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06-09-2022 | Frank Jansen

LAKA bike insurance review

Insuring your bike is a lot trickier than you might think at first. Either the cover is poor, or the bike is only insured if it's locked. Or there are all sorts of other annoying conditions. In fact, there are very few (if any) bike insurances on the market that met the needs of the avid cyclist, gravel rider or MTB enthusiast. Until now. LAKA asked us to take a critical look at their bike insurance. And we did.

What makes LAKA unique?

  • Insured for theft and damage, so you are also insured against damage in the event of a crash.
  • When the bike is inside (for example in the barn or garage) a lock is not obligatory.
  • When you keep your bike in sight, for example at a coffee stop, theft is covered even without a lock.
  • The bike is insured in or even on the car.
  • No depreciation rate per year, but a new-for-old principle.
  • You decide on the maximum amount you want to insure.
  • Insurance per month, can be cancelled daily or paused
  • You are covered for gran fondos and sportives, provided you do not get paid for your participation.
  • Optional coverage for accessories.
  • Home delivery service.
  • No deductible (not on accessories either)
  • €200 emergency cash, e.g. to pay for a rental bike or cab.
  • Quick settlement of claims (usually within one day according to Laka)

What does it cost?

LAKA has a unique pricing model. Your monthly fee is partly determined by the amount of claims made by other LAKA customers. There is, however, a maximum monthly price, so you know in advance what your maximum costs will be. If there are a lot of claims in a particular month, the premium may be slightly higher.

To calculate the price I made a calculation via the website for my recently built Scott Addict RC. I calculated with a new price of €7500. The premium comes to €44.16 per month, with a maximum of €68.03. If necessary, I can also add accessories such as helmet, clothing and bike computer. The basic cover for accessories is €150 per claim, which in my case costs less than a euro extra per month. You can increase this amount to €2000, the additional cost is then a good €10 per month.

The website and the sign-up process are extremely clear. All information is clear and the necessary explanations are easy to find. It just couldn't be easier, within 5 minutes you have the insurance. Modifying an existing insurance is also very simple.

Conclusion

The disadvantages? LAKA is relatively new so there are still few practical examples of how compensation is paid out in practice. When we ask about this, Joost Klarenbeek of LAKA explains:

"Our claims department (and the rest of our company) is made up of cyclists: we understand our customers, their wishes, their bikes. In fact, we are our own customers, so we can be creative in our solutions and truly customer friendly in a way that people are not used to from an insurance company. I think our google reviews confirm the story above. "

Now let's talk about pricing. We find it a little on the high side but fair, especially if you see what is covered. Critics will say: LAKA covers so much, should you (as a consumer) want to pay for that? That is, of course, a personal consideration: price and coverage are simply related.  And if you find the price too high, you can also consciously choose for underinsurance.

One month of LAKA free for CycloWorld readers

Were you curious about the insurance of LAKA? With the code CYCLOWORLD you get the first month free. At LAKA you can cancel per day so you are not tied to anything. The code is valid until 31-12-2022.

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