With a regular gallon of gas crossing the $4 per gallon mark across the U.S., bicycles, electric bikes and mopeds can be a more affordable way to get around.
However, these modes of transportation can be costly and worth insuring. For example, bicycle gear and special components can add up, and the average price of e-bikes ranges from $2,000 to $6,000. What's more, mopeds — which can reach a top speed of 28 to 30 miles per hour — can have even steeper price tags.
Protecting your purchase — and protecting yourself from being held liable for any damages you might cause while riding them — should be on your mind. Here's how to cover your new mode of transportation and your liability.
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Schedule your bicycle on your homeowners or renters insurance policy
Most homeowners and renters insurance policies allow you to add specific items to your policy for coverage against loss, theft and other perils through a process called scheduling. While it does add to the cost of your homeowners or renters insurance, it can be reasonable — typically, the premium adds between 1% and 2% of your item's value to your homeowners or renters insurance cost per year.
This could be a good fit for those with mechanical bikes, as most homeowners insurance and renters insurance policies allow these items via scheduling. Many homeowners or renters insurance policies classify e-bikes as motor vehicles and exclude them from coverage.
However, there are some exceptions. If you're a Lemonade customer with homeowners insurance or renters insurance with a Class 1 or Class 3 e-bike (i.e. those without a throttle), you can add these and any mechanical bikes you own to your policy through scheduling. The extra coverage would help you repair or replace your e-bike or bicycle in a wide variety of scenarios, including accidental damage or theft. This extra coverage also gives you a $0 deductible on any scheduled item claims you need to file.
Lemonade Homeowners Insurance
Cost
Starts at $25/month; can vary by state, age of the home and other factors
Maximum coverage
Not disclosed
App available
Yes
Policy highlights
Policy covers your home and property for damages caused by wildfires, extreme weather, crime, and vandalism. It also covers liability claims for damage you accidentally cause to others
Does not cover
Power, water, or heat going out, or bug infestation; some events may not be eligible for coverage, depending on the circumstances — see here for more information
Terms apply.
Lemonade Renters Insurance
Availability
Lemonade renters insurance is available in 28 states and Washington, D.C.
Coverage limits
Personal property coverage: $250,000, personal liability: $500,000, medical payments: $500,000, loss of use: $200,000
Deductible
$250 to $2,500
Add-ons
Extra coverage for jewelry and other valuables, no-deductible claims, coverage for accidental damage and mysterious loss
Terms apply.
Purchase a standalone bicycle or e-bike insurance policy
Filing a claim on your homeowners insurance or renters insurance policy could lead to higher rates later. For that reason, purchasing a standalone bicycle or e-bike insurance policy separate from your other insurance policies could be a strong option.
These policies can cover your bike, any non-standard accessories you add to it — such as GPS systems and cameras — and upgraded parts. Many of these policies also include coverage for bikes that are in transit via plane or car.
It's possible to get standalone bicycle or e-bike insurance from several insurers. We like that BikeInsure's flat $16.99 price point — or $24.99 with theft protection — covers a wide variety of mechanical bikes as well as Class 3 e-bikes with reimbursement values up to $10,000. Markel is a standout since it includes liability coverage and flexible coverage of e-bikes, even for those with a throttle or the ability to reach speeds of up to 20 miles per hour.
BikeInsure Bicycle Insurance
Types of bikes insured
BikeInsure covers both bicycles and e-bikes.
Coverage limits
$10,000 per bike.
Deductible
$100 for damage, $250 for theft.
Cost
$16.99 per month for standard plan, $24.99 per month for standard protection plus theft coverage.
Markel Bicycle Insurance
Types of bikes insured
Markel covers bicycles, tricycles, tandem bikes, recumbent bikes and e-bikes.
Coverage limits
Bicycle damage coverage: Varies; Bicycle liability protection: Up to $300,000; Vehicle contact protection: Up to $25,000; Medical payments coverage; up to $10,000; Apparel coverage: Up to $500 per loss; Spare parts coverage: Up to $500 per loss.
Deductible
$200 to $500
Cost
Starts at $100 per year
Pros
Cons
- Higher deductible choices than some competitors
How to insure a moped
Mopeds, which have more power than e-bikes but smaller engines than motorcycles, are in a category of their own for insurance purposes. They can't be scheduled on a homeowners insurance policy, but may not be powerful enough to qualify for motorcycle insurance.
If you own or have recently acquired a moped, your state's motor vehicle laws should be your first step in understanding what kind of licensing and insurance is required where you live.
Once you know the requirements, you can start looking for insurance that fits those needs. Liability insurance will protect you from situations where you'd be held responsible for damage to others or their property, while comprehensive or collision coverage would help to repair or replace your moped after an accident.
Pay-per-mile insurance company VOOM offers moped insurance with a low flat rate and an added per-mile rate. You pay less for driving less, making it a strong option for those who ride seasonally.
VOOM Scooter and Moped Inusrance
Progressive's motorcycle insurance starts at $75 per year and covers mopeds and scooters with engines as small as 50cc.
Progressive Motorcycle Insurance
Availability
Progressive offers motorcycle insurance nationwide except in Massachussetts
Types of motorcycles covered
ATVs and UTVs, electric bicycles, scooters, mopeds, dirt bikes, vintage bikes, sport bikes, custom bikes, touring bikes, cruisers, autocycles
Coverage options
Total loss coverage, roadside assistance and trip interruption, carried contents coverage, disappearing deductible, enhanced injury protection
Discounts
Multi-policy, responsible drivers, defensive driver courses, motorcycle license/endorsement discount
Policy highlights
Progressive offers full replacement cost coverage for parts and covers OEM parts standard. Coverage also includes up to $3,000 for safety apparel (like helmets) if damaged in a covered collision.
Pros
- Lower rates than many competitors
- Original equipment manufacturer parts are covered automatically
- Disappearing deductible available
Cons
- Not available in Massachusetts
- Rental reimbursement not available
Bike, e-bike and moped insurance FAQs
How much is bicycle insurance?
If you purchase a standalone bicycle insurance policy, you can expect to pay about $100 per year or more for coverage. If you're scheduling it on your homeowners insurance policy, you'll likely pay 1% to 2% of your bike's value for coverage.
Do you need insurance for an e-bike?
Requirements and laws around motorized vehicle insurance vary by state. But having insurance on your e-bike could help reduce the financial pain if your bike is stolen or damaged accidentally.
What kind of insurance is needed for a moped?
If your moped has a motor larger than 50cc, it's likely that you'll need liability insurance, which can pay for damages you cause to others or their property. If you're financing your moped, you may also be required to keep comprehensive and collision coverage, which pays to repair or replace your moped if it's damaged. Review your state laws to see what amount of coverage is required in your area.
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best car insurance.
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