With the extra motor power to control, common wisdom might suggest that e-bike riders are more likely to be making a claim on their insurance policy should they decide to take one out; but specialist cycling insurers Bikmo have revealed they are cutting their e-bike premiums, because a recent survey found that e-bikers are actually 38% less likely to claim than riders of non-assisted bikes.
Bikmo conducted a survey of over 3,000 riders from the UK, Ireland, Germany and Austria to arrive at these figures, and say a number of factors could be at play when it comes to the much lower rate of insurance claims from e-bike riders. While it might seem that chances of an accident or theft might increase for e-bikers (Dutch police warned older cyclists of the dangers of e-bikes after a spate of deaths back in 2017, for example), Bikmo say e-bikers tend to be more risk averse, and e-bikes are primarily used for commuting. If we assume a large proportion of road cyclists insuring their pride and joy are using their bikes for training rides, that could mean they're more likely to have an accident that could lead to an insurance claim compared to an e-biker commuting at lower speeds, to give one example of the difference.
The findings have led Bikmo to cut their e-bike premiums by 25% "in a bid to encourage widespread uptake of electric assisted riding." They explain:
"Whilst commonplace across the cities and countryside of continental Europe, electric assisted bikes have been slower to catch-on within the UK. However, the tides of change are now in motion and have been accelerated by a wave of new riders discovering their love of bikes during the COVID-19 lockdown. Whether riders want to explore their local roads and trails further, arrive on their daily commute without a sweat, or keep up with a whippet-like partner, e-bikes have huge potential to help more people enjoy life on two wheels."
When it comes to e-bike theft, Bikmo say this isn't necessarily as big an issue as people might think: the survey found that e-bikers were still five times more likely to claim for accidental damage than a stolen bike, with theft ranking as the fourth most common reason for a claim.
The slashed premium prices mean Bikmo customers can now insure an e-bike worth £2,000 from £9 a month, which they say is typically 25% less than a standard road bike of the same value.