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I'm curious about 'Laka Club', the apparently free third party liability insurance from Laka:

"Coverage is provided for free if members opt in to receive Laka’s monthly newsletter.

Cyclists can join Laka to protect their bikes and gear without paying upfront premiums. Instead, Laka settles claims first and shares the cost with the community at the end of the month."

Can anyone elaborate on that final sentence? 

Many thanks.

3 comments

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barongreenback [156 posts] 3 weeks ago
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yep. Basically your cost of insurance rises and falls based on whatever claims they pay out during that month. So in April I paid £22 and in May I paid £32 - I guess warmer weather and sportives are leading to extra claims. My total insured sum is £4,500. There is a maximum cap on your payment each month £37.80 in my case) and above that I guess they back off the additional cost to reinsurers.  So far I’m saving over my previous insurer but time will tell. 

 

If you sign up with code 8TPNK we both get a £25 credit  1

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barongreenback [156 posts] 3 weeks ago
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incidentally I haven’t made a claim so can’t comment on that but there are a few positive experiences on Facebook. As they build their business that will be the real test. At the moment it’s just peace of mind. 

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Albec1 [22 posts] 2 weeks ago
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Thanks for clarifying how it works, including the cap. The monthly payments seem high when compared to British Cycling and Cycling UK, but I guess that's because you have bike/s insured with them, too.

I'd be interested to hear from anyone that's just got the 'free' third payment liability cover, ie what kind of cost is shared each month.