E-bike insurance gaps pose challenges for riders and insurers

A GlobalData survey revealed that over half of e-scooter owners have not purchased or renewed insurance policies due to gaps in coverage. This lack of comprehensive, well-informed coverage stems from outdated licensing laws and safety standards not keeping pace with the rapid growth of e-bike/scooter use, leaving consumers hesitant to buy insurance.

In the UK, 54.8% of e-scooter owners did not renew insurance in the past year, likely due to policies not covering all desired aspects. Consumers want coverage for injuries, damage to themselves and others, and property. The gaps in insurance policies, influenced by data limitations, contribute to consumer reluctance to purchase or renew.

Concerns over road safety and insurance claims arise from the majority of cyclist collisions involving motor vehicles. The lack of differentiation between e-bikes/scooters and standard bicycles in accident reports leads to uncovered losses. Insurers emphasize the need for improved incident data collection to better assess risk and develop comprehensive coverage solutions for the growing e-bike market.

The rise in e-bike usage underscores the need for insurers to address data gaps hindering effective risk assessment and policy development. By investing in data collection partnerships and obtaining better insights, insurers can offer more comprehensive coverage solutions to consumers. Insurers face the challenge of adapting to the evolving e-bike market to ensure consumer safety and satisfaction.

Read more at Yahoo Finance: E-bike/scooter surge highlights gaps in regulation and insurance