Originally Posted by
dobber38
One more thought...I only paid 40 bucks for my bike, but it sold new for much, much more that that and it's "replacement value" is much more than the money I paid for it. It's not my fault I got a good deal for it and I have put way more money into it to get it into what I perceive as "rideable" condition.
Another thought, is a car insurance company qualified to determine the value of my ride if it is destroyed, or what even constitutes "destroyed" or totalled?
Once in a while, I write up replacement estimates for customers at the shop I work for. Usually, we peg the replacement value to the retail price of an "equivalent" bike we have on the floor. For vintage bikes this can be tricky, but an old Peugot might be compared to a modern "road/sport" or touring bike, ie. a value of about $1000.
Generally we get to dictate the value of the stolen or damaged bike and also decide whether it's worth repairing or just replacing. I don't remember an insurance company taking issue with any or our assesments.
Another reason to foster a good relationship with your local bike shop!
(ps. Christmas is tomorrow, have you dropped off your case of beer yet?)