Recent market research conducted by Multiscope has revealed a significant surge in the number of electric bike owners choosing to insure their vehicles. With more than 5,500 participants from the Netherlands taking part in the study, it was found that insurance policies for e-bikes were valued at €621 million in 2023 — a staggering €71 million increase compared to the previous year.
The researchers indicated that approximately 62 percent of all e-bike owners opted for insurance, paying an average monthly premium of €14, which remained unchanged from the previous year. Interestingly, one of the main motivations cited by participants for obtaining insurance was the growing concern regarding theft, with 6 percent reporting prior incidents of bicycle theft.
The study also explored insurance preferences across different types of electric bikes. Electric hybrid bike owners were found to be the most likely to insure their vehicles, with two out of three owners choosing to do so. Furthermore, individuals with fatbikes paid the highest average monthly insurance premiums, amounting to €23. However, due to the heightened risk of theft associated with fat-tire bikes, major insurers such as ANWB and Univé have ceased offering insurance coverage for these models.
Nevertheless, despite no longer insuring fatbikes, the ANWB emerged as the leader in providing insurance policies for e-bikes, covering a significant 35 percent of the market. ENRA and Kingpolis claimed 15 percent and 12 percent of the market share, respectively. What’s fascinating is that half of all insurance policies are now purchased online, highlighting the growing digitalization of the insurance industry.
The increasing number of e-bike owners opting for insurance reflects the changing trends and rising popularity of electric bikes. With concerns about theft and the economic value of these vehicles, it comes as no surprise that individuals are seeking financial protection through insurance. As the market continues to evolve, it will be interesting to observe how insurance providers adapt to meet the unique needs of electric bike owners.
The surge in the number of electric bike owners choosing to insure their vehicles reflects the changing trends and rising popularity of electric bikes in the market. The electric bike industry has been experiencing significant growth in recent years, driven by factors such as increasing environmental consciousness, rising fuel costs, and advancements in technology.
According to market forecasts, the global electric bike market is expected to reach a value of $38.6 billion by 2025, growing at a compound annual growth rate (CAGR) of 9.1% during the forecast period. Europe is projected to hold a significant share of the market, driven by countries like the Netherlands, Germany, and Belgium, where electric bikes have become a popular mode of transportation.
One of the main issues related to the electric bike industry is the risk of theft. Electric bikes are attractive targets for thieves due to their high resale value and the ease with which they can be stolen. This concern has led many e-bike owners to opt for insurance coverage as a means of protecting their investment. The increase in insurance policies for e-bikes reflects the growing awareness of this issue among consumers.
Major insurers in the industry, such as ANWB and Univé, have had to make adjustments in their coverage offerings due to the specific risks associated with certain types of electric bikes. For example, fat-tire bikes, known for their off-road capabilities, pose a higher risk of theft. As a result, insurance coverage for these models has been halted by some insurers. This highlights the need for insurance providers to adapt and tailor their offerings to meet the unique needs of electric bike owners.
The digitalization of the insurance industry has also played a significant role in the increasing number of e-bike owners purchasing insurance online. With the convenience and accessibility of online platforms, half of all insurance policies for electric bikes are now being bought digitally. Insurance providers have recognized the shift towards digital channels and have been investing in online capabilities to cater to this growing market.
Overall, the market research conducted by Multiscope sheds light on the evolving landscape of the electric bike industry and the insurance market for these vehicles. As the market continues to expand, insurance providers will need to stay abreast of the changing consumer needs and preferences to effectively cater to the growing number of electric bike owners seeking insurance coverage.
Sources:
– Multiscope
– PR Newswire
– The Guardian
– EABSI