Florida Insurer to Offer Electric Bicycle Coverage

A Florida insurance agency has launched a new stand-alone insurance policy designed to cover electric-assisted bicycles.

The Fort Lauderdale-based Velosurance Insurance Agency is offering the policy that will cover bicycles that are primarily pedal-powered, but include an electric motor that provides additional power.

The electric bicycles have become widely popular in Europe and increasingly popular in the United States. The bicycles value can range from $1,000 for an entry-level bicycle upwards to $12,000.

The basic policy covers theft, damage and collision. They also include coverage for spare parts, cycle apparel and rental costs.

Optional coverage’s include liability to cover the rider in cases where they cause an injury or damage to another cyclist, medical payments for medical cost in the event of an injury, and vehicle contact protection for cases where the cyclist is injured due to an accident involving an automobile.

Velosurance is licensed in 35 states across the country.

Markel American Insurance Company is underwriting the policies.