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forum
LAKA bike insurance
Anybody using Laka? Www.laka.co.uk
Popped up on a Facebook advert, seems like a good idea and cheap for the cover.
The jist is that you don't know how much its going to cost each month but has a fixed maximum, then it's based on how many claims there are by members each month.
I just can't find any reviews of actual users online. Anyone signed up or got any thoughts?
If you're new please join in and if you have questions pop them below and the forum regulars will answer as best we can.
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2 comments
Hi there,
I am one of the founders of Laka and you are right - essentially we created a community-based model to traditional insurance. Our members only pay for what is needed in the community.
In January and February that was £0 because none of our customers had a claim. This is also because we are quite strict in who we let in. The insurance is really meant for real cyclists who take care of their gear while having a damn good cover for your bike.
You can find another review by one of our members here: www.themamil.co.uk/post/171122442082/the-new-way-to-insure-your-bike
Happy to answer any questions
Haven't heard of them before.
My initial thought is distrust, but then I'm like that with anything on Facebook.
However, after a quick look at their website, it looks kosher to me and is underwritten by Zurich so I'm now less skeptical.
It's an interesting idea and it seems almost like the customers are being treated like the underwriters (i.e. the customers bear the cost of paying out claims). However as there's a maximum premium, that shouldn't be a problem.
Here's an article that I've found giving some more background on them (they used to be called "Insure a Thing"): https://www.reinsurancene.ws/zurich-backs-fca-sandbox-tested-insurtech-l...
Here's BikeBiz info on them: https://www.bikebiz.com/news/fintech-creates-distruptive-cycle-insurance