Laka is a peer-to-peer bicycle insurance platform that calculates monthly contributions based on collective claims, eliminating fixed premiums and excess fees. It provides coverage for theft, accidental damage, and third-party liability, ensuring cyclists receive prompt support and replacement without depreciation on claims.
Funding
$31.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional bicycle insurance often involves fixed premiums and excess fees, regardless of actual claims, which can be unfair to cyclists who rarely need to make a claim. This model can also lead to depreciation on claims, leaving cyclists with less than the full value of their damaged or stolen equipment.
Solution
Laka offers a peer-to-peer bicycle insurance platform that calculates monthly contributions based on the collective claims of its members, providing a fairer and more transparent pricing model. This approach eliminates fixed premiums and excess fees, ensuring cyclists only pay for the actual risk within their community. Laka provides comprehensive coverage for theft, accidental damage, and third-party liability, ensuring cyclists receive prompt support and replacement of their bikes and gear without depreciation on claims. The platform also offers flexibility, allowing users to upgrade, add travel/racing coverage, or pause their policy at any time.
Target Audience
Laka primarily targets cyclists who seek fair, flexible, and comprehensive insurance coverage for their bicycles and related equipment, including commuters, recreational riders, and competitive cyclists.
Features
- Monthly contributions based on collective claims, capped at a maximum amount
- Coverage for theft (at home, on the go, including mugging or from a vehicle)
- Coverage for crash and accidental damage
- Roadside recovery with £200 "get you home cash"
- Coverage for licensed racing and worldwide travel (up to 120 consecutive days)
- Includes sportives, club rides, and similar events
- £0 excess on bike claims
- Bike rental coverage (up to £200) while awaiting claim fulfillment
- Multi-bike discount (50% for additional bikes in the same household)
- Legal assistance for personal injury cases
- Third-party cycling liability insurance
- Cycling discounts on gear and goodies