Pedal power pays off in a big way. Switching to cycling helps commuters slash their carbon footprint by as much as 750kg a year, and even short rides of around 3 km deliver major health and wellness benefits. No wonder the global bicycle market is expected to double by 2030 – it's clear that cycling is making a huge comeback!

But despite the many upsides, worries about bike theft and getting clipped by passing vehicles make many riders – especially those in Europe – wary of cycling.

Luckily, the EU is stepping in to address these fears. They're pledging to halve the number of cycling accidents and bike thefts by 2030, and countries across the continent are rallying around the cause.

While pro-cycling initiatives like bike registry databases, infrastructure investment, and tightening road safety rules will go a long way toward calming cyclists' nerves, could cycling insurance go the extra mile to boost riders' confidence on the road?

Saddle up as we explore how bike insurance takes the fear out of cycling and how partnering with the right provider can help bike brands turn fearless riders into lifelong customers.


Cycling insurance leaves home insurance policies in the dust

Cyclists often rely on home insurance to cover their bikes, but let's face it, most policies are about as reliable as a rusty chain on an uphill climb.

Common features like single-item limits and policy exclusions leave around two-fifths of bikes underinsured, so if disaster strikes, riders are often left backpedaling to cover the costs themselves.

Here's why a standalone bike insurance policy is your best bet for a smooth ride:

  • Theft protection: This covers the whole cost of replacing your stolen bike and gear, although some policies might require you to park your bike in specific locations and use approved locks.
  • Accidental damage: This covers repair and replacement costs if your bike is damaged in an accident or unexpected mishap, such as vandalism.
  • Optional extras: Expanded bike insurance policies cover bike repairs or replacements if you lose your bike at a cycling event, on holiday, or while using it for work. You can also add personal injury cover, public liability, roadside recovery, and bike accessory protection.

Fear of theft and safety concerns are two major psychological barriers to cycling. A standalone bike insurance policy can tackle both of these worries head-on. Theft cover encourages you to invest in top-notch gear (keeping you safer), while injury protection has your back if you take a tumble (lowering anxiety).


Bike insurance policies are like helmets – they have to fit the rider

Bike insurance policies are like helmets – designed to protect, but definitely not one-size-fits-all. In the competitive world of insurance, custom-fit cover is the key to unlocking customer loyalty.

Forget cookie cutter cover; here are some characteristics of made-to-measure bike insurance:

  • Instant access to great cover: Customers want to protect their prized possession from the get-go. Embedding cycling insurance in the checkout journey lets customers sign up and tailor coverage instantly – making them all the more eager to take their new wheels for a spin. Likewise, streamlining coverage for returning customers (through promo codes or referral links) reignites their anticipation to get back on the road.
  • Versatile policies: Life throws curve balls at us sometimes (that's why insurance exists, right?), but that doesn't mean your bike insurance should be stuck in first gear. Plans need to be flexible to changing term lengths, incidents covered and add-on service demands. The best bike insurance policies adapt to evolving needs so customers aren't tempted to scour insurance comparison sites.
  • Transparent terms: Policies must clearly state what's covered, what's excluded, and how premiums are calculated to help customers make informed decisions.
  • Affordable premiums: Price shouldn't be a barrier to great protection. Plans must suit different budgets so policies can achieve maximum reach.

Insuring your bike with Laka means you're backed by the collective, keeping your monthly premiums low. Read this previous article to learn more about how our one-of-a-kind pricing structure works.


Fast and efficient claims isn't a 'nice to have' feature – it's essential

The true test of an insurer's reliability is its ability to offer fast and hassle-free claims. A recent survey found that nearly half of insurance customers (47%) would consider switching providers if they were less-than-happy with how claims are handled.

Here at Laka, swift, in-house processing is our bread and butter. We believe fast and fair claims are vital for fostering brand loyalty, so we try to respond to claims within 24 hours, getting riders back on the road sooner.

Building on the foundation of speedy claims, we're partnered with market-leading bike brands like Decathlon, Gazelle, and IoT Venture to offer a comprehensive cycling insurance ecosystem.

For bike manufacturers, retailers, IoT providers and commercial enterprises, Laka partnerships unlock a range of benefits for customers, including:

  • Harnessing data insights to improve services: We analyse connected e-bike data to help us fine-tune our claims, risk assessment, and pricing structures to guarantee your customers get great value for money.
  • Omnichannel support: Our easy-to-use platform works on multiple devices, helping our team achieve lightning-fast response rates and five-star customer reviews.
  • Value-added services: We let you package bike insurance plans with additional services. Whether your customers are looking for roadside recovery or injury cover, we help riders take active steps to make their journeys safer.
  • Commitment to expertise: We're not just insurance experts; we're passionate cyclists who 'get' the thrill of a perfectly paved road and the satisfaction of conquering tough terrain on our bikes. We're constantly surveying the landscape for new cycling regulations, market trends, and cutting-edge safety gear. Think of us as your customers' dedicated pit crew, always there to keep riders rolling and ready for their next adventure.

Laka partnerships lead the charge in cycling insurance

Parking your customers' fears of cycling and bike theft is the key to securing their trust and long-term loyalty. Whether you're a bike retailer, OEM, IoT vendor or fleet enterprise, seamlessly integrating our flexible five-star-rated bike insurance into your customer journey gives riders the confidence to blaze new trails with complete peace of mind.

This translates to happy customers returning to your brand for all their cycling needs – from new equipment to expert advice and speedy claims handling.

Our award-winning approach to collective bike insurance (we've been named the UK's Best Cycle Insurance Provider for the past six years) has helped us refine our offering and expand our reach across Europe.

So, if you're looking for a partner to help you build a strong and diverse community of loyal customers and cycling advocates, contact our partnership team now.