Vero Voice Blog
In the year to October 2017, a reported 20,000 e-bikes were imported into New Zealand – 14,000 more than the year before.
E-bikes are increasingly popular and for many Kiwis they are a fantastic way to get around. But many e-bike owners may not have thought about insuring their new bike.
Bicycles are usually insured under Contents insurance policies, but cover for them is often capped. For example, Vero will only pay up to $3,000 for a bicycle, unless it is specified on your insurance schedule.
In the past only the keenest cycling enthusiasts had bikes worth thousands of dollars, so cover limits didn’t affect most people. But with the cheapest e-bikes starting from around $2,000, the number of New Zealanders with a bicycle over their insurance limit is increasing rapidly.
1. Are you covered?
2. Are there any limits on your cover?
There are a couple of things to look out for in your Contents insurance if you’ve bought an e-bike.
One is any limits on how much cover you have – Vero will only cover bikes automatically up to $3,000. If your bicycle is worth more than the limit, you might want to add it separately to your policy as a specified item so you have enough cover to replace it.
3. Update your policy
If you’re buying an e-bike that is worth more than the cover limit in your policy, it's a good idea to add it to your insurance schedule as a ‘specified item’.
4. Adjust your sum insured
Remember that if you’ve just bought a $4,000 e-bike, the overall value of your contents insurance should also go up.
E-bikes are a healthy and environmentally friendly way to get around, and it’s great to see New Zealanders are getting on board.
The information in this article has been compiled from various sources and is intended to be factual information only. Full details of policy terms and conditions are available from Vero Insurance New Zealand Limited or your financial adviser. For advice on product suitability, please contact your financial adviser. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Vero Insurance New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.