This is what to look out for in your home insurance policy when weighing up whether you need cyclist-specific bicycle insurance:
What’s your max value restriction?
Most home insurance policies will require you to specify bikes above a certain value (sometimes as low at £300) and will have a max value limit for all bikes, often only a few thousand pounds.
This becomes tricky when you start adding your daily commuter, your road bike or your kids’ bikes to your policy.
With a Laka policy we'll insure any bike between £500 and £15,000 and collections of up to £30,000 with £2,000 worth of accessories.
Are you covered for third-party liability & personal accident?
It’s all great if the value of your bike is covered on your home insurance. But what about third-party cycling cover and personal accident insurance?
Although the term ‘third-party’ makes us all want to yawn, this could really come to your rescue. Third-party liability insurance helps protect other people, vehicles and property when an accident is deemed to be your fault. A third-party policy would cover the costs of the other person’s property and medical expenses. You might find that your home insurer doesn’t include this in your cover.
Personal accident insurance covers your body if you were injured after a crash or fall. We know that injuries can’t just be solved by a lump sum. That’s why our recovery policy includes access to specialist advice and treatments from world-class experts to help get you back to your best.
It’s worth double checking the policy wording of your home insurance to see what’s actually covered. If you want top-notch third-party and recovery cover, why not move your cover to the collective?
Are you covered around the globe?
Some household policies will only cover your bike whilst it's at your home. With lots of conditions buried into the small print of the policy wording.
A household policy might not cover you outside of the UK, whilst you're riding in the Alps, Mallorca, or even bike packing in New Zealand.
Laka covers you worldwide for up to 60 consecutive days and we settle claims fast to get you back on the road, wherever you are. We’ve replaced Garmins in France and sorted out bike replacements in Spain.
How much does it cost?
Insuring your bike on your home insurance policy might not be the most cost-effective thing to do.
Claiming on your policy might also hike the price of your home insurance premiums on renewal.
With Laka, our customers only pay the true cost of claims each month and we don’t put your prices up at renewal if you’ve claimed.
What’s the excess?
Home insurance policies are renowned for having a hefty excess, meaning when you come to make a claim, you’ll be slapped with a big fee! Unfair isn’t it?
Unlike your home insurance, your Laka policy won’t have any excess at all!
What’s it like to claim?
If you’ve hit the deck on your road bike, totaled your mountain bike or were involved in a collision in the city, Bob the insurance agent from a random home insurer may not get it. They just don’t speak your language. That’s why with every Laka policy, you’re backed by a team of cyclists that knows their bottom bracket from their headset spacer.
Our bike gurus (a.ka. claim experts) spend all day, every day, getting your gear repaired or replaced to get you back on the road.
Don’t take our word for it. Check out our reviews.