I had a bike stolen and covered under renter's insurance through Gieco. They were very good about the process. I filed a police report and they wanted that report #. They called a local shop and got a price of a new bike with similar parts and valued that bike at that. There was a catch; I could only get the full value (less deductable) if I bought that bike that they valued. If I took the cash, they depreciated the bike at roughly 7% per year. I took the depreciated amount and bought another used bike. All in all, I ended up with a much better bike for only a few hundred out of pocket.