E-Rideables and Insurance: Bridging the Coverage Gap

Electric bikes (e-bikes), E-skates and E-scooters – collectively known as E-rideables - are surging in popularity, but their unique nature creates a gap in traditional insurance coverage. As an insurance professional, it's crucial to identify and educate your clients who own these types of devices, or who have kids who ride them, about potential risks and available options.

Here's a breakdown of key insurance considerations for owners or e-rideables:

? The Coverage Gap: Standard homeowners and renters insurance typically exclude motorized vehicles. Since e-bikes, for example, have motors, they might be excluded, leaving them vulnerable in case of theft or damage. Review the policies you sell to identify the exclusions that would apply to all types of e-rideables.

? Auto Insurance Exclusion: Like homeowners and renters, auto insurance likely won't cover e-bikes and other e-rideables because they aren't registered vehicles.

? Liability Concerns: Perhaps the biggest risk is liability. If your client injures someone or damages property in an accident, they could be financially responsible. Share ? examples and stories with your clients and encourage them to contact you to discuss options for dealing with e-rideable risks.

Bridging the Insurance Coverage Gap:

There are solutions to help owners of e-rideables achieve peace of mind:

? Endorsements: Some insurers offer an endorsement to a homeowner's policy specifically for e-bikes and other motorized conveyances. This endorsement clarifies coverage for theft, damage, and even liability. Explore options with your insurance carriers so you can make appropriate recommendations.

? Stand-alone Insurance: A growing number of insurers offer dedicated insurance policies for e-bikes, for example. These can be similar to motorcycle insurance, providing comprehensive coverage.

? Umbrella Policy: For clients with existing liability concerns, an umbrella policy can provide additional protection in case an e-rideable accident exceeds the limits of their homeowner's policy. However, be sure you have explained the underlying coverage requirements and retention amounts to your client.

Key Points to Discuss with Clients:

? E-bike Classification: Explain how e-bike classification (motor wattage, speed) can impact insurance options. Higher-powered e-bikes might require more specialized coverage and may not qualify to be covered via an endorsement.

? Riding Habits: Advise clients that coverage can vary depending on where and how they ride. Frequent riders on busy roads might need more comprehensive coverage than casual riders on trails.

? Safety Gear: Encourage the use of helmets and other safety equipment, which can mitigate injuries and potentially influence insurance premiums.

By proactively discussing the risks and insurance gaps associated with e-rideables with your clients, you can ensure they have the proper protection to enjoy their ride without worry. Remember, e-bike and other e-rideable regulations are constantly evolving, so staying updated on insurance options is crucial to delivering exceptional client service.