Laka - collective insurance for cyclists

by Startacus Admin

The insurance that's powered by the cycling community...

They are generally thought of the world over as the soulless entities you must pledge money to in return for the vague idea that if anything should happen, you might possibly be somewhat protected from having to pay even more for repairs...
But insurance does work, and is necessary for a lot of people; not to mention a legal obligation in some cases. So how do we go about getting the insurance that we need to give us the protection and peace of mind that we need, without having to shake hands with the demon at the crossroads?
London-based insurtech startup Laka is disrupting what they call a broken insurance industry with their collective-based model for cycling insurance.
The startup works on an 80/20 rule that means 80% of cyclists’ insurance payments go into the collective for repairs, replacements, etc., while Laka keeps the remaining 20%.
As well as this, the insurer does things differently with the costs: not only do cyclists not find themselves tied into annual contracts, but there is no fixed sum for them to pay; instead, Laka calculates the fee based simply on the collective’s claims for a month (and it’s capped, just in case there’s a mass bicycle breakdown).
Laka is designed to support cyclists off the bike as well, covering them anywhere in the world while they ski, surf, hike, and adventure without their two wheels. The startup has launched their Recovery policy as a response to delving into its community’s needs around injuries that don’t stem from cycling but do mean they can’t ride, and from the less-considered psychological damage accidents can cause.
The Recover package includes provision of the best specialists and treatments after an accident; up to £1,500 for medical treatment, physical and mental; access to virtual GPs; access to the services of a carefully curated list of partners to help you come back stronger, including coaching sessions and training plans, trainers sent to your home, psychological assessment and advice, nutritional plans to support recovery, subscriptions delivered to your door, and many others.
With so many faceless, soulless insurers out there, it seems like Laka may be a reasonably-priced breath of fresh air for cyclists who just want to get on with their lives with peace of mind that they are protected.
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Published on: 5th July 2020
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