Major insurance company says it will no longer provide coverage for a common type of vehicle — here’s the big problem

Major insurance company says it will no longer provide coverage for a common type of vehicle — here’s the big problem

• E-bike riders in the bike capital of the world appear to be getting taken for a ride by a major insurance company.
• Electrek reports that The Royal Dutch Touring Club (ANWB), the Netherlands’ largest cycling association, will no longer insure fat tire bikes due to their inordinately high chance of theft.

What’s happening?

• ...Electrek reports that the ANWB said, “In Amsterdam, the chance of your fat bike being stolen is 90%.” 
• The ANWB says damages on these bikes...have risen to 800 percent of the premiums. 

To stop insurance from skyrocketing, ANWB decided to stop insuring them.
Why is this concerning?...