Using an electric bicycle is a smart way to move around considering the amount of pollution and gridlock that you will find in most big cities today. However, e-bikes can be very expensive. An electric
bicycle costs up to 10 times as much as a non-electric bicycle. Also, just like cars, the market value of electric bicycles can depreciate very quickly. Therefore, it is a good decision to take out an investment plan to protect the money you’ve put into acquiring your e-bike. There are specially designed e-bike insurance packages that you can sign up for.
Electric bicycle insurance can cover damage, failure or theft of the different parts of your e-bike. Take note that insurers may require your electric bicycle to fit certain criteria for things like power and speed before you can sign up to their insurance plan.
It is important to remember with getting an e-bike insurance that it does not always pay to choose the company that offers the lowest premium. This is because paying a little more could entitle you to more beneficial insurance features from the same insurer or a different one which would make more sense in the long run.
Most of the same tips that are recommended when you want to cut down your auto and motorcycle insurance also apply to e-bike insurance. For example, you are likely to get a better deal if you pay upfront than if you split it into monthly installments.
A good way to reduce the amount that you end up paying for your electronic bicycle insurance is not to go for the most expensive e-bike. The amount that you will pay to insure an e-bike with a powerful motor would be more than the amount you will be required to pay for a less expensive e-bike. This does not mean that you have to compromise on the quality of the electric bicycle that you choose to purchase. If the e-bike that suits your need is a bit costly, do not hesitate to get for it as long as you can afford it. It is a wiser financial decision to buy the type of e-bike you need and get insurance for it than going for something way cheaper than you may not suit your needs and you may need to replace after a short time.
With that said, remember that modifications to the e-bike to improve its appearance or performance may increase the cost of insuring it. This is because the insurance covers every part of the vehicle, and if the new additions are expensive, their cost will be counted accordingly.
Just like with motorcycles, you can cut your insurance cost by limiting the mileage of your electric bicycles. Insurance providers usually consider your mileage when calculating your total insurance risk.
Also, you need to prove to your insurance provider that you have taken measures to protect the security of your electric bicycle by putting an alarm on it and parking it in a secured location. This could lower the price you are required pay to insure it.