Insuring your e-bike

Insuring your e-bike

Well, I did it. Having heard from my clients about how much they loved their e-bikes I bit the bullet and purchased my commuter e-bike.  The plan is to use it to commute to my lectures in Hamilton (1 1/4 hours ride each way).  I got one ride in, then the weather was foul, then we got locked down.  But I still love my bike (but still ride my non e-bikes as well).

So I thought it was important to understand about  whether my fire and general insurance policy covered my e-bike. 

E-bikes aren't cheap, but are easy to steal.  The AA reports that more than $1 million of bikes have been stolen in the last year, with $225,000 of these being e-bikes.  Because they are valuable and left in the open, they are a great target for thieves, they even use bolt-cutters to cut your lock.  They then go and buy a charger online or from a bike store and flog them off on Trade-Me or elsewhere.

Because of the global supply chain issues it is hard to find an e-bike to replace one when it has been stolen.  Thieves are stealing from your private property, from your garage if the garage door is left open, there is a great market for e-bikes on the second hand market. Easy money.

Because of the value and portability of your e-bike it is likely to need to be a specified item on your insurance policy. Some policies are only replaced new for old up to a certain age.  But remember, you may only get the current (depreciated) market value for your e-bike, best practice is to get a rugged robust D Lock, or one with a wire running through it.  

Radio New Zealand - Warnings of insurance changes as e-bike thefts 'skyrocket'
NZ Herald - Cost of stolen e-bike insurance claims almost doubles in a year.


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