Laka bike insurance

[Ham]

Over recent years I've kept on LCC membership or of laziness and desire for third party cover. As my renewal is due, I was looking around and I've signed up for laka, (laka.co.gb) which seems to perfectly fit what I need. Wondered if there was any downside?

[fd3]

Did you just get the 3rd party?  I think the downside is that you will never claim on it or know someone who has (so no one can tell you how it works).
I have life membership of the CTC, but got 3rd Party Laka for my wife now that she rides regularly.

[Ham]

Yes, 3rd party only. While payout performance is a factor where you are hoping to be reimbursed, with 3rd party that becomes Someone Else's Problem, no? While I no longer cover the miles that increases the risk, it is still possible to cause third party damage. For example, the time that my handlebars went and I slapped a parked car up the bum. £12 a year for peace of mind is worth it, £55 for club membership, less so.

Curious that I hadn't come across them before, I assume it is relatively new.

[rafletcher]

I only heard of them from a lad at work who insures his bikes through them, so I'd guess fairly new.

[Frank9755]

They are pretty new.
They have some sort of peer to peer model as opted to Virgin insurance, which they claim means lower premiums. I did once understand how it works but I have forgotten the details!
They seem to get good feedback.

[Paul H]

I have the E-bike I use for deliveries insured with them, they include business use as standard on all bike policies. My other bikes are insured with TSB, the premium is considerably cheaper. The LAKA model, policy holders sharing a capped risk with them only underwriting the excess above the cap, should in theory be cheaper, but I suspect the volume is at present not high enough for that to be the reality.  You get a clear breakdown of the cost each month and their fees account for about 20% (Claims 70%, Tax 10%)
I thankfully haven't had cause to make a claim, they have an excellent reputation for dealing with them.  I have made a claim on my TSB policy and couldn't fault the service I had from them.

[yoav]

3rd party insurance is quite cheap to provide in that Cycling Uk and British Cycling can provide as part of their membership. ISTR at a BC meeting learning that it cost at the time then less than £1m/year to provide 3rd party insurance for their entire membership. Laka, as far as I can tell from their marketing are primarily in the business of insuring your bike against loss or damage. They never mention 3rd party insurance in their ads although it may be included.

[Paul H]

Laka, as far as I can tell from their marketing are primarily in the business of insuring your bike against loss or damage. They never mention 3rd party insurance in their ads although it may be included.

It's the LAKA Club, it isn't included in the loss cover.
https://laka.co/gb/club

I didn't bother as I have blanket PL elsewhere, plus cycling liability from both CUK and BC, just hope if I ever need to claim it doesn't come to a dispute about which cover is liable...
At a CTC workshop where insurance was discussed, we were told that the largest cost wasn't paying out compensation but the legal costs associated with a claim, which can be considerable even when the claim isn't pursued.

[Canardly]

Your household cover may include 3rd party insurance when out on your bike. Mine does. Ask them.