All charges, discounts and promotions explained

January 13, 2026

How Laka bills

The Laka bill is retrospective - Laka is different to other insurers. We believe in making insurance fair, not fixed - enabling you to pay for what's needed, not what's expected.

To enable our model of insurance, we need to bill retrospectively, at the end of the month for the previous month's cover. Not upfront. For example: The bill you receive on the 1st of April is for active policies you held in March.

For a detailed look at the we process charges, discounts, and promotions in the bill, read our quick glossary below:

Share of Claims

• Your share of claims is based on the total cost of claims and fulfilment that have occurred in the previous month, split proportionally across the collective.
• Your proportion is calculated based on several factors, including the value of your gear, type of gear and the package you are on.
• We calculate your share on a per day active basis. If you are not insured for a full month, for example if you have just joined or cancelled/paused your policy, you will pay for the days you had an active policy. Fair and square.
• For example: If you cancel on the 3rd of the month, you will get your final statement (for 3 days of cover) on the 1st of the next month.
• Read more about share calculation here.

Laka Fees

This is how we make money and keep our wheels spinning. Read more here.

IPT - Insurance Premium Tax

What is IPT?

Recovered Costs

We keep costs down for the collective through recovery - read more about recovery here.

Days Free

The number of free days remaining on your Laka insurance subscription. This applies on a per-product basis.

Credit

The amount of remaining credit that remains on your account. This applies on a per-product basis. Credit can be earned in a number of ways, including referring friends and participating in user research.

Promo Discount

If you signed up with a percentage discount this is where you’ll see how much you have saved each month. This applies on a per-product basis.

50% Multi Bike Discount

You can only ride one bike at once! Insure your family's bikes and save. Every additional bike you add to your policy is charged at 50% of the bike value. Discount applies to lower-value bikes. Read limitations here.