The insurance cover recognises the advanced safety features of connected e-bikes, mitigating the risk of theft and increasing the chances of bike retrieval.
Comodule’s IoT comes with several anti-theft features including vehicle tracking and in-app notifications that are triggered if the vehicle is moved without permission.
“Theft is the number one reason stopping people from buying e-bikes,” Comodule Co-Founder and CEO Teet Praks told Zag Daily.
“Having affordable insurance provides e-bike owners additional peace of mind that whatever happens, they are covered.
“Lower insurance rates on top of bike tracking, smart locks and movement alerts enabled by IoT is a strong selling argument for e-cyclists whose main concern is safety, but also for pedal cyclists who are still doubting whether to invest in an e-bike.”
According to Comodule, the firm’s average recovery rate of stolen e-bikes is between 70% and 80%. “Connectivity enables immediate reaction to theft. Just last week, one of our customers managed to retrieve a stolen bike in Paris in a matter of hours,” said Praks.
A Comodule survey conducted in June 2022 with 400 e-bike riders showed that, in 73% of cases, insurance is bought together with the vehicle in Germany.
The CEO says yearly savings on insuring a connected e-bike worth €2,800 would be around €35. “If some bike brands are still hesitant about how much IoT adds value to their riders, it’s an easy calculation: savings from lower insurance rates will cover the cost of IoT in a few years.”