I got hit by a van on July 23rd on my road bike. Totaled the frame. $2300 worth. No injuries to me luckily.

1. Waited for the police report confirming that the driver was legally at fault.
2. Had a local bike shop evaluate my broken bike and write me an estimate to replace EVERYTHING that was damaged in any way.
3. Contacted the insurance company with my story, my estimate and waited for them to get back to me.
4. They wanted to see my bike to confirm its damage and make/model = value.
5. Exactly one month later with some constant contact I received a check for 90% of the new retail value of my stuff due to some depreciation. Which was Fine because I made a good amount of extra money to get some newer gear. Also if something is cosmetically damaged but still functional and you do not want to part with it, you can get an appearance allowance.

If you have injuries then you might want to get a lawyer involved. I didn't so I just took the money, replaced my bike and moved on.