Bike Insurance

Awesome thanks!

Found this on google reviews

Tom McManus
2 reviews
5 days ago
Fantastic value and fantastic concept. I had my bike stolen last Monday and Laka was incredibly efficient at getting everything sorted for me. Great customer service and an incredibly refreshing insurance experience! Would strongly recommend to all cyclists!

-edit, use the code of @Cazakstan

https://get.laka.uk/96WM4

I have too much in there, only one bike and was supposed to be leaving.

I have a referral code too ^

I just insured my team bike (Laka sponsor NLTCBMBC).

If peeps are thinking about insurance for racing, commuting, accidental damage and theft..
They also offer third party liability.

Use my referal for a £25 credit. It gets me a £25 credit too so I will owe you a beer!

https://laka.co.uk/r/XXXXXXXXXXXXX!

Hi Guys, I am looking for some good insurance for bike, can you recommend some?
I found this company and it looks appealing but I would like to know does anyone have that insurance and if does..what your opinion?

https://pedalcover.co.uk/get-insurance-cover/home-bike-insurance/

can't offer any experience relating to pedalcover but i've been on bikmo for a couple of years and found it pretty decent. it also covers stuff for any touring trips. they were very good when a bike was nicked a couple of years ago.

if you decide to go with them drop me a note and i can send you a referral thingy that will earn us some vouchers.

Thanks a lot @pizzarat for shareing! ..and sure..if I decide to go with bikmo, I will let you know

you owe me a beer

Nice1.

Pm me what type of beer you like and I can deliver one to you.

You are in London?
:D

So Laka bike insurance is tried and tested now (unfortunately!!). Two of my friends have had issues resolved very quickly. One attempted theft with handlebars taken and bike written off due to thiefs damaging the carbon frame. The other a whole bike theft. Both times Laka were straight on it once claims were raised and two new bikes were delivered asap.

Insuring £5000 worth of bikes for me is coming in under £14 a month on average (here is the expalnation of how it works: http://help.laka.co.uk/billing/how-we-ca­lculate-your-share)

They cover racing as standard which isn't the case for many insurers. You also get free liability insurance.

If you sign up via my referral link we'll both £25 off cover https://get.laka.uk/96WM4.

And as per John, I'll owe you a beer!

All good, consider it a gift from the spirit of the forum

Does anyone know anything about insuring a fancy rental bike on the continent?

Laka users - how often are you paying the base rate, and how often are you paying the capped rate?

I like the idea of the model but I will like it less so if I’m paying the capped rate eight months out of 12.

Laka users - how often are you paying the base rate, and how often are you paying the capped rate?

I like the idea of the model but I will like it less so if I’m paying the capped rate eight months out of 12

Early days for me, but I have paid close to the maximum in my first two months as they have had a lot of claims. I think this is going to be their problem long term and it isn't going to be particularly cheap, which, I think, is their main USP. I hope I am wrong though.

Hey, we are quite transparent about his and you can read all about it here: [https://laka.co.uk/en/article/how-we-calculate-your-quote-gcutxs/]

Over a 12 months period expect to be around 55% of the cap. In Summer of course there are a few claims more (particularly May with 2 bank holiday weekends). In 18 months of trading we went only once over the 80% mark.

All the best, Tobi
Co-founder of Laka

The data you've linked to includes figures for 6 months - May of course is the one that went over 80%.
Since those 4 of those 6 months are probably likely to see the lowest claims due to winter, would it not be fair to assume that the quotes will increase as more data is added and until 12 months of data exists?
And therefore that people who have taken out policies in the last few months will probably see on average a higher charge than they expect to?

(full disclosure, am one of those who has taken out a policy in the last few months, and my first two months were 85% and 100% of cap)

Hi, we are showing only 6 months of data as it is easier on the eye but have been going for 18 months now. In the past 18 months our average is at around 55% and have only 3 months with > 70% (the peak months including May '19). Given the monthly renewing policies there should be little risk for you.

We are further working on splitting up the Laka Community into, say, a new joiner and silver pool. In the latter we will bring the cap down and more. This is in the making and we're aiming to share more by the end of this quarter. Stay tuned - we hope :-)

Thanks for the reply.
Fair enough, however i think showing just those 6 months is at least slightly misleading. It would also be interesting to see the trend over a full 12 months.

New developments sound interesting...

We have nothing to hide :-) see below / attached the 12 months data (avg. 54.9%). The "wild swings" should be less and less as the Community grows and we review carefully who is joining the platform. If you have any suggestions on making the experience better I'm always keen on feedback: tobi@laka.co.uk

1 Attachment

Interesting that November was so high.
Also, on claims, do you have statistics on claims of theft vs. damage by crash etc?

We had an unusual warm November last year. At the same time one large claim could have made all the difference in a young company. This should not happen again was we have grown quite strongly over the recent months.

We do share the theft / damage statistics in our billing e-mails. Are you a customer already? In that case you will find a detailed break down in the last statement. In any case, the vast majority of claims are for damage of either bike or accessories.

We had an unusual warm November last year. At the same time one large claim could have made all the difference in a young company. This should not happen again was we have grown quite strongly over the recent months.

This makes sense and can see how the effect of that would reduce as you grow

Yes, am a customer, must have missed that statistic.

THanks

Great to have you onboard :-)

Since you're on here a question - and sorry if already covered, but if my bikes are in an asgard shed are they covered without being locked to a ground anchor inside it? Thanks!

I've paid full price once. generally hovered between about half and three quarters.

I'm probably also guilty of costs going up as I've had to make a claim, but the entire process was extremely painless and I was very impressed.

As someone who's never bothered with insurance for anything I now couldn't imagine not doing it for my bikes.

Hey, yes that works for us as we consider them secure. We are looking to offer discounts later this year for extra security like a ground anchor etc.

It's all about making it difficult for thieves. Less claims mean lower premiums for the Laka Community :-)