We love electric bikes here at IE mag in fact the Editor rides one every week. Great way to commute to the office, do some light shopping and get assisted up those steep hills. Many electric bikes can cost over £1000 and are attractive to thieves, so it makes sense to get insurance. Then there’s the tricky matter of liability if you collide with a pedestrian, even if said pedestrian is wearing earbuds and not looking before stepping into traffic. So, good news from Bikmo for bikers;
The specialist cycling insurer, Bikmo has today announced that it will cut premiums for eBikes by 25% in a bid to encourage widespread uptake of electric assisted riding. Encouraging the rest of the insurance industry to follow suit, data from its 3,000 rider wide survey shows lower premiums for eBike riders don’t have to come at a cost to insurers with riders on an eBike actually 38% lower risk than non-assisted riders.
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, eBikes have huge potential to help more people enjoy life on two wheels.
Believing that electric bikes will play a central role in the future of cycling, and wanting to lead the insurance sector in support for e-riders, Bikmo have decided to dramatically cut premiums for eBikes by 25% across the board.
Bikmo customers can now insure a £2,000 eBike in the UK from around £9 per month, which is typically 25% less than a non-assisted road bike of the same value. This covers theft (even away from home), vandalism and accidental damage, as well as the rider’s helmet and accessories as standard. Understanding that around 90% of eBike riders own at least one other bike, Bikmo also offer the opportunity to cover the whole household’s bikes under one policy – backed up by a 4.6/5 Feefo rating thanks to their industry leading customer experience.
New research from the specialist cycling insurer shows that lower premiums for eBike riders don’t have to come at a cost to insurers. A survey of over 3,000 riders in the UK, Ireland, Germany and Austria – conducted by Bikmo and distributed by British Cycling among other partners – showed that 38% fewer insurance claims arose from riders on e-bikes compared with traditional bikes.
Bikmo believes the significant difference in claim levels between electric and non-electric bikes is down to a number of factors. Two of the most prominent being the type of use, with 33% of respondents using eBikes primarily for commuting, and a belief that electric assisted riders typically act more risk averse.
Whilst fear of theft is often cited as a deterrent against buying an eBike, Bikmo’s research also showed that eBikers are in-fact five times more likely to claim for accidental damage than theft, with theft ranking the fourth most common cause of claim. Though that may tempt some to risk riding without cover, it is worth pointing out that the cost of damage can often extend to almost the full price of a new bike.
The top cause of claims proved even more interesting when the results showed that 45% of respondents cover their bikes on their home policy and a further 40% didn’t have any coverage at all. Given the average price of an e-bike in the UK exceeds £2000, a staggering 85% of respondents could be left without cover for accidental damage as many home policies won’t include this as standard.
David George, CEO of Bikmo said: ‘The team here at Bikmo are hugely proud to announce a 25% cut on our electric bike premiums. Believing firmly that eBikes play a central role in the future of cycling, we want to lead the way in encouraging more people to discover the many benefits they offer.
Our research shows that offering eBike riders lower premiums doesn’t have to be solely a philanthropic decision for insurers. Whilst the average cost of an eBike is higher than it’s non power-assisted equivalent, riders on an eBike appear to be significantly more risk averse. As a company made up of cyclists and with a strong belief in ethical capitalism, we want to stand out from the crowd and pass these savings on to our members in the form of a lower premium.’
For more information on Bikmo and its range of insurance cover for cyclists visit: https://bikmo.com/
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