Do You Need Insurance on an Electric Bike?
February 12, 2024 by Brad Davis, CIC
Are you an e-bike enthusiast cruising the scenic streets of Myrtle Beach, SC? If so, safeguarding your ride with insurance is more than just a good idea—it’s a crucial step towards ensuring a worry-free biking experience around the coast or just about anywhere in the Carolinas.
Some basics about e-bike regulations for the Carolinas.
Most states, including South Carolina and North Carolina regulate e-bikes like regular bicycles. This means that there are no insurance requirements. But laws vary from state to state and as popularity grows, laws could change.
Three classes of e-bikes:
Class one e-bikes only use pedal assistance and have a max speed of 20mph. They are generally considered a bicycle.
Class two e-bikes use pedal assistance and a throttle, which also have a max speed of 20pmh.
Class three e-bikes also use pedal assistance but can go up to 28mph. They generally cannot be ridden on bicycle trails or bike lanes.
Each of these classes are generally 750 watts or less.
*This is general information, and you should speak to a e-bike dealer for the most accurate information or research the types of electric bikes yourself. In addition, some jurisdictions, or areas such as state or federal parks may have specific laws pertaining to electric bikes.
Does Home Insurance cover your e-bike?
The short answer is probably not. There may be a little liability coverage for use strictly on your property. But there are likely (almost certainly) exclusions for use off your property, road use, age restrictions on coverage, etc. So, it is safe to say there is practically no coverage. There are hundreds of insurance companies that provide home insurance products and almost everyone is different – either a different policy altogether or endorsements that change the coverage. In another words, ask your agent about your specific policy or better yet – READ YOUR POLICY.
Most jurisdictions may consider an e-bike the same as a bicycle when it comes to regulations, but most home insurance policies consider them motor vehicles. This is important because most home insurance policies have a motor vehicle exclusion so physical damage and theft is probably not covered.
How much is e-bike insurance?
The average premium for insurance on an e-bike is between $150 – $200 for a year. So, you can get coverage and peace of mind for a cost of about $15 per month.
E-bike insurance is relatively a new product compared to home insurance or auto insurance. It has only been around for a few years. Large insurance providers do have some data on e-bike insurance, but coverages and premiums could change as the products mature.
Also, as more people live in metro areas, we will likely see more e-bikes used for daily commuting. This could change the way insurance companies perceive them as more like automobiles. Time will tell.
*Obviously, there are several factors affecting costs, and your premium could be more or less.
Additional considerations for owning an e-bike in the Myrtle Beach area.
Security in a tourist hub:
Myrtle Beach attracts millions of visitors each year, making it a prime destination for tourists and locals alike. However, with increased foot traffic comes a higher risk of theft and accidents. By investing in insurance for your e-bike, you’re protecting yourself against the unexpected, whether it’s a stolen bike from a crowded tourist spot or a collision with a distracted driver on the bustling streets.
Personal Liability Coverage for boardwalk rides:
Cruising along the iconic Myrtle Beach Boardwalk is a favorite pastime for many e-bike riders. However, crowded pathways and busy intersections increase the likelihood of accidents. With insurance, you’ll have personal liability coverage in case of any mishaps, ensuring that you’re financially protected if you’re found responsible for damages or injuries to others while enjoying your boardwalk rides.
Coverage for customized coastal cruisers:
Many e-bike enthusiasts in Myrtle Beach love to personalize their rides with accessories and modifications tailored to their coastal lifestyle. Whether it’s a beach-themed paint job or upgraded waterproofing for seaside adventures, these additions add value to your e-bike. With insurance, you can extend coverage to include these customizations, ensuring that your uniquely tailored e-bike is protected against theft, damage, or loss.
Conclusion:
Owning an e-bike in Myrtle Beach opens up a world of possibilities for exploration and adventure along the coast. However, it’s essential to protect your investment with insurance tailored to the unique challenges and opportunities of this vibrant coastal city. From safeguarding against coastal hazards and tourist-related risks to providing personal liability coverage for boardwalk rides and customizations, insurance offers comprehensive protection for both you and your e-bike. So, whether you’re cruising down Ocean Boulevard or taking in the sunset along the shore, ride with confidence knowing that you’re covered for whatever Myrtle Beach has in store.
This blog post was written from the perspective of e-bikes owned by individuals/families and for personal use. Electronic bikes that are for commercial use, such as bike-sharing, would need to be insured on a commercial policy and the coverage and premium would be different.
Are you ready to get insurance quotes for your electric bike in South Carolina or North Carolina? Call (843) 213-0000 or visit thinkdavisinsurance.com. Davis Insurance Associates wants to be your Myrtle Beach Independent Insurance Agency!
