Laka the bicycle insurance review

Between June 2021 – July 2022 7,4421 bike thefts were reported in England. The official numbers likely underestimate the actual occurrence due to under-reporting. Laka is a modern, community-based approach to bicycle insurance and I am happy to review it. I share a referral code at the end.

The complementary insurance I had was running out and I was shopping for a good deal. Concurrently, I was moving and the new place didn’t have a lock-secured car park where I could store my Precious – this was a requirement all the insurance policies I found seemed to have. 

I gave up the search and bought accessories that would help the very inconvenient storage inside my small flat. But, I decided to give it my very last try and walked into a bike store in London, and Laka was recommended.

What makes Laka so innovative?

You are not charged a fixed amount. The insurance is paid monthly, based on the value of claims submitted by the members. Sounds dodgy? I know, I was skeptical too. Don’t worry – there is a capped amount that is calculated when you sign up. 80% goes to cover submitted claims and 20% goes to the company. Sounds fair to me.

Here is the breakdown from the my and April bills:

Is Laka prompt with processing claims? 

Thankfully, I didn’t need to submit any claim but the trustpilot rating of 4.6 stars (as of 28/05/2023) provides me with confidence that if a need arises, I will have no issues.

How about customer service?

I exchanged emails to establish if the bike stored in a public space would be covered. There are conditions that must be met (lock grade, immovable object) so please check for yourself but in my instance that would have been possible! I would have to check on the bike every 24 hours and keep it inside the flat if I was going away. In the end, the landlord informed me about a secure place where I am storing the bike but I can vouch that the communication was prompt.

Referral code

Did this Laka the bicycle insurance review make you rethink your current options? You can use this link so we can each earn a £25 credit.