eBike insurance policies soar 292% while demographic shifts

If you were looking for further evidence of the seeming unstoppable rise of eBikes then you’ve come to the right place. Cycling insurance specialist Cycleplan has seen eBike insurance policies rise 292% between 2019 and 2022, with evidence of a significant demographic shift. Paul Williams, CEO of Cycleplan parent company Ripe, shares his views…

With the release of Netflix’s ‘Unchained’ and the Tour de France reaching its climax, cycling is re-entering the mainstream consciousness.

Encouragingly, too, it seems that Brits are not just passive viewers. Previous studies have highlighted the positive impact the Tour has on nationwide cycling participation, so it’s likely we’ll see a familiar uptick in the number of people getting out on two wheels this summer. But, although the stereotypical image of the ‘Middle-Aged Man in Lycra’ (MAMIL) may spring to mind, a gear change is afoot.

Average age on the rise

The last few years have seen a demonstrable shift in the demographic of UK cyclists, due in part to the growing popularity of e-bikes. Our data shows that between 2019 and 2022, electric bike insurance policies soared by 292%, and eBikes now account for nearly half of Cycleplan’s new policy sales.

EBikes are helping to empower older people to take up cycling and enjoy the benefits of assisted exercise. The average age of a Cycleplan policyholder has increased by seven years in 12 months alone, from 41 in 2022 to 48 in 2023. In fact, a huge 70% of new customers are now aged over 40, up from 49% of new customers in May 2022.

Our recent survey of 1,000 UK adults also found that 45% would feel more comfortable commuting to work or making short journeys by eBike than by traditional bicycle. This increases to 62% amongst the 45+ age group. Notably, respondents highlighted ease-of-use and the lower fitness level required to ride an eBike as central reasons for this.

Women are buying into eBikes

In addition to cycling becoming more age-inclusive, our analysis shows that women are buying more eBikes than men relatively across all bike types. EBike ownership may still be overwhelmingly male – men represent over 67% of e-bike policyholders in our customer base – but there are signs that the MAMIL typecast could be on the wane.

Cost and security concerns

Of course, there is another central issue here: cost. On the whole, eBikes are more expensive than traditional cycles and this is reflected in the average value of insured bikes increasing by 51% since 2022.

This higher price point inevitably creates a barrier to purchase for many, making eBikes less accessible than many other forms of micro-mobility. But active travel is beneficial to society in many ways, such as helping ease congestion on UK roads and improving physical and mental health. Our research shows that three-quarters of cyclists report a boost to their mental health after a ride.

So, as the cost-of-living crisis deepens, it seems that democratisation of e-bike use and/or ownership will only be possible through continued government support. Loan schemes such as “Cycling Made e-asy”, which launched last year with £8m in Department for Transport funding, are a great start but need to be considered on a long-term basis. Only then will we see the real change in cyclists’ demographic, and ultimately our day-to-day travel habits – take root.