Bike Insurance

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  • I'm coming up for a year with Laka soon, in that time I've not had to claim but I know people who have had to and they've all had really positive experiences.

    My monthly cost hasn't varied massively and has never got past the high end of the swing of expected costs. Mostly it's been around 14-19 quid a month for 2 pricey custom bikes.

    The best thing for me is that I know I'm covered for racing in the UK and when I travel abroad. Lots of other bike insurers don't cover racing so it's one less thing to worry about.

    If you're looking for insurance use my code for £25 credit which will get you a couple of months for free if you're insuring one bike: https://laka.co.uk/r/IFWOZ

  • our insurance is up for renewal early jan, and wanted to know if anyone had any good/bad experiences with bikmo?
    Let me know

    thanks

  • Using this promo for laka. https://laka.co.uk/r/2E0S2
    Enjoy

  • Anyone wanna chuck me a referral link for laka? 🤙

  • So I've been using Laka for a solid 6 months to insure my bikes, my gf just got a new bike and was wondering what i should insure it for? She paid 1350 for it but it's rrp was £7300 in 2015/16, I've attached a picture. Is it cost to replace or price paid? Ignore the stem, new one's in the post


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  • Double check with Laka, but usually it is price to replace everything with new. Don't forget extras like bottle cages, pedals, cycle computer mounts and any upgrades like a saddle. In the case of a total loss you wanna make sure you're not underinsured.

  • I value mine with what I can replace it with that year (if renewed annually) so I will take in consideration the. depreciation as well (something that car insurances do automatically).

    Otherwise the premium isnt worth it, you need to get to the sweet spot of insurance being worth it.

    If it was me I'd insure that for what you. have bought it for, then reduce it to £1000 next year.

  • Laka says the below; don't know if insuring it for what i paid for it would be underinsuring as can't replace like for like

    Your Laka policy will be on a “new for old” basis, this means that if you have to claim we will replace your bicycle or accessories as new or with the nearest available, new, equivalent.

    We won't apply depreciation of the value of your bike over time.

    Remember that the community will not pay out more than the sum insured you’ve selected.

    If you insure your bike for much less than the Recommended Retail Price (RRP) or the replacement cost then this means that you're not paying your fair share to the community and so we may have to reduce your claim. This is called underinsurance

  • Has to be valued on what it would cost to replace, otherwise whats the point in getting a payout to not afford a new bike?

  • Should add to this swapped out insurance to bikmo, and had the misfortune to have a bike stolen. Bikmo/hiscox paid out my claim (minus the 10% excess) a little over three weeks after it went in. And most of the delays were on my part .

    Glad my insurance was with them.

  • Also really rate Bikmo - they all appear to be cyclists, so don’t go into shock when they discover stolen handlebars and shifters are over £200 to replace.

  • Still using Laka or should I use someone else’s referral?

  • Give @|³|MA3K until the end of the day to reply.

  • Ha, I am but I have years worth of credit atm so use the code from @Cazakstan
    Thanks!!

  • I only have one bike insured so I think my credit is going to go a long way.

  • Thanks for letting me know and good on you for not being greedy.

  • @Cazakstan Let me know if you got the credit.

    I hope they won’t get fussy that I valued my Day one at £2000 as it’s what it cost as I have pictures and receipts of the parts.


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  • Haha this was my assumption 🤣 I assumed you were good with fewer bikes to insure now.. 😜

  • Hey thanks, i appreciate that you used my code. I insure a few bikes! I see you on my list.

    It sounds like you've done the right thing insuring your bike for what you paid for it, I'm sure they'll be more than fine with that.

  • I've had Bikmo for a few years now, bought a 2nd hand Cinelli then had it stolen a few weeks later ffs. I have cover for upto 3k, which covers all my bikes, so I could then claim full retail to replace it.

    I was surprised how quickly they handled my claim and wouldn't hesitate to recommend.

  • My lake code if anyone is going to signup!
    https://laka.co.uk/r/5WD87

  • Thanks. I just made use of this.

    Here's mine if anyone is thinking of signing up.

    https://laka.co.uk/r/1TNEC

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Bike Insurance

Posted by Avatar for kowalski @kowalski

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