Answered Insurance

[jamied]

I've just called my house insurance to up the limit of the policy and they will only cover a single bike up to £1500 which is no where near enough and they will not go any higher. Does anyone have recommendations for bike insurance in the UK that is not a silly price? I'm really only looking for theft protection. Thanks

 

[Tobi_Laka]

Unfortunately Laka doesn't cover eBikes in Northern Ireland. Because the law says they are "moped".
We are a backward lot in NI.

@Pottsy - we're sorry for not being able to provide insurance cover. Due to the license plate requirements the product shifts more to the "motor (bike)" space and raises a range of challenging regulatory questions. We have it on our list of things to work through though.

 

[Pottsy]

Unfortunately Laka doesn't cover eBikes in Northern Ireland. Because the law says they are "moped".
We are a backward lot in NI.

@Pottsy - we're sorry for not being able to provide insurance cover. Due to the license plate requirements the product shifts more to the "motor (bike)" space and raises a range of challenging regulatory questions. We have it on our list of things to work through though.

Thanks Tobi. I don't think u will be able to sort it out until our politicians update the legislation.

 

[Theolegit]

Just thought you would all like to know, got my Laka insurance bill for this month this am, what did it cost for nearly £6000 of bike and accessory insurance??? £0.

 

[Rob Rides EMTB]

Just thought you would all like to know, got my Laka insurance bill for this month this am, what did it cost for nearly £6000 of bike and accessory insurance??? £0.

Excellent ?

 

[Tobi_Laka]

Just thought you would all like to know, got my Laka insurance bill for this month this am, what did it cost for nearly £6000 of bike and accessory insurance??? £0.

Thanks for sharing your experience with this group. To be fair and transparent, I should note that we actually settled claims this month and split these costs across our cyclists. Your bill this month was less than the £25 free credit we offer our new customers as part of a promotion. There will be months where we need to charge you a share, however, we are confident to beat traditional insurers by a mile.

Year to date, our customers have saved £47.15 on average (based on a £2,200 bike). If all of our carefully selected customers continue to take good care, the savings continue. Give us a try and secure your £25 free credit (automatically added to your account for sign-ups in May)

 

[Doomanic]

@Tobi_Laka what cover is offered? Is it new for old or is there a wear and tear element?
What happens if the model of stolen bike is no longer available for replacement?

 

[Tobi_Laka]

@Tobi_Laka what cover is offered? Is it new for old or is there a wear and tear element?
What happens if the model of stolen bike is no longer available for replacement?

We do cover theft, damage and loss at the moment (but will extend that over time). There is no excess or depreciation of the bike value. You can revisit the value of the bike each month and either increase or decrease it (if you want) - you will be charged on that basis.

In case of a theft we would reimburse you up to the value you have indicated at on-boarding. If the bike is no longer available for replacement we would settle in cash. I don't see a point in "forcing" a specific brand on you because it's convenient for me (as the supplier).

We offer monthly automatically renewing policies, meaning you can leave us if you don't like the experience!

 

[Moonballs]

Hi @Tobi_Laka I am in the market for bike insurance and have started reading about yourselves.

I plan to primarily carry two ebikes and sometimes a third on a thule tow bar mounted carrier.

The carrier locks to the towbar with a integrated lock.
The bikes themselves when mounted lock with integrated locks to the carrier.

You specify that a Sold Secure Gold lock would be needed to lock them down. Would you not consider integrated carrier locks to be secure enough?

If not i would require a long chain to get round 3 bikes then down to the tow bar in order to use the specified locks. Are there requirements for the chain also?

 

[Tobi_Laka]

Hi @Moonballs, we have just done some research and it appears to be recommended to still lock the bikes securely to the rack. I'm afraid we would need to ask to have the bikes locked with any Sold Secure rated Gold lock/chain to the rack.

Sorry for the hassle but we aim to keep the Laka Community safe and as such can offer great savings to our customers.

Just for info, we do offer multi-bike discounts which makes this hopefully slightly less painful

Thanks, Tobi

 

[Moonballs]

Thanks @Tobi_Laka ,

I edited my post a fair bit and i think you read the pre-edit. Can you answer regarding the chain.

 

[Tobi_Laka]

Hi @Moonballs, we're working with one of the large insurance companies to guarantee the personal cap (Zurich insurance). Unfortunately we have little wiggle room around the "Sold Secure Gold Lock" requirement. We have put the review of bike racks on our list to see how we can become more flexible.

The lock usually comes with a secure chain. Examples for lock + chain can be found here: e.g. The best chain lock | The Best Bike Lock

I'd be happy to throw in £25 in free credits against your first bill(s) to soothe the pain I'm putting you through with this

 

[Allysnell]

Hi tobi just signed up with you guys but no mention of £25 voucher? I presume the bill will vary each month and won't be the £46 per month cap?

 

[Tobi_Laka]

@Allysnell - this has been sorted and is now applied to your cover. You will receive a monthly bill, clearly stating the credits you have with us. We're going to add this to your dashboard, too (where we store your policy schedule and wording, just after logging in to our cap).

You will also see your personal referral code. If someone signs up with that link, you will get credited with another £25.

If anyone else is keen to receive a welcome credit, please reach out

 

[Allysnell]

@Allysnell - this has been sorted and is now applied to your cover. You will receive a monthly bill, clearly stating the credits you have with us. We're going to add this to your dashboard, too (where we store your policy schedule and wording, just after logging in to our cap).

You will also see your personal referral code. If someone signs up with that link, you will get credited with another £25.

If anyone else is keen to receive a welcome credit, please reach out

Cheers tobi??

 

[Pottsy]

Tobi
Do you provide ebike insurance in Northern Ireland yet?

Ta
Pottsy

 

[Tobi_Laka]

Hi @Pottsy, I'm afraid no update yet as we are still exploring if and how we can get around NI's rules on e-bikes. Sorry to have no better news at the moment.

 

[Pottsy]

Hi @Pottsy, I'm afraid no update yet as we are still exploring if and how we can get around NI's rules on e-bikes. Sorry to have no better news at the moment.

Thanks. Keep working on it.

 

[Swissrob]

A pity this is not available in Switzerland although I did get bike cover through house insurance for Chf6000 @ Chf150 per year. Tobi it might be worth contacting Home they have 1100 members in Zurich to make a start up worthwhile.

 

[Tobi_Laka]

Thanks for the pointer @Swissrob - I've put them on our list for leads. Interestingly we see good interest from Switzerland which could be a great market for us

 

[meyeal]

@Allysnell - this has been sorted and is now applied to your cover. You will receive a monthly bill, clearly stating the credits you have with us. We're going to add this to your dashboard, too (where we store your policy schedule and wording, just after logging in to our cap).

You will also see your personal referral code. If someone signs up with that link, you will get credited with another £25.

If anyone else is keen to receive a welcome credit, please reach out

Hi @Tobi_Laka, I'd appreciate a welcome credit if they're still available please. I'm just about to step into the emtb membership world.

Thanks very much

 

[Tobi_Laka]

Hi @Tobi_Laka, I'd appreciate a welcome credit if they're still available please. I'm just about to step into the emtb membership world.

Thanks very much

Hi @meyeal, great to hear. We look forward to welcoming you to the Laka Community. We have currently a promotion in place. Please use the following link for £25 in free credit (or let me know when you took out cover and we'll add it on our end): Laka - Bicycle insurance powered by you

Thanks, Tobi

 

[Tobi_Laka]

Hi all, just reporting back that we are going to roll out 3rd-party liability cover for cyclists free of charge this Friday. You don't even need to cover your bikes with us. One of many more perks to come as part of the Laka Club.

You can sign-up here for early access: Laka Club - Curated perks that cyclists need and love

 

[Kernow]

Just thought you would all like to know, got my Laka insurance bill for this month this am, what did it cost for nearly £6000 of bike and accessory insurance??? £0.

Interesting , whats the yearly premium ? Mate is looking at cover and we’re trying to compare but it’s not easy Pedalcover is giving me up 75k of cover at home and 12 k when the bikes are away in use in the van or abroad even if used for racing and I don’t have to name all the bikes as individual items .
Tobi is there a calculator for amount covered etc , or is it based on an individual quote with postcode ?

 

[Tobi_Laka]

Interesting , whats the yearly premium ? Mate is looking at cover and we’re trying to compare but it’s not easy Pedalcover is giving me up 75k of cover at home and 12 k when the bikes are away in use in the van or abroad even if used for racing and I don’t have to name all the bikes as individual items .

@Kernow you are welcome to check out our website for a quote. This will be heavily dependent on the actual bike value and number of bikes (we do offer multi-bike discounts): Laka - Bicycle insurance powered by you

In our model, we charge at the end of the month, once we know how many claims happened. We have now 11 months of data at our disposal and can show a much more robust view on how much customers pay with us on average: How we calculate your quote

 

[Kernow]

@Kernow you are welcome to check out our website for a quote. This will be heavily dependent on the actual bike value and number of bikes (we do offer multi-bike discounts): Laka - Bicycle insurance powered by you

In our model, we charge at the end of the month, once we know how many claims happened. We have now 11 months of data at our disposal and can show a much more robust view on how much customers pay with us on average: How we calculate your quote

Thanks ,we did a quote adding in 5 bikes , impressed how it didn’t add up massively after the first one . For me with the home insurance combined with pedalcover Iam paying less than £100 a year for the bike cover plus it’s covering everything outside my home inc tools etc , so I would be a fool not to stick with that , but if I only wanted bike cover , Laka is certainly much better than other bike quotes I had before

 

[RobNevyn]

@Tobi_Laka you wouldn't happen to be looking at the Australian market would you?

 

[Tobi_Laka]

Thanks ,we did a quote adding in 5 bikes , impressed how it didn’t add up massively after the first one . For me with the home insurance combined with pedalcover Iam paying less than £100 a year for the bike cover plus it’s covering everything outside my home inc tools etc , so I would be a fool not to stick with that , but if I only wanted bike cover , Laka is certainly much better than other bike quotes I had before

Thanks for the kind words! Please keep an eye on the Laka Club offerings. Whilst we are rolling out free third-party liability cover today, we will roll-out other perks, to customers and non-customers alike, on a weekly basis: Laka Club - Curated perks that cyclists need and love

 

[Tobi_Laka]

@Tobi_Laka you wouldn't happen to be looking at the Australian market would?

@RobNevyn we are certainly looking at Australia and are actually in the process of launching in South-East Asia in Q1 next year. We'd love to pick your brain at some point to understand the Australian market better if we may?

 

[RobNevyn]

@RobNevyn we are certainly looking at Australia and are actually in the process of launching in South-East Asia in Q1 next year. We'd love to pick your brain at some point to understand the Australian market better if we may?

For sure, no problem.

 

[Pottsy]

@Tobi_Laka you wouldn't happen to be looking at the Australian market would?

@RobNevyn we are certainly looking at Australia and are actually in the process of launching in South-East Asia in Q1 next year. We'd love to pick your brain at some point to understand the Australian market better if we may?

Hi Tobi
Don't forget us backward lot in Northern Ireland.
Pottsy