Pedal Cover

Pedal cover vs LAKA Cycle Insurance

We’re comparing our home insurance policy to Laka bicycle insurance to find out what differences there are in the level of covers, what sort of features are available to cyclists,  and how the two policies compare on price. The example below is for one £5K bike and one £4K bike and £250 in cycle accessories.*

Pedal Cover cycle insurance comparison




They have a range

£535 - £764

*Pedal Cover quote based on a 3 bedroom, 2 bathroom, 1996 construction, detached house in an M33 postcode area. Policyholders are 46 years old, married with 2 children and 5 years with no claims discount. It was quoted 07/01/2021. Laka quote is for one £5K bike and one £4K bike and £250 in cycle accessories, policy quote accessed 01/03/2021. Please visit our competitor’s websites for more information on the quotes provided on this site.

How does a Laka insurance work?

Laka has produced what it maintains is a different insurance solution that sees customers only pay for the real cost of protection. At the conclusion of each month, the expense of any claims is divided equitably between customers, with the individual’s maximum premium capped by a special insurance policy called a stop loss. Laka predominately earn their revenue by taking a cut of the claims paid. The concept is that the community will self manage and cusomters won’t exagerate their claims.

Is what Laka do unique?

Not really, what Laka are offering is based on the mutual insurance concept which originated in the 17th century in England when people sought coverage due to damage from fires. Now, mutual insurance companies are in virtually every country in the world.

The traditional goal of a mutual insurer is to provide insurance coverage to policyholders at or near cost, paying out dividends to customers if they make a profit. Laka, however, has been funded, in part, by private equity which will demand a return on their investment. While different from other bicycle insurers, Laka still needs to make money and grow to succeed.

How does a Laka insurance compare to home insurance with Pedal Cover?

Laka has a unique model and they have certainly spent a lot of money on marketing. We think you’ll be getting a lot more for your money with us though. With Pedal Cover you will know your out-goings for a full year, with Laka the price can vary and can quite often be at the capped amount. We also allow you to add bikes up to £50k rather than restricting you to £30K.

The comparison above shows a fairly steep difference in price between Laka and Pedal Cover. A home insurance policy with Pedal Cover includes all the same benefits as Laka, such as personal accident, liability, cover abroad and race cover.

We’re not just cheaper for bicycle insurance, however. While Laka is just covering your bikes with their policy, we are covering your bikes as part of a complete home and contents policy. That means as well as your bicycles, we are covering valuables, liabilities and your property. 

For a quote with us, click “GET A QUOTE” above. 

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