Just got out of Torts class and read this thread. We even talked today about physical harm to property.
Just keep in mind I am a first year law student and this shouldn't really constitute any sort of legal advice. If you feel like you wouldn't mind paying a lawyer to help you through this, then that would be good. A personal injury lawyer might not take the case if he thinks he won't be able to get a big remedy- it wouldn't be worth the time for the 1/3 of the award they take.

Anyway, here are the general outlines of common law physical harm to property:
If the property is destroyed- you get full market value at the time and place of tort
If the property is damaged- you get the decline in market value at the time and place of tort (repair costs can be an item of evidence, but if it doesn’t accurately describe the loss in value then it doesn’t say a lot)
You can also recover for deprivation of use- you get the monetary equivalent of that lost-use value

I doubt a claim for your bike would be worth the hassle of dealing with the courts (especially in California), and it might be worth discussing with the guy or his insurance company what compensation you would like for your bike. They would probably be willing to pay you more than what you paid for it.

I have no idea about the physical injuries. If those are really bad, then it might not be something to brush off or take a quick settlement for. And you know what is going on with yourself better than anyone here.

Good luck. Hope you get a sweet new bike out of this at least!