Research has shown that riders of ebikes pose a 38 per cent lower risk – in the financial sense of the word – to insurers than riders of conventional bikes.
The research, which was carried out by cycling insurance provider Bikmo, claims that this is down to 33 per cent of riders primarily using their ebikes for commuting, a figure it sees set to increase. It also believes ebike riders are more risk-averse too.
Because of their high value, ebikes have been generally viewed as being at high risk of theft. However, Bikmo’s numbers don’t bear this out – more than 50 per cent of its claims made by ebike owners were the result of accidental damage, where just the rider was involved (i.e. they crashed).
That’s over five times the number of claims for theft and more than double the figure for damage caused by a third-party or that for personal injury.
Interestingly, Bikmo has recorded zero claims for damage to a third-party caused by its insured ebike riders. That’s despite a perception – largely fuelled by the media – that ebikes are more dangerous than standard bikes.
Cycling UK has also highlighted the lack of evidence suggesting legal ebikes pose any greater risk to pedestrians than the already very low risk posed by non-assisted bicycles.
Bikmo’s research also showed that around 40 per cent of ebike owners had no insurance. A further 45 per cent rely on their home insurance, although Bikmo was keen to highlight that many policies do not cover accidental damage.
Perhaps trying to tempt those riders to buy into specialist cycling insurance, Bikmo has now dropped its insurance premiums for electric bikes by 25 per cent. For a £2,000 ebike, you could expect to pay around £9 per month for a policy that covers theft, vandalism and accidental damage.
Bikmo isn’t the only provider that offers ebike insurance – if you’re looking for a quote to insure your own ebike or a normal bike, check out BikeRadar’s cycle insurance comparison tool to see the cover and premium different insurance companies can offer you.