E-bikes have redefined the world of cycling. They’ve opened the doors to anyone who wants to break free from congestion and enjoy cycling without worrying about nose-bleed-inducing climbs and arriving at their destination pouring with sweat.
This growing popularity hasn’t gone unnoticed, as it correlates with an increase in e-bike thefts. That’s why insurance isn’t just a smart financial decision; it’s also a step towards securing your peace of mind—and your ride.
It’s official. E-bikes are booming. According to a report by Allied Market Research, the global e-bike market size was valued at $22.32 billion in 2019 and is projected to reach $118.82 billion by 2027, growing at a CAGR of 9.5% from 2020 to 2027.
In the UK alone, it’s estimated that 1 in 20 people own an e-bike. Yes, they are revolutionising our transportation choices. Cycling is no longer the realm of the uber-fit Grand Tour wannabes. Now, anyone with a desire to explore on two wheels can:
- Cut their commute time (and not arrive at work looking like a sweaty heap)
- Reduce their carbon footprint
- Save money on fuel, parking, etc.
- Enjoy better mental and physical health
OK, that all sounds great, but what about that rise in thefts we mentioned earlier?
Why are those pesky e-bike thieves targeting e-bikes?
If you own an e-bike or are thinking about buying one, you don’t need us to tell you how expensive they can be. You could pay a few hundred pounds for several thousand, depending on the type of e-bike you’re after. It’s no wonder the thieves are out in force.
Why?
Well, their popularity means there are more on our roads (and trails). They’re everywhere: commuters, leisure riders, bike hires and delivery riders – providing a veritable smorgasbord of cycling goodness for the organised or opportunist thief.
I’m not worried. My e-bike has GPS tracking
There’s no denying that incorporating IOT (the Internet of Things) has made it easier to keep tabs on your trusty steed, but that doesn’t make your investment bomb-proof.
Let’s say, for argument’s sake, your beloved e-bike is pinched while you’re enjoying a well-earned latte at your favourite café. You’re furious, but then you remember it has GPS. Yes!!! You can contact the police and it can be tracked and located.
But what happens if, when you get it back, it’s damaged or unrideable? Now, you’ll have to fork out and replace your pride and joy (and possibly your mode of transport).
Eek. Now, what do you do? Can you afford to replace it? Probably not, which is why, as an owner, the smart thing to do is protect your investment with suitable e-bike insurance, such as that offered by Laka.
Laka insurance isn’t just for theft
It’s not just theft of your e-bike you need to guard against. There’s also:
- Battery and accessories theft
- Damage and vandalism
- Loss
- Legal assistance
- Travel cover
If you take Laka’s Complete cover, you’ll also receive help getting home in case of theft or an accident.
There is no law requiring insurance for an e-bike. But as we’ve seen, they can be expensive pieces of kit, so it makes sense to insure your investment, just as you would your car or motorbike.
If your electric bike is stolen or damaged, you will have to pay to get riding again if you haven’t done the smart thing and invested in specialist e-bike insurance.
Laka’s 5-star rated electric bike insurance policy covers you against theft, accidental damage, and loss, so you can ride your electric bike carefree.