7 months ago we launched our proof of concept: theft, damage, and loss cover for high-end bicycles. Crowd insurance powered by the Laka Community.

The premise is simple: charge customers the true cost of insurance. This means no more fixed premiums up front - instead, each month we charge our customers the actual cost of settling the claims they incurred as a group, plus our fee.

Every customer’s maximum payment is capped, so that even if the Laka Community (our “risk pool”) has a lot of claims, they won’t be hit with an enormous bill. This cap is guaranteed by our partner Zurich UK.

The upshot of this is that if our customers take good care and have fewer claims, they will pay much less than with anyone else. In some months, not a single penny.

But how have we fared so far? Can this model work?

Here are the facts: 4 out of the 7 months we have been live, our customers got a bill with a big fat zero! No claims, no pay - but full cover!

In the other 3 months, we paid out for broken glasses, damaged wheels, cracked carbon-fibre frames and more. We are pleased that even in the months when the Laka Community is most active, we haven’t once hit the cap.


It’s an entirely new model of insurance, and we are growing.

Last week, the value of the gear insured on our platform increased by a staggering 16%.

Year-to-date, an average customer with a £2,200 bicycle has saved 74% compared to similar cover in the market, or c£93 in actual premiums.

We can afford to offer cheaper cover because we got rid of unnecessary, admin-heavy processes and don’t splash millions on overpriced marketing campaigns, expensive IT platforms or fancy entertainment costs. Except for the occasional team ice cream, of course. If you ever find yourself in Soho, Central London, you have to try Gelupo!


Our community is highly engaged, and we work closely with them to guide our continuous product development process. As a direct result of this relationship, we will be introducing additional product features in the next few months.

But we are not stopping here. We are keen to prove that the Laka model works outside of cycling, and are aiming to roll out additional products later this year.

If you are a cyclist, give us a try (no annual lock-in), and secure a £25 welcome gift.

If you agree that Laka has a better, fairer insurance model, let us know here what else you would like to insure with us.