Cyclist
By cyclists, for cyclists: How Laka is redefining insurance
Insurance is sometimes seen as a dirty word, one more associated with the outgoings involved than with the benefits it is supposed
to bring. Laka is trying to break that cycle. The specialist cycling insurance providers prides itself on being a team of cyclists first and insurers second, and tries to promote the freedom that good insurance can bring – especially for cyclists.
Founded in 2017, Laka’s collective-driven approach quickly set the company apart from the crowd, with cyclists’ bills covering the collective’s previous month’s claims, meaning customers’ money goes directly to getting other people back on their bikes. As a company it is proud to be building a cycling community and building rider confidence. And it’s still evolving.
Laka has just launched some key updates to its insurance product to help make it even more worthwhile for the collective.
‘We really want to make sure that we are fairer than ever,’ explains Laka’s head of commercial, Grace Pyne (pictured). ‘Gone are the days of people saying, “I’m just paying for the racing snakes,” and paying for bad behaviour is a thing of the past too. All of our customers will be contributing fairly to the pool based on the risks that they bring.’
The new setup consists of several tiers. First there’s theft-only coverage, then there’s Laka Complete, which is theft and damage protection, and then there’s a racing and travel add-on. And Laka has kept its terms flexible. You can get the right cover when you need it with a 30-day minimum term, so if you’re only racing or travelling for a short time you won’t need to pay for it all year long.
‘We iterate and adapt to riders’ needs and styles,’ says Grace. ‘For example, when it comes to Europe, travel cover will likely be included in the standard product unless you’re getting on an aeroplane. There’s an understanding that if you live in the Netherlands, for example, going
to Belgium is technically international travel, but you’re not getting on a plane, so the risk is reduced.’
Grace says Laka’s mission is to keep people moving and riding, whether it’s racing or just on the school run, and the company’s mottos – ‘Live. Love. Laka’ and ‘Shit happens’ – reflect that emphasis on being stress-free, not worrying as much about crashing or bikes getting stolen or damaged in transit. ‘We want to create this idea of cycling freedom,’ she explains.
Community people
Grace understands the benefits of that ‘cycling freedom’ more than most. She’s an avid cyclist herself, and holds a role within the cycling community beyond Laka as a mentor for Uplift is a new mentoring program designed to pair experienced female leaders in the cycling industry with emerging talent, providing access to insight, guidance, and advice.
‘My dad used to drag me and my sister out around the countryside as a child. I had no idea then what cycling would bring me, but I’ve ridden pretty consistently since I was five or six,’ Grace says. ‘I also owe a lot to Herne Hill Velodrome in London for building my confidence and getting me into track riding.’
And what’s her relationship with the bike now? ‘I was out on a road bike this morning, then I took my child to nursery on a cargo bike. I’m going for a gravel ride after work, then I’ll pick my child back up on the cargo bike. I just see being out in the countryside as really nice, and I enjoy exploring with friends or colleagues. I make sure to take my team out on a bike ride at least once a month, and if I know someone’s having a hard time, let’s go and get on a bike. I have a road bike, a gravel bike and a cargo bike, and I can definitely see a mountain bike in my future.’
Grace was also an early Laka customer before she joined the team and so she understands first hand the security that having insurance brings.
‘I’m really small, so actually just finding a bike I find comfortable and easy to ride isn’t the easiest thing. So I don’t have a commuter, I just ride whatever bike I feel like riding, lock it up and don’t worry about it. My experience navigating the city would be really different if I didn’t have Laka.
‘Cycling is quite emotive. None of us can pretend we don’t care about our bikes. No, they’re not a child, or a pet, but they’re probably third in line. Thankfully I know Laka has our back. We have a huge industry network so we can source bikes and find stock to replace bikes quickly, even when local stock levels are low.’
That’s why Laka does what it does, and why it continues to evolve: to adapt to the needs of the collective and to make cycling easier, safer and less stressful. At a time where anti-cyclist rhetoric is an unfortunate reality, and the cost of living crisis is ever-present, to be able to cycle freely, knowing that Laka is right behind you if your bike is damaged or stolen, has never felt more possible.
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