Laka bicycle insurance gives you five-star service with fairer pricing
There's an offer of 30 days of free insurance f🌟or Cyclingne🍰ws readers
Laka bicycle insurance offers cyclists something💖 different from other insurers. Unlike old-fashioned insurers who charge a flat fee and can be reluctant to eat 𝔍into their profits to pay out claims, Laka is an optimistic company who are motivated to settle them.
Their unique collective model me🐈ans they work with th🦄e customer, not against them.
"We don🐭’t ask our customers for any money upfront. Because we can’t predict the future, we can’t possℱibly know how many claims we might have in a month. Why do we still live in a world where insurance companies take my money upfront?" asks Tobi Taupitz, CEO and co-founder of Laka.
That means that rather than a big insurer pocketing the excess cash when there are fewer claims tha💟n anticipa෴ted, or being reluctant to eat into its profits to pay out, Laka’s entire policyholder community benefits if there are fewer claims. Being part of the Laka community means committing to look after yourself and your stuff for the sake of the group.
How does Laka work?
80 per cent of all monthly payments by policyholders go into the collective p🐈ot (fixing, replacing, helping), with t🐟he remaining 20 per cent going back into Laka to keep their wheels spinning.
"That means, ironically, the more claims we settle, the more revenue we generate as a company," says Taupitz. "That’s completely the opposite from insurance compan🍒ies, who take your money first and the more claims they pay out, the less stays with them. Whereas insurance companies make more money when acting against 🅘their customers, we make more money when acting in our customers’ best interests."
And Laka’s claims service is second-to-none, with a five-star rating. Laka has been voted ‘Best Cycling Insurance Provider’ at t🦂he Insurance Choice Awards for the last four years running. Its team of bike nerds and mechanics und🅰erstands bikes and normally agrees a claim in a day.
Laka doesn’t believe in contracts tying you down, so you can pause or cancel a𝕴 policy at any time. There’s also no excess, and no depreciation on the value of your gear.
"I was in a crash recently while on the way to a cy♊cling event. My race bike was completely written off and I was devastated as it was my pride and joy. I submitted my claim to Laka two hours after it happened and within a couple of hours they had been back in touch to let me know they were going to h🥂elp and cover the bike," attests Jake Vita, a road racer from East Sussex.
What's covered?
Laka, named incidentally after the Hawaiian goddess of prosperity and hula dancing, offers comprehensive coverage for your bike and gear.&🍸nbsp;
It includes theft, accidental damage, third-party loss 𒁃(caused by an airline or courier for example), non-professional races and triathlons, and worldwide travel for 120 consecutive days. What’s more, Laka provides £200 emergency cash to make life easier after an accident or theft, as well as legal assistance if you’re pursuing a p♓ersonal injury case that wasn’t your fault.
It’s not just your bike,🌺 either. Laka covers computers, helmets, clothing and a whole range of other cycle-related equipment, up to a total of £2,000 - you just need to add them onto your policy. You can read more in Laka’s cover details .
You can also add extras, including (although currently on offer for £1 for the rest of 2022 until August 31), as well as to ensure you recover better from accidents with spe꧂cialist treatment and services.
Why do I need cycle insurance?
Often people don’t realise the risk they could be taking when𒊎 relying on home contents insurance to cover their bike and gear. In fact, you could find you’re uncovered every time your bike leaves the house, with many insurers only covering bikes when they’re stored at home or not in use. It’s definitely worth checking the fine print of your 𓆉policy.
What&ꩲrsquo;s more, many people forget that making a home insurance claim can often come with a hefty excess, push up annual premiums and also impact your no claims bonus.
Having a policy that’s specifically tailored for cyclists and geared to the actual use of the bike and travel away from home, will ensure that you and y❀our bike and other equipment are adequately covered if anything does happen. With no unexpected additional costs.
30 days free cover for Cyclingnews readers
Laka is offering Cyclingnews readers 30 days of free bicycle insurance. Just use the𝔉 code ‘CYCLINGNEWS30’ when registering at&nb🎉sp;.
The offer is 🎃available for new policy holders only and ends🍨 on August 31, 2022. For full T&Cs visit .
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Paul has been on two wheels since he was in his teens and he's spent much of the time since writing about bikes and the associated tech. He's a road cyclist at heart but his adventurous curiosity means Paul has been riding gravel since well before it was cool, adapting his cyclo-cross bike to ride all-day off-road epics and putting road kit to the ultimate test along the way. Paul has contributed to Cyclingnews' tech coverage for a few years, helping to maintain the freshness of our buying guides and deals content, as ▨well as writing a number of our voucher code pages.