Statistics NZ estimates that 40,000 Kiwis now own e-bikes, and with their popularity on the rise and topping many Christmas wish lists, e-bike owners need to be aware that some contents policies may not cover their bike or may require the bike to be noted as a specified item.
E-bikes may be thought of as resembling pushbikes, but many insurance companies see them differently. Part of this is due to the way NZTA treat them as any machine more powerful than 300W is a ‘motorcycle’ by NZTA regulations. This causes variations in policy responses and some insurers may limit or exclude cover for loss, damage or third- party liability. From the insurer’s perspective, it appears e-bikes are an unknown risk and until they have an accurate picture of that risk, insurers tend to act conservatively.
Whilst there are no e-bike specific policies on the market now, it is a good time to consult with us if you own an e-bike so you can be fully aware of what coverage your policy does offer.