cycle and Northern Bikes, our location at Portage and Moray (Birchwood Plaza) is always ready to help you with your e-bike and bike insurance needs.
Seeking an insurance broker in Birchwood Plaza? Connect with the expert team at Nation West Insurance today!