The policy is an extension of American Modern's motorsports product line that includes motorcycles, ATVs and more, and offers the same coverage.
PRODUCT: Motorsports Program
COMPANIES: American Modern Insurance Company
BEST RATING: A+
AVAILABILITY: Available to appointed agents and brokers only.
FOCUS: The market for electric vehicles—especially e-bikes—has grown exponentially in recent years, largely due to the COVID-19 pandemic. In addition to recreational riders, electric vehicles have become an attractive form of alternative transportation in urban areas where people were hesitant to use public transport.
With the electric vehicle and e-bike insurance market still young, not many carriers provide this type of protection, and agents can further differentiate their agency by offering this product.
COVERAGE DETAILS: American Modern's electric vehicle policy is a natural extension of its motorsports product line that includes motorcycles, ATVs and more, and offers the same coverage.
$1,000 of personal effects coverage for safety apparel, such as helmets and pads, is automatically included, with the option to increase to a limit of $2,500. The policy already includes $1,000 of coverage for “accessories," but the limit can be increased to a maximum of $15,000 if the customer adds aftermarket accessories or upgrades to their bike.
Several other optional coverages, such as medical payments, passenger liability, towing and emergency expense, and travel loss reimbursement, may also be added to the policy.
UNDERWRITING: Rating factors include but are not limited to territory, driver age, marital status, vehicle type, model year, engine size, motorcycle license, and various driver and vehicle discounts. The majority of quotes can be issued without further underwriter approval. However, there are some situations in which an underwriter may need to review prior to issuance.
MINIMUM PREMIUM: One vehicle: $75; two vehicles: $95; three vehicles: $115; four or more vehicles: $135.
TARGET: From recreational riders and families to urban students and commuters, many demographic segments may be interested in this product.
COVERAGE AVAILABILITY: All states except Hawaii, Alaska and North Carolina.
COVERAGE TERRITORY: Across the U.S. Accident coverage extends to Canada.
CONTACT: Agents directly appointed with American Modern should contact their territory sales manager for more information. To inquire about an appointment, click here.
Will Jones is IA editor-in-chief.