Ebike positioned on a wooden bridge over a river

The Ultimate Guide to E-Bike Insurance

Staff writer
April 21, 2022

If you have an e-bike electric bicycle or are thinking of getting once, you don’t need us to tell you that they cost a pretty penny! If you want to protect your pride and joy (and your pocket too), consider getting e-bike insurance so you can ride with ultimate peace of mind.  Here’s everything you need to know about insuring your e-bike with Velosure Premium.

Why Do I Need E-Bike Insurance?

   Whether your e-bike is worth $1,000 or $10,000, if your e-bike is stolen or damaged you’ll find yourself digging pretty deep into your pockets to replace the damaged parts or the entire e-bike.    You may think it’ll never happen you and you might be right – until it does.   E-bikes have been steadily gaining popularity across Australia and the world for commuters. What’s not to love? You get to your destination faster and with less exertion, you sweat less, and items (like a change of clothes, your laptop, or groceries) are seemingly carried without the extra weight making your ride less strenuous.   If you’re having a good day and feeling strong, you can also turn off the pedal assist and enjoy a commute that doubles as exercise.   The only downside of commuting by e-bike is that there are only a lucky few who have indoor parking or secure parking for e-bikes and bicycles at their offices. For most people, you’ll need to lock up your e-bike and leave it unattended for a full work day, five days a week.   The unfortunate reality is that e-bikes are expensive and in extremely high demand – making them a perfect target for criminals. Even if your e-bike is securely locked up and can’t be stolen without specialised tools, expensive components like your battery can be stolen much more easily.   That’s where Velosure Premium bicycle insurance for e-bikes comes in.   Not only will your e-bike be covered while it’s locked up outside your office (or anywhere else in Australia, for that matter), it’ll also be covered for malicious damage – for example, if a thief tries to steal it, fails, and ends up damaging it instead.   If you’re the kind of person who has anywhere from $1,000 to $10,000 readily available without causing too much of a dent in your bank account, then self-insuring is always an option. But life’s unforseen has a tendency to happen when we’re least prepared for it, and any number of unexpected costs or emergencies could pop up and deplete your funds.    At its core, that’s the true value of insurance: being able to carry on with your life with the peace of mind of knowing that if the worst happens, you won’t be left high and dry without your e-bike or the funds to replace or repair it.

Will Home & Contents Insurance Cover my E-Bike?

 Glad you asked, we get asked this question frequently!   Depending on your policy details, your home & contents insurance may cover your e-bike – but make sure you read the fine print so you know exactly what’s covered (and more importantly, what isn’t).   Here are a few questions you can ask your home & contents insurer to get a better idea of how comprehensive your cover is when it comes to your e-bike:  

  • Is my e-bike covered outside the home and in another country?
  • How much will you increase my premium if I claim?
  • Do you cover my e-bike while it’s being transported on my bike rack?
  • Is my e-bike covered while in use during races & events?
  • Is my e-bike covered for accidental & malicious damage?

Our specialist bicycle insurance for e-bikes is designed with cyclists in mind: we’re deeply familiar with how cyclists ride, where they ride, and what kinds of risks they face when they’re out on the roads.    As part of our e-bike insurance offering, we also provide limited cover for permanent injury or death caused directly and solely by a crash while riding your bicycle. We will also pay up to $1,000 for non-medicare medical expenses, including ambulance, physiotherapy and dentistry.

How Much Will it Cost to Cover my E-Bike?

Every cyclist is unique, so we can’t say how much it’ll cost on an individual basis. We calculate your premium based on a number of different factors that include:  

  • Your location (we’ll look at statistics like the crime rate)
  • Your e-bike (it goes without saying that a brand new, top-of-the-range e-bike will be more expensive to cover than a low-end e-bike)
  • The insured value of your e-bike
  • Your age & gender
  • Whether you activate optional cover options, like worldwide travel.

Curious to see how much it’ll cost to cover your e-bike? Click here to get a quote and find out.

What Velosure Premium E-Bike Insurance Covers

Here at Velosure, we love cycling in all its forms and e believe in the power of e-bikes, whether you’re using it to explore further than ever before, commute, or to simply get back in the saddle after a long time off or injury.    This incredible technology is improving all the time and we want to give our riders the confidence to enjoy it to the max.    You should know though; we only cover bikes with pedal-assist up to250 watts and they must have been supplied by the manufacturer as an electric machine. That means no retro-fitted motors or ‘home engineering’.   Here are some of the cover benefits* of Velosure Premium bicycle insurance for e-bikes:

Accidental Damage

Whether you were zipping along a little bit too quickly, or lost traction on a slippery bend, we’ll cover accidental damage to your e-bike.  

Theft From Your Home

E-bikes are valuable machines, so you’ll want to keep it covered in case the worst happens and some lowlife pinches it from the garage or shed while you’re asleep.  

Theft Away From Your Home

Fun, tough and versatile, e-bikes are basically the ultimate utility vehicle. As long as it’s locked with an approved lock or in your line of sight, we’ll cover yours against theft when you’re out running errands.  

Transit Cover

Want to go even further with your e-bike and need to take it on transport? You’re covered while it’s checked in with you for local travel on planes, trains and buses.  

Bicycle Rack Cover

If some careless driver goes into the back of your car while your e-bike is on the rear rack, you shouldn’t have to pay the price. Let us take care of it.  

Racing Cover*

E-bike racing is a growing area of  cycling. If you fancy giving it a try, do so with confidence knowing your machine is covered for timed race events.  

Optional Worldwide Cover Extension

Headed overseas to test your leg (and battery) strength? We will help cover your checked-in bike whilst in transit for 90 consecutive days while you enjoy your turbo-charged tour.  

Personal Accident Cover

We provide limited cover for permanent injury or death caused directly and solely by a crash while riding your bicycle. We will also pay up to $1,000 for non-medicare medical expenses, including ambulance, physiotherapy and dentistry.  

Optional Custom Parts

If you love the technology in your electric-pedal machine, there’s a good chance you like other cycling gadgets too. You can add them to your policy, and they’ll be covered while in use.  

Multi-Bike Discount

We know that one bike is never enough. Add a second bike – electric or otherwise – to qualify for multi-bike discount of 10% on the second bike.   *Benefits subject to terms and conditions, including limits and exclusions of the insurance policy. Professional or sponsored cyclists are not eligible for this policy.   Click here for a super-fast, obligation-free online quote to get your e-bike covered.

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