Bikmo cuts eBike premiums to boost take-up

Cycling insurer, Bikmo has cut premiums for eBikes by 25% to accelerate market penetration and boost the take-up of electric assisted riding in the UK.

It claims that 40% of e-Bike riders are uninsured, and that 45% access cover through their home insurance policy. Only 15% of riders have a specialist policy.

Bikmo will 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.

The policy covers theft (including away from home), vandalism and accidental damage, as well as the rider’s helmet and accessories as standard.

The insurer says it can afford to cut premiums because its research found that eBike riders make 38% fewer claims than non-assisted riders. The company said it wanted to pass these savings on to customer.

David George, chief executive officer of Bikmo, commented: “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 its non-power-assisted equivalent, riders on an eBike appear to be significantly more risk averse.”

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