Airline lost luggage liability on international flights was lower at the time of the theft than it is now. The insurance company initially calculated that they owed me nothing, saying that bikes depreciate at the same rate as cars. I appealed their decision and I got an estimate for my stolen bike from a local bike shop where I had purchased a new bike. The estimate was substantially higher than the value the insurance company tried to use. Eventually, the insurance company took the bike shop's estimate and subtracted the sum I received from the airline, as well as the amount of the policy deductible. I still lost a lot overall.